Integral Vision, Inc. (OTCBB: INVI), a leading global supplier of
automated display inspection technology, today announced financial
results for the second quarter ending June 30, 2010.
Second Quarter 2010 Highlights
-- Integral Vision continues to receive orders from its largest customer.
This customer has substantial expansion plans over the next several
years that could significantly improve the company's financial outlook.
-- Integral Vision has OLED inspection orders in its backlog and expects
this new market to grow significantly in the near future.
-- Integral Vision is very active in the LCD inspection market with
several orders received this year. We expect some of these
opportunities to generate larger orders later this year.
-- Integral Vision has orders in its backlog from e-paper manufacturers
and expects these order volumes to increase.
Second Quarter 2010 Financial Review
-- Net revenue for the second quarter was $240,000 compared to $530,000
in first quarter 2010 and $443,000 in the second quarter of 2009.
-- Gross margin for the second quarter was 59 percent of sales.
This compares with 62 percent of sales for the first quarter of 2010
and 61 percent of sales for the first half of 2010, all of which are
an improvement over the 50 percent gross margin recorded for fiscal
year 2009.
-- Second quarter net loss was $801,000, or $0.02 per share, compared to a
net loss of $455,000, or $0.01 per share, in the first quarter of 2010
and a net loss of $755,000, or $0.03 per share, in the second quarter
of 2009.
Charles J. Drake, chairman and CEO of Integral Vision, Inc.
commented, "While revenues for the second quarter were down, we
shipped several systems during the quarter where acceptance was not
obtained before June 30, 2010, and therefore, not recognized as
sales. We expect all of the deferred revenue at June 30 will be
recognized in the third quarter. Our bookings are improving and our
expectation is that orders from existing and new customers will
continue to improve."
Looking ahead, Drake added, "Despite losses in the first half,
we remain confident that 2010 will be much improved over recent
years and the opportunity exists for us to have a substantial
backlog entering 2011. Improved volumes with our existing margins
can rapidly improve the Company's financial position."
TO ACCESS THE LIVE CONFERENCE CALL
Integral Vision will host a live conference call at 4:30 p.m.
(ET) on Tuesday, August 24, 2010. To access the conference call,
please call 1-480-629-9712 or 1-877-941-2068 approximately 5 to 10
minutes prior to the scheduled start time.
TO ACCESS A REPLAY OF THE CONFERENCE CALL
If you are unable to listen to the live conference call, it will
be archived for replay. Shortly after the call, a telephonic replay
will be available through Thursday, August 26, 2010 by dialing
1-303-590-3030 or 1-800-406-7325. The confirmation code 4352767 is
required for the telephonic replay.
COMPANY'S INVESTOR E-MAIL LIST
To be added to Integral Visions investor email list, please
contact Laura Guerrant-Oiye of Guerrant Associates at
lguerrant@guerrantir.com.
ABOUT INTEGRAL VISION
Integral Vision, Inc. (OTCBB: INVI) offers display inspection
technology that provides analysis of functional and cosmetic
defects in the display to assure quality in the manufacturing
process as well as verification of the final product. Integral
Vision has been inspecting displays since 1992 and is an industry
leader committed to providing automated solutions to the quality
issues Microdisplay, OLED and LCD manufacturers face in today's
competitive marketplace. More information can be found at Website:
www.iv-usa.com.
"SAFE-HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements made pursuant to the safe harbor provisions of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934. Such statements are based on management's current
expectations and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Such
factors and uncertainties include, but are not limited to:
competitive conditions in the Company's markets and the effect of
competitive products and pricing; technological development by the
Company, its customers and its competition; the Company's available
cash and access to debt and equity financing; and general economic
conditions and conditions in the specific industries in which the
company has significant customers. As a result, the Company's
results may fluctuate. Additional information concerning risk
factors that could cause actual results to differ materially from
those projected in the forward-looking statements are contained in
the Company's filings with the Securities and Exchange Commission.
These forward-looking statements represent the Company's best
estimates as of the date of this press release. The Company assumes
no obligation to update such estimates except as required by the
rules and regulations of the Securities and Exchange
Commission.
