Earnings ..........
BEAVERTON, Ore.--(BUSINESS WIRE)--July 22, 1997--Adaptive Solutions Inc. (NASDAQ:ADSO) today announced results for the second quarter
ended June 30, 1997 which continues the company's recent trend of lower losses based on controlled expenses and rebuilding revenue, as the company
pursues its new corporate strategy.
The net loss for the 1997 second quarter was $171,000 or $0.02 per share, compared to a net loss of $2,905,000 or $0.43 per share for the 1996 second
quarter and a net loss of $278,000 or $0.04 per share for the 1997 first quarter. Total revenue for the 1997 second quarter was $839,000, compared with
$1,483,000 for the 1996 second quarter and $725,000 for the 1997 first quarter. Total operating expenses in the latest quarter were $1,040,000, down from
$4,420,000 for the second quarter a year ago.
``This quarter marks the fourth consecutive quarter of reduced losses, in line with the financial plans we put in place with our new strategy last year,''
commented Dan Meub, president and chief executive officer of Adaptive Solutions. ``Revenue from our technology agreement with Motorola contributed to
the latest quarter's results, as well as our previously announced contract with Northrop Grumman, which will have an even greater impact in the third quarter.
These agreements are helping to fund the transition to our new automated data entry product line and application-specific products, as well as accelerating
development of the PowIR (Power Image Recognition) architecture. Our near-term financial goal is to continue the trend of improved results as we move
toward sustained profitability based on our new strategy.
``Our long run mission is to make image information useful to business,'' Meub added. ``We plan to do that with both image-based automated data entry
products aimed at selected vertical markets, and with broad-based image recognition engines that will serve a wide range of applications through value added
resellers and original equipment manufacturers. This quarter's results keep us on track with those plans.''
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