Advanced Machine Vision Corporation Reports 2000 First Quarter Operating Results.Business Editors MEDFORD Medford. 1 City (1990 pop. 57,407), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, inc. as a city 1892. Wax, paper, clothing, and furniture are among its products. , Ore.--(BUSINESS WIRE)--May 9, 2000 Advanced Machine Vision Corporation (Nasdaq:AMVC AMVC Atrophia Maculosa Varioliformis Cutis, Familial AMVC Archief en Musem voor het Vlaamse Cultuurleven (Dutch) AMVC Adaptive Multi Variable Controller ) announced today operating results for its first quarter ended March 31, 2000. For the quarter, the Company reported sales of $5,388,000, and a loss of $1,589,000, or $.13 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This compares to sales of $5,158,000 and a net loss of $576,000, or $.05 per diluted share, in the first quarter of 1999. For the first quarter, gross profit was 48%, compared to 51% in 1999. Research and development expenses were $1,253,000 for the three-month period ended March 31, 2000, versus $1,260,000 for the comparable period in the prior year. On March 31, 2000, backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was $4,102000, compared to a March 31, 1999 backlog of $5,645,000. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack J. Young, the Company's chairman, president and chief executive officer, stated: "The increased loss in 2000 is due principally to legal expenses associated with AMV's pending merger with Key Technology, Inc. and higher selling and marketing expenses associated with the introduction of new products and the penetration The successful unauthorized breach of a security perimeter. See penetration test. of new geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge areas. We expect bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. improvement in the second quarter." Advanced Machine Vision Corporation is a worldwide leader in the design, manufacture and sale of standard and CE-compliant vision systems used to control manufacturing processes through high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. product inspection, and to identify and remove defects, resulting in production and quality yield rates superior to other process and control methods. AMV's operations are comprised of two wholly-owned subsidiaries, SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." VISION, Inc. and Ventek, Inc., both utilizing proprietary image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished technologies. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995: Statements in this news release that are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to various risks and uncertainties, such as the successful completion of Key's acquisition of AMVC, the Company's ability to sustain adequate customer order levels, the impact of economic conditions on our markets, the ability of the Company to successfully introduce new products, the possible negative impact of competitive products and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. pricing, the Company's ability to sustain a positive cash flow, the impact of the strengthening of U. S. currency on the Company's ability to compete effectively in the foreign markets and the effect of these and other factors on the market price of the Company's Common Stock. Investors are encouraged to review a more comprehensive listing of cautionary statements and risk factors contained in the Company's Forms 10-K and 10-Q SEC filings.
Summary Operating Results
(in thousands except per-share amounts)
Three Months Ended March 31,
2000 1999
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Net sales $ 5,388 $ 5,158
Cost of sales 2,822 2,504
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Gross profit 2,566 2,654
Operating expenses 4,046 3,181
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Income (loss) before other income & expenses (1,480) (527)
Investment & other income 59 67
Interest expense (168) (140)
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Income (loss) before income taxes (1,589) (600)
Provision for (benefit from) income taxes -- (24)
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Net income $ (1,589) $ (576)
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Earnings per share:
Basic $ (0.13) (0.05)
Diluted $ (0.13) (0.05)
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Average shares:
Basic 12,285 11,520
Diluted 12,285 11,520
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Consolidated Balance Sheet
(in thousands, except per-share amounts)
March 31, Dec. 31,
2000 1999
---- ----
Assets
Current assets:
Cash and cash equivalents $ 2,298(A) $ 5,889
Accounts receivable - net 2,687 1,601
Inventories 8,572 8,399
Other current assets 1,088 1,076
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Total current assets 14,645 16,965
Property, plant and equipment - net 4,713 4,860
Goodwill and other assets - net 5,947 6,195
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$ 25,305 $ 28,020
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Liabilities and Shareholders' Equity
Total liabilities $ 11,273 $ 12,318
Mandatorily redeemable preferred stock 2,579 2,579
Non-redeemable shareholders' equity 11,453 13,123
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$ 25,305 $ 28,020
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Shares outstanding 12,927 12,970
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Book value per share $ 0.89 $ 1.01
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(A) The Company's cash balance at March 31, 2000 reflects payoff of
$2 million of short-term borrowings.
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