InVision Technologies, Inc. Announces Orders From Two French Customers
Company Reiterates Guidance
NEWARK, Calif.--(BUSINESS WIRE)--May 14, 2002--InVision Technologies, Inc. (Nasdaq:INVN - News) said today it received purchase orders for multiple explosives detection systems (EDS) valued at approximately $17.5 million from two customers in France, Aeroports de Paris ("ADP"), and Service Technique des Bases Aeriennes ("STBA"). The orders call for model CTX 2500 and CTX 9000DSi EDS to be delivered through the fourth quarter of 2003.
ADP operates the Charles de Gaulle and the Orly international airports in the French capital. STBA is responsible for the technical evaluation of aviation security technology throughout France. STBA also purchases equipment for many French airports. These new orders are placed under existing master contracts with both customers, which were announced previously.
"We are delighted to receive these new orders from our French customers, continuing the strong international order flow we have experienced since last September," said Sergio Magistri, Ph.D., President and Chief Executive Officer of InVision. "France is working under the highest standards of explosives detection for checked baggage, and both ADP and STBA have been steadily building up detection infrastructure with our equipment. France is our second biggest customer worldwide."
The CTX 9000DSi EDS is the only FAA-certified explosives detection system designed with a meter-wide aperture for integration into automated baggage handling systems. These automated systems allow for maximum throughput speeds with minimum operator involvement. The CTX 2500 model is best suited for stand-alone lobby installations.
InVision has sold CTX model EDS in Europe since 1994. As of March 31, 2002, InVision has shipped more than 77 systems for installation throughout the European continent.
Company Update
Dr. Magistri commented on domestic orders and the company's outlook. "We believe the United States will continue to deploy FAA-certified EDS in the nation's airports beyond the current year. While other technologies have a place in increasing aviation security, we believe that the FAA-certified EDS solution exceeds all existing technologies and others on the drawing boards in terms of certified detection, operational economy and reliability," he said.
InVision anticipates that second-quarter revenues will at least double first quarter revenues, which were $33.2 million, producing earnings for the quarter of at least $0.25 per share.
Currently, an emergency supplemental appropriations bill is being considered by Congress. This supplemental appropriations bill includes a proposal for $630 million in additional funding for the Transportation Security Administration specifically for new orders of EDS and trace equipment.
Since the end of the first quarter on March 31, InVision has received proceeds from a follow-on offering and collections from the U.S. government, putting the cash on hand at approximately $122 million as of April 23, 2002, the date of the company's first-quarter earnings release.
InVision's funded backlog at the end of the first quarter was more than $394 million. During the first quarter, InVision received orders valued in excess of $318 million from the U.S. Department of Transportation.
Recent comments by the U.S. Secretary of Transportation, Norman Mineta, regarding the DOT's plan to deploy a combination of FAA- certified EDS and non-certified trace detectors in U.S. airports do not, in InVision's view, diminish the long-term opportunities for FAA-certified EDS because of the operational effectiveness of EDS in terms of passenger convenience, non-invasiveness, lower manpower requirements and cost. The volume of EDS to be purchased this year by the DOT is consistent with the company's operating plans and outlook for the year. |
