PPT VISION, Inc. Reports $3.7 Million in Revenues for the Fourth Quarter of Fiscal 1997
MINNEAPOLIS, Nov. 25 /PRNewswire/ -- PPT VISION, Inc. (Nasdaq: PPTV - news) today reported preliminary, unaudited financial results for the three-month period ended October 31, 1997. The Company reported net revenues of $3,710,000 for the three-month period ended October 31, 1997, compared to net revenues of $3,182,000 for the same period in fiscal 1996. Income before taxes for the fourth quarter of fiscal 1997 was $505,000, compared to $510,000 for the same period in fiscal 1996. Net income for the fourth quarter of fiscal 1997 was $313,000, or 6 cents per share, compared to $1,819,000, or 33 cents per share for the same period in fiscal 1996. As noted below, fiscal 1996 fourth quarter and year-end results were favorably affected by an income tax benefit adjustment of $1,309,000. For fiscal year 1997, net revenues were $12,055,000, compared to net revenues of $12,693,000 for fiscal year 1996.
Unit sales for the three-month period ended October 31, 1997 were a record 149 systems, compared to 109 for the same period in fiscal 1996. Unit sales for the fiscal year ended October 31, 1997 were 481, compared to 465 for the same period in fiscal 1996. Since inception, PPT VISION has sold over 2,000 machine vision systems to over 200 customers.
''I am pleased that during the last half of fiscal 1997 PPT VISION achieved the best sales performance in the Company's history for any six-month period,'' said Mr. Joseph C. Christenson, the President of PPT VISION, Inc. ''I am particularly pleased with the record sales performance in the fourth quarter, with both revenues and unit sales reaching new highs. A significant factor in this performance was continued strong sales to customers in the electronic components area. Concerning future business, we are excited about several new initiatives that are underway, which include the new DSL product line, the world's first completely digital machine vision system, and the Microelectronics Product Group. We are also encouraged by the initial prospects for the high-speed 3D scanning technology which we have licensed from Medar, Inc.,'' continued Mr. Christenson. ''The coming quarters will challenge all of us at PPT VISION as we transition to the new DSL product line and continue to build the Microelectronics Product Group business. I believe that these efforts will pay off in continued strong sales growth well into the future,'' concluded Mr. Christenson.
Note on Fourth Quarter 1996 Results
During the fourth quarter of fiscal 1996, an income tax benefit of $1,309,000 was recorded to fully recognize the potential future tax benefits of loss carry forwards and net deductible temporary differences available to offset taxable income in future periods. This income tax benefit positively affected net income for the fourth quarter of fiscal 1996 by 24 cents per share. As a result of this full recognition, in fiscal 1997 the Company began reporting earnings on a fully-taxed basis.
PPT VISION, Inc. designs, manufactures, markets, and integrates machine vision-based automated inspection systems for manufacturing applications such as electronic and mechanical assembly verification, verification of printed characters, packaging integrity, surface flaw detection, and gauging and measurement tasks. Machine vision-based inspection systems enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's vision systems are sold throughout the Americas, Europe and Asia to a broad range of industry categories including manufacturers of automotive, electronic and semiconductor components, consumer goods, pharmaceuticals and plastics.
Forward Looking Statements
This press release, as it relates to expectations regarding future sales and profitability, contains forward-looking statements regarding future performance of the Company. The Company's actual results could differ materially from the estimates made in the forward-looking statements as a result of a number of factors, including (i) risks and uncertainty in the market for machine vision, (ii) cyclicality of capital spending by customers, (iii) quarterly fluctuations in operating results by the Company due to the long selling cycle for machine vision products, (iv) the Company's continued ability to achieve significant international revenue, (v) competition in the Company's principal markets, and (vi) the Company's ability to continue to enhance its current products and develop new products that keep pace with technological developments and evolving industry standards. The foregoing list should not be construed as exhaustive and the Company disclaims any obligation subsequently to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. The Company wishes to caution readers not to place undue reliance upon any such forward-looking statement, which speak only as of the date made.
The Company's Common Stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol PPTV.
PPT VISION, INC.
Three Months Ended Fiscal Year Ended
October 31, October 31,
(Unaudited) (Unaudited) (Audited)
Income Statements 1997 1996 1997 1996
Net revenue $3,710,000 $3,182,000 $12,055,000 $12,693,000
Cost of sales 1,547,000 1,291,000 4,894,000 5,044,000
Gross profit 2,163,000 1,892,000 7,161,000 7,649,000
Expenses
Selling 1,066,000 929,000 3,727,000 2,897,000
General and
admin. 260,000 214,000 1,177,000 976,000
Research and
development 636,000 514,000 2,340,000 1,827,000
Total expenses 1,962,000 1,657,000 7,243,000 5,700,000
Income (loss)
from operations 201,000 235,000 (82,000) 1,949,000
Interest income 294,000 274,000 1,124,000 442,000
Other income 10,000 1,000 23,000 11,000
Earnings before
taxes 505,000 510,000 1,065,000 2,402,000
Income tax (expense)
benefit (192,000) 1,309,000 (405,000) 1,309,000
Net income $ 313,000 $1,819,000 $ 660,000 $3,711,000
Net income
per share* $ 0.06 $ 0.33 $ 0.12 $ 0.84
Common and common
equivalent
shares* 5,570,000 5,462,000 5,495,000 4,410,000
*1996 earnings per share and common equivalent shares have been adjusted to reflect the March 1996 stock split.
Condensed Balance Sheets 10/31/97 10/31/96
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents $ 4,027,000 $ 4,179,000
Investments 15,515,000 15,135,000
Accounts receivable, net 3,693,000 4,451,000
Inventories 1,741,000 1,228,000
Other current assets 226,000 171,000
Total current assets 25,202,000 25,164,000
Total assets $29,986,000 $28,056,000
LIABILITIES AND EQUITY
Current liabilities $ 2,315,000 $ 1,081,000
Total liabilities 2,451,000 1,247,000
Total shareholders' equity 27,535,000 26,809,000
Total liabilities and
shareholders equity $29,986,000 $28,056,000
SOURCE: PPT Vision |
