RVSI Second
Quarter to be Below Expectations
ÿÿÿÿBusiness Editors
ÿÿÿÿCANTON, Mass.--(BUSINESS WIRE)--April 6, 1998--Robotic Vision Systems, Inc.
(RVSI) (NASDAQ: ROBV) today announced that it expects its financial results for the second
quarter ended March 31, 1998 to be significantly below the Company's and securities
analysts' expectations.
ÿÿÿÿOrders and revenues for RVSI's Semiconductor Equipment Group products declined in
the quarter due to the slowdown in capital spending by the worldwide semiconductor
industry, and particularly in the Asian countries due to the Asian financial crisis. As a result of
these conditions, revenues for the quarter are expected to be approximately $47 million, down
13% from the $53.8 million that was reported in the first quarter ended December 31, 1997.
ÿÿÿÿDue to the near term uncertainty of market demand, RVSI has taken actions to reduce its
expense levels to a rate more appropriate for these conditions. Charges of approximately $3.0
million are expected to be taken in the quarter for costs relating to employee severance, the
write down of certain assets, and other related costs. Excluding these charges, RVSI expects
to report an operating loss of approximately $2.5 million. RVSI will release final financial
results for the quarter on April 30, 1998 prior to the market open.
ÿÿÿÿMr. Pat V. Costa, Chairman, CEO and President, commented: "Near term market
visibility is limited given the Asian financial crisis and excess capacity issues facing the
semiconductor industry. RVSI has reacted appropriately to these conditions, however, it will
also continue to invest in product development programs to ensure that we participate timely
and fully in future industry growth."
Forward looking statements made in this press release are subject to risks and uncertainties
that could cause actual results to differ materially from those forecasted. Such risk factors that
could affect results are detailed in the Company's most recent registration statement, Form
10-K and other filings with the Securities and Exchange Commission.
RVSI is the largest company supplying a broad line of 1-D, 2-D and 3-D machine
vision-based systems for inspection, measurement and identification, and is a leader in
advanced electro-optical sensor technology. RVSI Electronics has developed patented 3-D
in-tray inspection systems which are the industry standard for inspection of leaded
semiconductor devices. RVSI Systemation is a leader in electronic component processing
systems. RVSI Vanguard is a leading supplier of ball grid array (BGA) and chip scale
packaging (CSP) equipment for the semiconductor and connector industries. RVSI's Acuity
Imaging and Northeast Robotics Divisions provide 2-D machine vision and lighting solutions.
Its CiMatrix Division manufactures automated data collection products, networks and 2-D and
linear bar code reading systems. |
