Printer Friendly

PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1991 AND FOURTH QUARTER RESULTS; THIRD CONSECUTIVE YEAR OF REVENUE GROWTH

PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1991 AND FOURTH
 QUARTER RESULTS; THIRD CONSECUTIVE YEAR OF REVENUE GROWTH
 MINNEAPOLIS, Dec. 4 /PRNewswire/ -- Pattern Processing Technologies, Inc. (NASDAQ: PPRO) today reported a net loss of $195,209 or $.15 per share for the fiscal year ended 1991 compared with a net profit of $6,980 or one cent per share in fiscal year 1990. Gross revenues in fiscal year 1991 totaled $2,897,224, an increase of 11.6 percent compared with gross revenues of $2,594,505 in the prior fiscal year.
 In the fourth quarter of fiscal year 1991, the company realized a net profit of $99,090 or six cents per share compared with a net profit of $22,712 or two cents per share in the prior year's fourth quarter. Revenues in the fourth quarter of fiscal year 1991 totaled $1,092,344, and increase of 49.8 percent compared with gross revenues of $729,169 in the prior year's fourth quarter.
 The company shipped 22 vision systems in the fourth quarter of fiscal year 1991 compared with 16 vision systems in the prior year's fourth quarter. For fiscal year 1991, the company shipped 67 vision systems compared with 58 visions systems in fiscal year 1990. This increases the total number of vision systems sold since inception to 254.
 Fiscal year 1991 represents the company's third consecutive year of revenue growth. The increase in fiscal year 1991 fourth quarter revenue is primarily attributable to increasing acceptance by industry of the company's new 400 Vision Process Controller (VPC) system. The company had a backlog of approximately $400,000 entering into fiscal year 1992. Based on these factors, the company expects revenue results in fiscal year 1992 to exceed those of fiscal year 1991.
 Pattern Processing Technologies, Inc. designs, manufactures, markets, and integrates machine vision-based automated inspection systems for manufacturing applications such as electronic and mechanical assembly verification, character verification, packaging integrity, surface flaw detection and gauging and measurement tasks.
 Pattern Processing Technologies, Inc.'s common stock is traded on the NASDAQ system under the symbol PPRO.
 PATTERN PROCESSING TECHNOLOGIES, INC.
 CONDENSED STATEMENT OF OPERATIONS
 (Unaudited)
 FOURTH QUARTER ENDED YEAR ENDED
 1991 1990 1991 1990
 Total revenues $1,092,344 $729,169 $2,897,224 $2,594,505
 Cost of sales 510,005 345,127 1,440,354 1,251,314
 Gross profit 582,339 384,042 1,456,870 1,343,191
 Operating expenses 485,670 359,744 1,650,214 1,320,428
 Profit (loss) from
 operations 96,669 24,298 (193,344) 22,763
 Interest income 6,221 3,178 15,896 8,757
 Interest expense (4,608) (4,764) 908 (19,306)
 Other income/expense 808 0 (18,670) (5,234)
 Net profit/(loss) $99,090 $22,712 $(195,209) $6,980
 Weighted average shares:
 number outstanding 1,709,095 1,095,595 1,321,621 1,021,549
 Profit/(loss) per share $0.06 $0.02 $(0.15) $0.01
 PATTERN PROCESSING TECHNOLOGIES, INC.
 BALANCE SHEET
 10/31/91 10/31/90
 (Unaudited)
 Assets
 Current assets:
 Cash and investments $335,732 $161,601
 Receivables 876,323 626,779
 Inventories 498,053 381,855
 Other current assets 32,642 28,183
 Total current assets 1,742,750 1,198,418
 Property, plant and equipment (net) 284,528 211,645
 Other assets:
 Patent and trademark costs 83,110 80,755
 Bond issue costs 21,737 21,737
 Security deposits 6,995 9,070
 Less: accumulated amortization (87,154) (76,197)
 Total other assets 24,688 35,365
 Total assets $2,051,966 $1,445,428
 Liabilities and shareholders' equity
 Current liabilities $572,265 $449,700
 Long-term liabilities 31,825 232,010
 Preferred stock 475,342 475,342
 Common stock 170,904 109,559
 Capital in excess of par value 9,578,588 8,760,565
 Accumulated (deficit) (8,776,958) (8,581,748)
 Total shareholders' equity 1,447,876 763,718
 Total liabilities and
 shareholders' equity $2,051,966 $1,445,428
 -0- 12/4/91
 /CONTACT: Joseph C. Christenson, president of Pattern Processing Technologies, 612-942-5747/
 (PPRO) CO: Pattern Processing Technologies ST: Minnesota IN: SU: ERN


AL -- MN012 -- 9370 12/04/91 16:37 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 4, 1991
Words:698
Previous Article:DOT SEEKS TO HAVE OTHER AIRLINES TAKE OVER PAN AM ROUTES
Next Article:DUKE POWER SCHEDULES OCONEE UNIT 3'S RETURN TO SERVICE
Topics:


Related Articles
ODETICS REPORTS 22ND YEAR OF PROFITABILITY; SURGE IN FOURTH QUARTER PROFITS NOTED
CULP REPORTS INCREASED FOURTH QUARTER SALES AND EARNINGS GAINS LEAD TO THIRD CONSECUTIVE YEAR OF EARNINGS GROWTH
QUALCOMM REPORTS 22 PERCENT REVENUE INCREASE FOR THIRD QUARTER, FISCAL 1992
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1992 THIRD QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES REPORTS PRELIMINARY UNAUDITED FISCAL 1992 AND FOURTH QUARTER RESULTS Fourth Consecutive Year of Revenue Growth
COMPUTER PRODUCTS REPORTS 1992 RESULTS
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1993 THIRD QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES REPORTS FISCAL 1993 AND FOURTH QUARTER RESULTS, FIFTH CONSECUTIVE YEAR OF REVENUE GROWTH
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1994 THIRD QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1994 AND FOURTH QUARTER RESULTS; SIXTH CONSECUTIVE YEAR OF REVENUE GROWTH

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters