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RVSI Reports Fiscal 2004 Second Quarter Results
OMRON Automation - Americas Posted 05/06/2004
NASHUA, NEW HAMPSHIRE -- Robotic Vision Systems, Inc. (RVSI) (RVSI.OB) today announced results for its second fiscal quarter ended March 31, 2004.
Second quarter revenues were $15,579,000 compared to $9,388,000 in fiscal 2003’s second quarter and $10,337,000 in fiscal 2004’s first quarter. RVSI’s net loss in fiscal 2004’s second quarter was $(3,947,000) or ($0.22) per share, compared to a net loss of $(14,832,000) or ($1.21) per share in fiscal 2003’s second quarter and a net loss of $(4,637,000), or ($0.31) per share in fiscal 2004’s first quarter.
Orders for the quarter ended March 31, 2004 were $18,989,000, yielding a book-to-bill ratio of 1.22 to 1.
The above results incorporate consolidated revenues for both the Semiconductor Equipment Group and Acuity CiMatrix. All results are inclusive of unusual gains and losses, and reflect the one-for-five reverse stock split effected in November 2003.
Comments on the Quarter
RVSI achieved a 51% increase in revenues and a 52% increase in bookings from the December quarter. The company saw strong gains on both sides of its business as the semiconductor capital equipment industry continued its recovery and the Data Matrix segment of the machine vision industry showed accelerated growth.
‘‘We are a much stronger company financially today than at any time in recent years, and we have continued to enhance our products and technology,’‘ said Pat V. Costa, Chairman and Chief Executive Officer of RVSI. ‘‘We believe that our Semiconductor Equipment Group offers customers better technology, a more versatile product, and a superior cost of ownership compared to its competitors. This quarter, our Acuity CiMatrix division saw a healthy mix of orders from new and existing customers for both general-purpose, industrial machine vision and for Data Matrix-specific applications. Our leadership in Data Matrix is a product of a decade of hardware, software, and algorithm development on RVSI’s part.’‘
Third Quarter Outlook
‘‘We entered the quarter with a backlog of $13.6 million, and we believe we can see bookings in a range of $20 million to $24 million,’‘ Mr. Costa said. ‘‘Based on those figures, we believe we can see recognizable revenue in the June quarter from $20 million to $22 million. It is clear that this is going to be a quarter of dramatically improved P&L performance. Assuming we do not encounter unexpected bumps in the quarter, we believe this is the revenue range in which RVSI can be profitable on an operating basis.’‘
‘‘Beyond the current quarter, we are very encouraged by the positive direction the business is taking as indicated by the rising rate of bookings and shipments, and we believe the balance of fiscal 2004 should show sequential, sustained improvement.’‘
Robotic Vision Systems, Inc. (RVSI) (RVSI.PK) has the most comprehensive line of machine vision systems available today. Headquartered in Nashua, New Hampshire, with offices worldwide, RVSI is the world leader in vision-based semiconductor inspection and Data Matrix-based unit-level traceability. Using leading-edge technology, RVSI joins vision-enabled process equipment, high- performance optics, lighting, and advanced hardware and software to assure product quality, identify and track parts, control manufacturing processes, and ultimately enhance profits for companies worldwide. Serving the semiconductor, electronics, aerospace, automotive, pharmaceutical and packaging industries, RVSI holds more than 100 patents in a broad range of technologies.
Forward Looking Statement
Except for the historical information herein, certain matters discussed in this release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to: the historical cyclical nature of the semiconductor industry, risks in products and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, timely development and release of new products, strategic suppliers and customers, the effect of the company's accounting policies and other risk factors detailed in the Company's annual report on Form 10-K, and other filings with the Securities and Exchange Commission.