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Technology Stocks : Invision(INVN)going which way? -- Ignore unavailable to you. Want to Upgrade?

To: Mike M who wrote (533)	4/23/2002 11:14:33 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 558

InVision Sees Revenue Jump By PAUL GLADER The Associated Press SAN FRANCISCO (AP) - InVision Technologies Inc. saw first-quarter profits surge on a 90 percent increase in orders for airport security scanners. The company reported earnings of $2.8 million, or 17 cents a share, compared with earnings of $89,000, or a penny a share, a year earlier. Revenue climbed from $17.5 million to $33.2 million. That performance blew away the estimate of 7 cents a share from analysts surveyed by Thomson Financial/First Call. Mere months ago, analysts didn't do estimates on the company, though its stock shot from $1.97 to as high as $47 after Sept. 11. The numbers show how the Newark-based maker of bomb-detection equipment has benefitted from a nationwide spending spree on airport security. ``We are very satisfied with our performance,'' Sergio Magistri, InVision's president and chief executive, said in a prepared statement. He added that the company expects second-quarter revenue to be ``at least double'' first-quarter results. The federal government has required that all U.S. airports have bomb-detection scanners - InVision's specialty - by the end of 2002. InVision may have to make as many as 600 bomb scanners annually, a major leap for a company that had shipped just 271 of the devices worldwide during its first 11 years in business. The Transportation Security Administration has ordered 300 machines for nearly $150 million. InVision is one of two companies that make the sophisticated explosives detectors certified by the Federal Aviation Administration. Its systems are based on CT scan technology, which unlike X-ray devices used to inspect carryon luggage captures multiple cross-section images, or ``slices,'' of a bag's contents. The technology is similar to that used by L-3 Communications Holdings Inc., a New York-based defense contractor. InVision executives said future business will come from maintaining existing machines, developing new products and foreign sales. ``It is certainly not accurate to characterize this company as a flash in the pan,'' said Rob Stone, an analyst with SG Cowen Securities Inc. ``The world has changed since Sept. 11 and that is going to present long-term opportunities.'' Stone pointed out that InVision is developing cheaper bomb-detection devices for bus and train stations, sports arenas and cruise ships. The earnings announcement came after the close of trading Tuesday, which saw InVision shares rise 82 cents to $34.35. Company shares traded below $5 before Sept. 11. On The Net: invision-tech.com 04/23/02 22:23 EDT