William,
INVN starting to move a little on higher volume. Report looks great.
InVision Technologies Reports 64% Revenue Growth and Positive Earnings for the Fourth Quarter
NEWARK, Calif., Feb 13, 2001 (BUSINESS WIRE) -- InVision Technologies, Inc. (Nasdaq: INVN chart, msgs) today announced results for the fourth quarter and fiscal year ended Dec. 31, 2000.
For the fourth quarter of 2000, revenues increased 64% to $21.3 million, including $2.7 million from Inovec, Inc. ("Inovec") which the Company acquired in the first quarter of 2000, from $13.0 million for the same period a year ago. Gross margin on product revenue was 36% in the quarter compared with 33% in the same quarter a year ago. Operating expenses, as a percentage of sales, decreased to 32% from 43% in the fourth quarter of 1999. Net income in the quarter was $0.3 million, or $0.02 per diluted share, versus a net loss of $(0.9) million, or $(0.07) per diluted share, for the same period a year ago.
For fiscal 2000, revenues increased 35% to $79.1 million, including $13.4 million from Inovec, from $58.4 million in fiscal 1999. Net loss for 2000 was $(1.8) million, or $(0.14) per diluted share, compared to a net income in 1999 of $0.4 million, or $0.03 per diluted share.
As announced during the first quarter of this year, the Company acquired Inovec effective Jan. 1, 2000. This transaction has been accounted for as a purchase and, accordingly, the results of Inovec for 2000 are included in the Company's operating results since Jan. 1, 2000.
"We are pleased with our 64% revenue growth versus the fourth quarter of last year," said Sergio Magistri, InVision's president and chief executive officer. "At the same time, we reduced our operating expenses $0.4 million versus the third quarter of this year and improved our gross margins," he added.
"During the quarter, we enhanced our management team with the addition of Donald Mattson as chief operating officer. Don has extensive management experience with a number of manufacturing companies in the technology arena and was with InVision in 1996-97," Magistri added.
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