PPT VISION, Inc. Reports First Quarter Fiscal 2003 Results | Automation.com

PPT VISION, Inc. Reports First Quarter Fiscal 2003 Results

Revenues increase 28% over prior year

MINNEAPOLIS, February 20, 2003/PR Newswire/ -- PPT VISION, Inc. (Nasdaq: PPTV) today announced financial results for the first quarter ending January 31, 2003. Net revenues for the first quarter were $2,124,000, which represents an increase of 28% compared to net revenues of $1,656,000 for the same period in fiscal 2002. The Company’s net loss was reduced to $1,187,000 or 12 cents per share compared to a net loss of $1,580,000 or 29 cents per share for the same period in fiscal 2002.

“We are pleased that our first quarter revenues significantly improved over the first quarter of last year. This fact, together with the increasing amount of business activity we are experiencing, points to a gradually improving business environment,” stated Mr. Joseph C. Christenson, President of PPT VISION, Inc. “However, our quarterly revenues on a sequential basis were essentially flat as a result of a number of unexpected order push-outs over the course of the quarter. This is continued evidence that the return of capital spending to more normal levels in the manufacturing sector is progressing slowly and unpredictably.”

“Despite the unpredictable nature of the pace of the economic recovery in the short term, we continue to be optimistic about our longer term prospects for revenue growth. Specifically, we are encouraged by several key business developments that occurred in the first quarter, including:

· The very positive customer acceptance of our IMPACT TM system. Since introducing our new IMPACT machine vision micro-system in September 2002, we have now sold over 40 units, including several to key existing PPT customers and several important new system integration partners.
· The receipt of several key orders for future delivery from our existing automotive customers for our proven Passport DSLTM machine vision system.
· The receipt of a sizable repeat order for ScoutTM machine vision systems from an important existing electronics OEM customer.
· Our important new OEM supply agreement with Ismeca Europe S.A. for our SpeedScan 3DTM and IMPACT 2D machine vision solutions.

These four positive business developments, together with other ongoing business initiatives, point to a gradual improvement in revenue performance for PPT VISION. Because of the strong capabilities of our SpeedScan 3D and IMPACT 2D inspection technologies, and our renewed emphasis on cultivating and selling through system integration partners, we are confident that PPT is well positioned to benefit as the economic recovery gains momentum,” concluded Mr. Christenson.


PPT VISION, Inc. designs, manufactures, markets, and integrates 2D and 3D machine vision-based automated inspection systems for manufacturing applications. 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 2D machine vision product line is sold on a global basis to end-users, system integrators, and original equipment manufacturers (OEM’s) primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company’s SpeedScan 3DTM sensor, incorporating the Company’s patented high-speed Scanning Moiré InterferometryTM technology is sold to original equipment manufacturers for specific applications. The Company’s PPT861TM 3D scanning system, which uses the Company’s SpeedScan 3D sensor, is an application-specific inspection solution targeted at inspection of leaded and bumped components in the semiconductor back-end manufacturing process, inspection of surface-mount electronic connectors, and inspection of components used in hard disk drives. The Company's Common Stock trades on the Nasdaq Small Cap Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at www.pptvision.com.

Conference Call

The Company has scheduled a conference call for 10:00 a.m. CST on Thursday, February 20, 2003. In the conference call, the Company will discuss the results for the recent quarter and expectations with respect to future performance. The conference call will be broadcast live over the Internet by World Investor Link’s Vcall. To listen live, go to www.vcall.com.

A digitized replay of the first quarter conference call will be available between 1:30 p.m. on February 20th and 11:59 p.m. on February 27th. To access the replay please use the following numbers: U.S. = (800) 475-6701 or International = (320) 365-3844; Access Code = 674634.

Forward Looking Statements

The discussion above contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, intentions and strategies regarding the future. Forward-looking statements include, without limitation, statements regarding the extent and timing of future revenues and expenses and customer demand. All forward-looking statements included in this document are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward-looking statements.

The Company’s actual results are subject to risks and uncertainties and could differ materially from those discussed in the forward-looking statements. These statements are based upon the Company’s expectations regarding a number of factors, including the Company’s ability to obtain additional working capital if necessary to support its operations, changes in worldwide general economic conditions, cyclicality of capital spending by customers, the Company’s ability to keep pace with technological developments and evolving industry standards, worldwide competition, and the Company’s ability to protect its existing intellectual property from challenges from third parties. A detailed description of the factors that could cause future results to materially differ from the Company’s recent results or those projected in the forward-looking statements are contained in the section entitled “Description of Business” under the caption “Important Factors Regarding Forward-Looking Statements” contained in its filing with the Securities and Exchange Commission on Form 10-KSB for the year ended October 31, 2002 and other reports filed with the Securities and Exchange Commission.

 

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