WIXOM, Mich., March 19 /PRNewswire-FirstCall/ -- Integral Vision, Inc. (BULLETIN BOARD: INVI) , a leading global supplier of automated display inspection technology, today announced financial results for its fourth quarter and fiscal year ending December 31, 2006. Revenue for the fourth quarter was $75,000 compared to $141,000 in the fourth quarter of 2005 resulting in a loss for the quarter of $754,000 compared to $708,000 for the fourth quarter of 2005. Total revenue for the year increased to $835,000 from $686,000 for fiscal 2005. The company lost $2.97 million, or $0.10 per share, in 2006 compared with a loss of $2.68 million, or $0.11 per share, in 2005.
"While results for the fourth quarter mark a departure from our previous three quarters of consecutive revenue growth, on a year-over-year basis revenue increased 21.7 percent," said Charles J. Drake, chairman and CEO of Integral Vision, Inc. "It bears noting that quarterly results can vary greatly largely due to customer order flow, and 2007 has already started strong based on booked orders to date." Drake continued, "2006 was a significant year for the Company because we reached a point with five (5) major customers where we believe their display products are close to launching production quantities. We believe we have proven our ability to inspect these displays in production, and that we should see increased system orders in 2007."
Commenting on the balance sheet, Drake noted, "While cash on the balance sheet as of December 31, 2006 was $57,000, the Company has received an additional $650,000 in working capital year-to-date, and we anticipate receiving more working capital from certain of our investors going forward." Drake concluded, "Our confidence in our technology remains strong and we anticipate a much improved year in 2007."
2006 BUSINESS HIGHLIGHTS
Integral Vision's 2006 highlights include several follow-on orders for the Company's SharpEye(TM) Inspection System from existing customers as well as orders from new customers. Integral Vision's SharpEye product provides analysis of functional and cosmetic defects in the display to assure quality in the manufacturing process.
SharpEye(TM) Inspection System * Received a repeat order from a major manufacturer of communication equipment for a SharpEye(TM) inspection system to be used for the production inspection of MEMS displays with color monitoring capability. The new technology is expected to fit into the substantial handheld market. * Received an order for a SharpEye inspection system from Liquavista, a Netherlands based company. The SharpEye inspection system is being used to inspect Liquavista's new display architecture based on Electrowetting cell technology. * Received an additional order for SharpEye inspection system from a MEMS display manufacturer that uses several SharpEye systems in the manufacture of displays. * Announced two additional orders for MEMS display inspection systems; one from a repeat customer and the other order from a new customer. IVSee(TM) Inspection System * Announced the receipt of an order from a large Korean manufacturer of Liquid Crystal Display (LCD) panels for the Company's IVSee(TM) inspection system. The state-of-the-art IVSee vision inspection application system will be used to analyze certain characteristics of LCD flat-panel displays. The order was placed by the largest manufacturer of LCD TVs in the world. In addition to supplying the IVSee inspection system, Integral Vision has also been working with the company on 2 other applications for LCD panels and 2 applications specific to Organic Light Emitting Diode (OLED) devices. TO ACCESS THE LIVE CONFERENCE CALL
Integral Vision will host a live conference call at 9:00 a.m. (ET) on Tuesday, March 20, 2007. To access the conference call, please call 303-262- 2211 or 800-240-2430 approximately 5 to 10 minutes prior to the scheduled start time.
TO ACCESS A REPLAY OF THE CONFERENCE CALL
If you are unable to listen to the live conference call, it will be archived for replay. Shortly after the call, a telephonic replay will be available through March 22, 2007, by dialing 303-590-3000 or 800-405-2236. The confirmation code 11086694 is required for the telephonic replay.
COMPANY'S INVESTOR E-MAIL LIST
To be added to Integral Visions investor email list, please contact Laura Guerrant of Guerrant Associates at
ABOUT INTEGRAL VISION
Integral Vision, Inc. (BULLETIN BOARD: INVI) , an ISO 9001 registered firm, offers display inspection technology that provides analysis of functional and cosmetic defects in the display to assure quality in the manufacturing process as well as verification of the final product. Integral Vision has been inspecting displays since 1992 and is an industry leader committed to providing automated solutions to the quality issues Microdisplay, OLED and LCD manufacturers face in today's competitive marketplace. More information can be found at Website: http://www.iv-usa.com/.
"SAFE-HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such factors and uncertainties include, but are not limited to: competitive conditions in the Company's markets and the effect of competitive products and pricing; technological development by the Company, its customers and its competition; the Company's available cash and access to debt and equity financing; and general economic conditions and conditions in the specific industries in which the company has significant customers. As a result, the Company's results may fluctuate. Additional information concerning risk factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's best estimates as of the date of this press release. The Company assumes no obligation to update such estimates except as required by the rules and regulations of the Securities and Exchange Commission.
FINANCIAL INFORMATION
The summary financial information contained in this press release, including the following information in tabular form, should be read in conjunction with the more detailed information contained in the Company's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on March 19, 2007.
Balance Sheet
Integral Vision, Inc.
Assets
Current assets
Cash $57
Accounts receivable 21
Inventories 381
Other current assets 119
Total current assets 578
Property and equipment
Building improvements 4
Production and engineering
equipment 203
Furniture and fixtures 80
Computer equipment 188
Marketing/demonstration equipment 161
636
Less accumulated depreciation 369
Net property and equipment 267
Other assets - net of accumulated
amortization of $1,483,000 36
36
$881
Liabilities and Stockholders' Deficit
Current liabilities
Notes payable $350
Accounts payable 170
Accrued compensation and related
costs 308
Accrued interest 17
Other accrued liabilities 78
Total current liabilities 923
Long-term debt 378
Total liabilities 1,301
Stockholders' deficit
Preferred stock, 400,000 shares
authorized; none issued -
Common stock, without par value,
stated value $.20 per share;
41,000,000 shares authorized;
29,491,409 shares issued and
outstanding 5,898
Additional paid-in capital 39,296
Accumulated deficit (45,614)
Total stockholders' deficit (420)
$881
Statements of Operations
Integral Vision, Inc.
Three Months Ended December 31,
2006 2005
(Unaudited)
Revenues: (In thousands, except per share data)
Net product sales $75 $141
Net revenue from product development
agreements - -
Total net revenues 75 141
Costs of sales:
Costs of sales for products 58 181
Cost of sales for product development
agreements 34 -
Depreciation and amortization 6 29
Total costs of sales 98 210
Gross margin (loss) (23) (69)
Other costs and expenses:
Marketing 153 140
General and administrative - net 294 279
Engineering and development - net 303 274
Total other costs and expenses 750 693
Operating loss (773) (762)
Other income 34 37
Interest income 1 26
Interest expense (9) (8)
Foreign currency translation (loss) (7) (1)
Net loss $(754) $(708)
Basic and diluted loss per share:
Net loss $(0.03) $(0.03)
Weighted average number of shares of
common stock and common stock
equivalents, where applicable 29,491 24,531
Statements of Operations
Integral Vision, Inc.
Year Ended December 31,
2006 2005
Revenues: (In thousands, except per share data)
Net product sales $663 $686
Net revenue from product development
agreements 172 -
Total net revenues 835 686
Costs of sales:
Costs of sales for products 488 488
Cost of sales for product development
agreements 199 -
Depreciation and amortization 54 130
Total costs of sales 741 618
Gross margin 94 68
Other costs and expenses:
Marketing 653 529
General and administrative - net 1,250 1,251
Engineering and development - net 1,214 960
Total other costs and expenses 3,117 2,740
Operating loss (3,023) (2,672)
Other income 46 59
Interest income 42 78
Interest expense (32) (143)
Foreign currency translation (loss) (7) (1)
Loss from operations before income
taxes (2,974) (2,679)
Income taxes - -
Net loss $(2,974) $(2,679)
Basic and diluted loss per share:
Net loss $(0.10) $(0.11)
Weighted average number of shares
outstanding of common stock and
common stock equivalents, where
applicable 29,491 24,531
