Advanced Machine Vision Corporation Reports Record Second Quarter and First Half Operating Profits.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)--July 28, 1998--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 record operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for its second quarter and six-month periods ended June June: see month. 30, 1998. For the quarter, the Company reported sales of $9,087,000, and net income of $1,016,000, or $0.08 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, compared to sales of $7,607,000 and net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $378,000, or $0.03 per diluted share, for the second quarter a year ago. With the gain from the sale of its Pulsarr subsidiary in May 1997, the Company earned $5,367,000, or $0.34 per diluted share, in the 1997 second quarter. For the six months ended June 30, 1998, sales were $16,190,000, and net income was $1,198,000, or $0.09 per diluted share. In the prior year's first half, sales were $16,944,000 ($14,386,000 excluding Pulsarr sales), and net operating income was $1,147,000, or $0.07 per diluted share. Including the gain from the sale of Pulsarr, 1997 first-half net income was $6,136,000, or $0.40 per diluted share. Gross profit for the 1998 second quarter was 55%, compared to 52% in the 1997 second quarter. For the first six months, gross profit was 52%, compared to 50% in the comparable six-month period in 1997. Research and development expenses were $1,031,000 and $2,181,000 for the three- and six-month periods ended June 30, 1998, compared to $932,000 and $1,951,000 in the prior year. On June 30, 1998, 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 $4,991,000 compared to a June 30, 1997 backlog of $2,464,000. 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 results for the quarter and first half are very much on target with our forecast. Looking ahead, the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook remains very positive, and we are confident in the Company's prospects." 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 report 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 impact of economic conditions on our markets, the ability of the Company to successfully introduce new products, the historical inconsistency in·con·sis·ten·cy n. pl. in·con·sis·ten·cies 1. The state or quality of being inconsistent. 2. Something inconsistent: many inconsistencies in your proposal. in sales and bookings levels from quarter to quarter due to the capital nature of the Company's products, the possible negative impact of competitive products and/or pricing, the Company's ability to sustain a positive cash flow, or the impact of the strengthened U. S. currency on the Company's ability to compete effectively in the foreign markets. 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 Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Sales $ 9,087 $ 7,607 $ 16,190 $ 16,944
========= ========= ========= =========
Net income before
special item $ 1,016 $ 378 $ 1,198 $ 1,147
Gain on sale of Pulsarr -- 4,989 -- 4,989
--------- --------- --------- ---------
Net income $ 1,016 $ 5,367 $ 1,198 $ 6,136
========= ========= ========= =========
Basic earnings per share $ 0.10 $ 0.47 $ 0.11 $ 0.54
========= ======== ========= =========
Diluted earnings
per share $ 0.08 $ 0.34 $ 0.09 $ 0.40
========= ======== ========= =========
Weighted average diluted
shares outstanding 14,677 16,338 14,676 16,282
========= ========= ========= =========
Consolidated Balance Sheet
(in thousands, except per share data)
June 30, Dec. 31,
1998 1997
---- ----
Assets
Current assets:
Cash and cash equivalents $ 5,005 $ 6,045
Accounts receivable - net 3,974 2,711
Inventories 5,977 5,181
Other current assets 135 138
----------- -----------
Total current assets 15,091 14,075
Property, plant and
equipment - net 5,411 4,775
Goodwill and other assets - net 6,390 6,385
----------- -----------
$ 26,892 $ 25,235
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities $ 5,067 $ 4,942
Notes payable, less current portion 8,633 8,342
Shareholders' equity 13,192 11,951
----------- -----------
$ 26,892 $ 25,235
=========== ===========
Shares outstanding 10,719 10,679
=========== ===========
Book value per share $ 1.23 $ 1.12
=========== ===========
Visit our web site at www.amvcorp.com
CONTACTS: Advanced Machine Vision Corporation
Alan Steel, Chief Financial Officer, 541/776-7700
or
Silverman Heller Associates
Glenn Schoenfeld/Eugene Heller, 310/208-2550
or
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