FINANCIAL INFORMATION
The summary financial information contained in this press
release, including the following information in tabular form,
should be read in conjunction with the more detailed information
contained in the Company's Annual Report on Form 10-K filed with
the Securities and Exchange Commission (SEC) on March 31, 2010 and
our Form 10-K/A filed with the SEC on April 30, 2010 and the
Company's Quarterly Report on Form 10-Q filed with the SEC on
August 16, 2010.
INTEGRAL VISION, INC.
Condensed Balance Sheets
June 30, December 31,
2010 2009
(Unaudited)
------------ ------------
(in thousands)
Assets
Current assets:
Cash $ 18 $ 28
Accounts receivable 114 50
Inventories 222 190
Other 76 98
------------ ------------
Total current assets 430 366
Property and equipment:
Building Improvements 4 4
Production and engineering equipment 357 354
Furniture and fixtures 80 80
Computer equipment 197 193
Marketing/demonstration equipment 139 139
------------ ------------
777 770
Less accumulated depreciation (624) (580)
------------ ------------
Net property and equipment 153 190
Other assets - net of accumulated amortization
of $1,574,000 ($1,559,000 for 2009) 51 61
------------ ------------
$ 634 $ 617
============ ============
INTEGRAL VISION, INC.
Condensed Balance Sheets - Continued
June 30, December 31,
2010 2009
(Unaudited)
------------ ------------
(in thousands)
Liabilities and Stockholders' Deficit:
Current liabilities:
Notes payable-current $ 7,924 $ 7,377
Accounts payable 148 114
Customer deposits 307 249
Accrued compensation and related costs 278 276
Accrued interest 959 774
Accrued product warranty 106 108
Other accrued liabilities 130 95
Deferred revenue for product sales 194 72
------------ ------------
Total current liabilities 10,046 9,065
Long-term debt 85 -
------------ ------------
Total liabilities 10,131 9,065
------------ ------------
Stockholders' deficit:
Preferred stock, 400,000 shares authorized;
none issued - -
Common stock, without par value, 90,000,000
shares authorized; 35,675,409 shares issued
and outstanding (30,066,409 in 2009) 53,909 53,701
Accumulated deficit (63,406) (62,149)
------------ ------------
Total stockholders' deficit (9,497) (8,448)
------------ ------------
$ 634 $ 617
============ ============
INTEGRAL VISION, INC.
Condensed Statements of Operations
Three Months Ended June 30,
2010 2009
------------ ------------
(Unaudited)
(In thousands, except per
Revenue: share data)
Net product sales $ 240 $ 443
Costs of sales:
Costs of sales for products 93 212
Depreciation and amortization 6 5
------------ ------------
Total costs of sales 99 217
------------ ------------
Gross margin 141 226
Other costs and expenses:
Marketing 122 130
General and administrative 417 392
Engineering and development 229 251
------------ ------------
Total other costs and expenses 768 773
------------ ------------
Operating loss (627) (547)
Other income - (2)
Interest expense (174) (206)
------------ ------------
Net loss $ (801) $ (755)
============ ============
Basic and diluted loss per share:
Net loss $ (0.02) $ (0.03)
============ ============
Weighted average number of shares of common
stock and common stock equivalents, where
applicable 34,978 30,066
============ ============
INTEGRAL VISION, INC.
Condensed Statements of Operations
Six Months Ended June 30,
2010 2009
------------ ------------
(Unaudited)
(In thousands, except per
Revenue: share data)
Net product sales $ 770 $ 1,246
Costs of sales:
Costs of sales for products 292 538
Depreciation and amortization 8 7
------------ ------------
Total costs of sales 300 545
------------ ------------
Gross margin 470 701
Other costs and expenses:
Marketing 236 266
General and administrative 663 792
Engineering and development 412 539
------------ ------------
Total other costs and expenses 1,311 1,597
------------ ------------
Operating loss (841) (896)
Other income 2 -
Interest expense (418) (368)
Extinguishment loss from modification and
exchange of debt instruments - (18)
------------ ------------
Net loss $ (1,257) $ (1,282)
============ ============
Basic and diluted loss per share:
Net loss $ (0.04) $ (0.04)
============ ============
Weighted average number of shares of common
stock and common stock equivalents, where
applicable 32,995 30,066
============ ============
Contacts: Corporation: Integral Vision, Inc. Charles J. Drake
(248) 668-9230 Email Contact Investors and Media: Guerrant
Associates Laura Guerrant-Oiye (808) 882-1467 Email Contact
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