INVN Looks good for a position trade. Strong balance sheet with minimal debt, book value $3.74, $1.05 in cash PE 8 P/S little over 1. Float 7.8 million Big FAA order today and with all the current tensions in this world could see big increases in sales. Especially since the FAA gave them the green light.
Rory
Wednesday March 31, 6:30 am Eastern Time
Company Press Release
InVision Technologies Receives $18.9
Million FAA Contract for 21 CTX
5500 DS Explosive Detection Systems
NEWARK, Calif.--(BUSINESS WIRE)--March 31,
1999--InVision Technologies, Inc. (Nasdaq:INVN - news) today announced that the Federal
Aviation Administration (FAA) has purchased 21 of the company's CTX 5500 DS explosive
detection systems (EDS) for a total contract price of $18.9 million.
This order represents the first purchase of EDS made by the FAA using funds allocated to improve
aviation security as part of the federal government's fiscal 1999 budget. InVision has begun shipping
the CTX systems to major domestic airports and will book these shipments as revenue for the first
quarter of 1999. The company expects to complete shipments of all 21 systems by Sept. 30, 1999,
the end of the federal government's fiscal year.
''We are extremely pleased that the FAA has decided to spend a significant portion of its 1999 EDS
budget on the purchase of our CTX 5500 DS systems,'' said Sergio Magistri, president and chief
executive officer of InVision Technologies.
''Including this new order, the FAA has purchased a total of 90 InVision CTX 5000 series systems
over a period of four years, demonstrating that agency's continued satisfaction with InVision's EDS
technology and confirming the federal government's ongoing dedication to improving aviation security.
This new order further strengthens InVision's role as the industry's leading provider of certified EDS.''
InVision Technologies develops, manufactures, markets and supports explosive detection systems for
civil aviation security and drug detection applications, based on advanced computed tomography
(CT) technology. Today, more than 140 FAA-certified CTX 5000 series systems are deployed
worldwide to provide the traveling public with the best security against terrorism available.
InVision's wholly owned subsidiary, Quantum Magnetics, develops and commercializes patented and
proprietary technologies, including key quadrupole resonance (QR) patents licensed from the Naval
Research Laboratory, that are based on a state-of-the-art, low-cost version of magnetic resonance
adapted for explosive detection.
InVision Technologies is based in Newark. Additional information about the company can be
obtained on the World Wide Web at: invision-tech.com.
Except for the historical information contained herein, this news release may contain forward looking
statements. These statements involve risks and uncertainties including risks inherent to doing business
with public agencies, which are subject to legislative budgeting and other limitations, including with
respect to its largest customer, the U.S. government, the risk that a substantial portion of the funds
recently appropriated by Congress to purchase EDS equipment will not be used to purchase the
company's products; risks inherent to the development and production of new products and new
applications and the certification of certain of these products; risks inherent with the acceptance and
pricing of new products; and other risks detailed from time to time in the company's SEC reports,
including the most recent reports on Forms 10-Q and 10-K.
Contact:
InVision Technologies, Inc.
Linda Snyder, 510/739-2511
or
Morgen-Walke Associates
John Swenson/Elizabeth Snowdon, 415/296-7383 (Investors)
Sheryl Seapy/Amanda Christensen, 415/296-7383 (Media) |
