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PPT VISION, Inc. Reports Fourth Quarter Fiscal 2001 Results
Datalogic USA, Inc. Posted 12/12/2001
MINNEAPOLIS, Dec. 12 /PRNewswire/ -- PPT VISION, Inc. (Nasdaq: PPTV) today announced financial results for the fourth quarter and fiscal year ended October 31, 2001. Net revenues for the fourth quarter were $2,077,000, which represents an increase of 3% over the third quarter ended July 31, 2001 and a decrease of 61% compared to net revenues of $5,327,000 for the same period in fiscal 2000. The Company's net loss was $1,741,000 or 32 cents per share compared to a net loss of $703,000 or 13 cents per share for the same period in fiscal 2000.
For fiscal year 2001, net revenues declined 27% to $13,325,000 compared with $18,272,000 for the previous year. The Company's net loss was $4,832,000 or 88 cents per share compared to a net loss of $3,598,000 or 67 cents per share for fiscal year 2000.
Machine vision system unit sales for the three-month period ended October 31, 2001 totaled 64 compared to 256 for the same period in fiscal 2000. For fiscal year 2001, unit sales were 688 compared to 853 during the previous year. Since inception, PPT VISION has sold over 4,200 machine vision systems to more than 320 customers.
During the fourth quarter, the Company shipped 3 PPT861(TM) systems. The PPT861 system is a high-speed, 3D inspection system equipped with PPT's patented SMI(TM) (Scanning Moire Interferometry(TM)) SpeedScan 3D(TM) sensor. The Company has now shipped 15 PPT861 systems to 5 customers. 'The slowdown in capital spending throughout the manufacturing sector of the economy continues to negatively affect our business,' stated Mr. Joseph C. Christenson, President. 'Our near-term visibility on revenue growth continues to be weak. Thus, we did take additional steps to further reduce our operating cost structure entering into fiscal year 2002. The $60,000 non-recurring charge at the end of the fourth quarter primarily represents severance payments in connection with a reduction in employment in October. We continue to invest in our key 2D and 3D product development programs, and we are confident that PPT VISION is very well positioned to participate strongly in the forthcoming economic upturn in all three key areas of our business. These areas are: the 2D machine vision product line, the SpeedScan 3D(TM) product for OEM applications, and the PPT861(TM) 3D scanning system for end-user applications,' 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 3D(TM) sensor, incorporating the Company's patented high-speed Scanning Moire Interferometry(TM) technology is sold to original equipment manufacturers for specific applications. The Company's PPT861(TM) 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 http://www.pptvision.com
The Company has scheduled a conference call for 10:00 a.m. CST on Wednesday, December 12th. In the conference call, the Company will discuss the results for the recent quarter and fiscal year as well as the Company's current initiatives and expectations with respect to future periods. The conference call will be broadcast live over the Internet by World Investor Link's Vcall. To listen live, go to http://www.vcall.com A digitized replay of the fourth quarter and fiscal 2001 conference call will be available between 1:30 p.m. on December 12th and 11:59 p.m. on December 19th. To access the replay please use the following numbers: U.S.--800-475-6701 or International--320-365-3844; Access Code--613173.
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, 2000 and other reports filed with the Securities and Exchange Commission.