PPT joins the ever growing list of small cap stock buy back programs:
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Wednesday September 16, 6:00 pm Eastern Time
Company Press Release
SOURCE: PPT VISION
PPT VISION, INC. Announces Approval of Stock Repurchase Program
MINNEAPOLIS, Sept. 16 /PRNewswire/ -- PPT VISION, INC. (Nasdaq: PPTV - news) today announced that its board of directors has approved a stock repurchase program which authorizes the Company to repurchase up to 750,000 shares of common stock, or approximately 13.8% of its outstanding shares. The Company currently has 5.4 million shares outstanding. The share repurchases will be made in the open market or through private transactions.
''This decision by the board of directors of PPT VISION provides us the flexibility to initiate repurchases should such action be warranted by market conditions,'' stated Mr. Joseph C. Christenson, the President of PPT VISION, Inc. ''Both management and the board of directors believe that the common stock of PPT VISION is significantly undervalued at recent market prices. In a broader context, the entire machine-vision industry is trading at levels substantially below historical prices. Much of this is due to the fact that machine-vision stocks tend to follow the currently-weak semiconductor capital equipment industry,'' continued Mr. Christenson. ''Given these market conditions, we feel it is advantageous for the Company to have the flexibility to repurchase its common stock should management and the board determine that doing so is in the best interest of PPT VISION's shareholders,'' concluded Mr. Christenson.
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) dependence on principal customers, including the Company's international distributors, (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. A more detailed presentation of certain factors is included in the Company's Annual Report on Form 10-K for the year ended October 31, 1997.
The Company's Common Stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at pptvision.com
SOURCE: PPT VISION |
