Printer Friendly

/C O R R E C T I O N -- PPT VISION, INC./(Correction Notice)

In MNW024, "PPT VISION, INC. Reports Fourth Quarter Results," moved Wednesday, November 20, the ticker symbol referenced in the first sentence should be "Nasdaq: PPTV," rather than "Nasdaq: PPRO" as incorrectly transmitted by PR Newswire. Complete, corrected release follows.
 PPT VISION, INC. Reports Fourth Quarter Results


MINNEAPOLIS, Nov. 20 /PRNewswire/ -- PPT VISION, INC. (Nasdaq: PPTV) today reported preliminary, unaudited net revenues of $3,182,366 for the three-month period ended October 31, 1996, compared with net revenues of $3,003,553 for the same period in fiscal 1995. For the fourth quarter of fiscal 1996, net income was $1,818,798, or 33 cents per share, compared with a prior year fourth quarter net income of $942,790, or 25 cents per share. During the fourth quarter of fiscal 1996, income tax benefit was $1,309,000, or 24 cents per share compared with income tax benefit of $407,000, or 11 cents per share, for the same period in fiscal 1995. The income tax benefit in 1996 reflects full recognition of the potential future tax benefits of loss carry forwards and net deductible temporary differences available to offset taxable income in future periods. As a result of this full recognition, beginning in fiscal 1997 the Company will report earnings on a fully-taxed basis.

For fiscal year 1996, net revenues increased 30% to $12,692,971 compared to net revenues of $9,749,589 for fiscal 1995. Net income for fiscal 1996 increased to $3,710,641, or 84 cents per share, from $1,346,969, or 37 cents per share, for fiscal 1995. On an annual basis, income tax benefit added 30 cents per share to fiscal 1996 earnings per share, as compared with 11 cents per share in fiscal 1995. Unit sales for the three-month period ended October 31, 1996 increased to 109 versus 102 for the same period in fiscal 1995. Unit sales for fiscal 1996 increased to 465 as compared with 333 for fiscal 1995. Since inception, PPT VISION has sold nearly 1,600 machine vision systems to over 200 customers.

"We are pleased to report that fiscal 1996 represented PPT VISION's 8th consecutive year of revenue growth and the most profitable year in the Company's history" said Mr. Joseph C. Christenson, the President of PPT VISION, Inc. "Over this eight-year time period, PPT VISION realized an average revenue growth rate of 37% per year. In addition, customers new to PPT VISION within the past two years made up over one-third of total revenues in fiscal 1996. These new customers represent a strong source of future repeat business and further diversification of the Company's customer base" continued Mr. Christenson. "To take advantage of hiring opportunities, we made a modest expansion in our sales, application engineering, and product development organizations during the fourth quarter of fiscal 1996. We believe that the level of these investments is prudent and necessary, and that they position us to realize continued sales growth in the coming fiscal year" concluded Mr. Christenson.

PPT VISION, Inc. designs, manufactures, markets, and integrates machine vision-based automated inspection systems for manufacturing applications such as electronic and mechanical assembly verification, verification of printed characters, packaging integrity, surface flaw detection, and gauging and measurement tasks. Machine vision-based inspection systems enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's vision systems are sold throughout North America, Europe and Asia to a broad range of industry categories including manufacturers of automotive and electronic components, consumer goods, pharmaceuticals and plastics.

Certain Factors Affecting Future Performance

This press release, as it relates to expectations regarding future sales and profitability, contains forward-looking statements regarding future performance of the Company. The Company's actual results could differ materially from the estimates made in the forward-looking statements as a result of a number of factors, including (i) risks and uncertainty in the market for machine vision, (ii) cyclicality of capital spending by customers, (iii) quarterly fluctuations in operating results by the Company due to the long selling cycle for machine vision products, (iv) the Company's continued ability to achieve significant international revenue, (v) competition in the Company's principal markets, and (vi) the Company's ability to continue to enhance its current products and develop new products that keep pace with technological developments and evolving industry standards. The foregoing list should not be construed as exhaustive and the Company disclaims any obligation subsequently to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. The Company wishes to caution readers not to place undue reliance upon any such forward-looking statement, which speak only as of the date made.

PPT VISION, Inc.'s common stock is traded on The Nasdaq National Market under the symbol PPTV.

CHART:
 Selected Financial Information
 PPT VISION, INC.
 Three Months Ended Twelve Months Ended
 October 31, October 31,
 (Unaudited) (Unaudited) (Audited)
 Income Statements 1996 1995 1996 1995
 Net revenue $3,182,366 $3,003,553 $12,692,971 $9,749,589
 Cost of sales 1,290,573 1,309,772 5,044,419 4,441,673
 Gross profit 1,891,793 1,693,781 7,648,552 5,307,916


Expenses
 Selling 928,351 561,367 2,897,406 2,279,041
 General and admin. 214,450 236,004 975,749 850,765
 Research and development 514,046 379,515 1,826,928 1,299,050
 Total expenses 1,656,847 1,176,886 5,700,083 4,428,856
 Income from operations 234,946 516,895 1,948,469 879,060
 Interest income 274,235 19,392 441,824 61,342
 Other income (expense) 617 (497) 11,348 (433)
 Income tax benefit 1,309,000 407,000 1,309,000 407,000
 Net income $1,818,798 $942,790 $3,710,641 $1,346,969
 Net income per share* $0.33 $0.25 $0.84 $0.37


Common and common
 equivalent shares* 5,461,896 3,752,023 4,409,740 3,649,521


* 1995 earnings per share and common equivalent shares have been adjusted to reflect the March 1996 stock split.
 Condensed Balance Sheets 10/31/96 10/31/95
 (Unaudited) (Audited)


ASSETS
 Cash and cash equivalents $ 5,198,646 $ 1,234,890
 Marketable securities 14,115,362 --
 Accounts receivable, net 4,451,217 2,686,862
 Inventories 1,227,839 942,861
 Other current assets 171,063 47,832
 Total current assets 25,164,127 4,912,445
 Restricted cash 134,771 212,792
 Fixed assets, net 862,436 501,085
 Other assets, net 79,367 64,348
 Deferred income taxes 1,815,000 407,000
 Total assets $28,055,701 $ 6,097,670


LIABILITIES AND EQUITY
 Current liabilities $ 1,080,879 $ 780,873
 Deferred rent 165,841 171,921
 Common stock 535,887 357,879
 Capital in excess of par value 29,443,400 11,667,944
 Accumulated (deficit) (3,170,306) (6,880,947)
 Total shareholders' equity 26,808,981 5,144,876
 Total liabilities and $28,055,701 $ 6,097,670


shareholders equity

SOURCE PPT Vision, Inc.
 -0- 11/25/96


/CONTACT: Tom Northenscold, Chief Financial Officer of PPT VISION, 612-996-9500, fax: 612-996-9501 or e-mail: tomn@pptvision.com/

CO: PPT Vision, Inc. ST: Minnesota IN: CPR SU: ERN

DS-KS -- MNM007 -- 3756 11/25/96 12:47 EST http://www.prnewswire.com
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Article Type:Correction Notice
Date:Nov 25, 1996
Words:1231
Previous Article:Medical Technology Announces Restructure of Private Placement
Next Article:3Com and PictureTel Extend Their Partnership in Multimedia Computing with the New Superstack II Desktop Switching/PictureTel LiveLAN Bundle
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters