SOUTH WINDSOR, Conn., Jan. 7 /PRNewswire-FirstCall/ -- Gerber Scientific, Inc. , a worldwide leader in integrated automation solutions, announced today a delay in volume shipments of its new Solara ion inkjet printer. Gerber had expected to start volume shipments in the fourth quarter of this fiscal year, and now expects shipments in the first quarter of fiscal year 2009, which begins May 1, 2008. Gerber Scientific Products, a unit of Gerber Scientific, Inc., launched the Solara ion in October 2007, showing the new printer publicly at the SGIA trade show in Orlando, FL on October 24, 2007. "Market response from customers, distributors and the media to the patent pending technology in the nine weeks since the showing has been tremendous" commented Marc T. Giles, President and CEO of Gerber Scientific. "With 125 pre-orders to date for the new Solara ion, valued at more than $8 million, GSP is off to a great start with this innovative new product."
"The testing of electronic components for the Solara ion has taken longer than expected, resulting in a short delay in the testing and shipping schedule for the product", explained Giles. GSP expects to ship the first production units for formal Beta testing early in the fourth quarter of this year. While still pressing to get the first revenue shipments late in the fourth quarter of this fiscal year, GSP does not anticipate volume shipments until the new fiscal year, which begins May 1, 2008.
Because of the delay in volume shipments of the Solara ion, Gerber Scientific today lowered the previously issued earnings guidance for the current fiscal year to a range of $0.61 - $0.71 per share. "While we are disappointed with the delay, we certainly see this as a temporary setback and continue to be very excited about the reception this product has received to date, and by its potential for fiscal year 2009 and beyond", stated Giles.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com/) is a leading international supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible materials, ophthalmic lens processing, and print and packaging industries. Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Forward-looking Statements:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements contained in this news release regarding the Company's expected financial condition, results of operations, cash flows and product launches are forward-looking statements that involve risks and uncertainties. For information identifying other important economic, political, regulatory, legal, technological, competitive and other risks and uncertainties, readers are referred to the Company's filings with the Securities and Exchange Commission, including but not limited to, the information included in Gerber Scientific's Annual Report on Form 10-K for the fiscal year ended April 30, 2007 under the headings "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Cautionary Note Concerning Factors That May Influence Future Results," as well as information included in subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which outline certain important risks regarding the Company's forward-looking statements. These risks include, but are not limited to, delays in the Company's new product development and commercialization, intense competition in markets for each of the Company's operating segments, rapid technological advances, availability and cost of raw materials, volatility in foreign currency exchange rates and fluctuations in interest rates. Actual future results or events may differ materially from those expressed or implied in the Company's forward-looking statements. The Company expressly disclaims any obligation to update any of these forward-looking statements.
