- » View All
PPT VISION, Inc. Reports First Quarter Fiscal 2002 Results
Datalogic USA, Inc. Posted 02/19/2002
MINNEAPOLIS, February 15/PR Newswire/ -- PPT VISION, Inc. (Nasdaq: PPTV) today announced financial results for the first quarter ending January 31, 2002. Net revenues for the first quarter were $1,656,000, which represents a decrease of 66% compared to net revenues of $4,801,000 for the same period in fiscal 2001. The Company's net loss was $1,580,000 or 29 cents per share compared to a net loss of $446,000 or 8 cents per share for the same period in fiscal 2001. Click here for a Condensed Statment of Operations.
"This past quarter has been a challenge for PPT as we addressed the issues presented by the extremely soft capital spending environment," stated Mr. Joseph C. Christenson, President. "We have responded by reducing our operating costs and focusing our resources on key product development initiatives. We have invested heavily in developing new applications for our patented SMI TM SpeedScan 3D TM sensor technology in addition to improving our full range of 2D systems. Despite these tough times, our dedicated employees have worked hard to enhance the quality and effectiveness of our products so as to better address the needs of our customers."
"We continue to be optimistic about the future and believe that PPT is well positioned to respond to our customers as the economy strengthens. We have recently seen an increase in business activity that should translate into improved operating results in the quarters ahead. In order to position us to take advantage of the anticipated return to normal capital spending levels in our key markets, we are exploring financing alternatives to bolster our balance sheet and enable us to continue our investments in product development and expand our sales and marketing capabilities," 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 National 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.
The Company has scheduled a conference call for 10:00 a.m. CST on Friday, February 15, 2002. 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 15th and 11:59 p.m. on February 22nd . To access the replay please use the following numbers: U.S. -- 800-475-6701 or International -- 320-365-3844; Access Code 627451.
Forward Looking Statements
The discussion above contains forward?looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements by their nature involve substantial risks and uncertainties as described by PPT VISION's periodic filings. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: changes in worldwide general economic conditions, a change in the level of capital spending by electronic component manufacturers and cyclicality of capital spending by other customers, PPT VISION's ability to keep pace with technological developments and evolving industry standards, worldwide competition, and PPT VISION's ability to protect its existing intellectual property from challenges from third parties and other factors. Additional information with respect to the risks and uncertainties faced by PPT VISION may be found in the section "Business" under the caption "Important Factors Regarding Forward-Looking Statements" contained in its filing with the Securities and Exchange Commission on Form 10?K for the year ended October 31, 2001 and other reports filed with the Securities and Exchange Commission.