Printer Friendly

NVIEW ANTICIPATES SIZABLE GROWTH FOR 1992; SECOND QUARTER RESULTS TO BE AFFECTED BY INDUSTRY CONDITIONS

 NVIEW ANTICIPATES SIZABLE GROWTH FOR 1992;
 SECOND QUARTER RESULTS TO BE AFFECTED BY INDUSTRY CONDITIONS
 NEWPORT NEWS, Va., May 28 /PRNewswire/ -- nVIEW Corp. (NASDAQ: NVUE) today indicated that second quarter sales for its liquid crystal display (LCD) projection products are currently running below expectations.
 According to William Donaldson, president and chief operating officer: "We believe various factors have contributed to the slowdown. First, we shipped an unusually large number of finished products to distributors and dealers in the final weeks of the March quarter. This resulted in satisfying a large order backlog as well as restocking depleted inventories at all levels within the distribution channel. Additionally, several competitors activated incentive programs to reduce their inventories of slow-moving and obsolete merchandise, thereby increasing inventories above normal levels."
 "We believe this situation will slowly correct itself and expect sales activity to improve during the second half of the year as end- user demand for LCD projection panels continues to draw down on inventories," indicated Donaldson.
 Another challenge for the company has been the delays associated with the introduction of two self-contained light source projectors. nSIGHT, a joint venture product with Citizen Watch Company Ltd. of Japan, originally scheduled for shipment during the first quarter of 1992, developed a delay in the Beta testing phase of product development. The company anticipates it can begin initial deliveries sometime in the late spring or early summer. The other major product, nLIGHTEN, previously expected to be available for shipment in this quarter is now expected to be available late in this quarter in limited quantities with full production ramping up in the third quarter.
 The company has taken a number of actions to increase the demand for its products and to ensure nVIEW's long-term growth potential. These activities include: opening new channels of distribution in Europe and Latin America; adding new "Master Dealers" for U.S. distribution; introducing new products later this year; adjusting of inventories to coincide with sales activities; and strengthening corporate and management staffs to move clearly and effectively to make use of nVIEW's technological expertise.
 "The company's leadership in LCD technology, its financial strength and management skills have contributed to the company's record sales and earnings over the past five consecutive quarters. Because of the aforementioned reasons, we have now adjusted our sales outlook for the second quarter to be below the $7.4 million reported for the first quarter. We have also re-evaluated our sales and earnings for 1992 to reflect the current slowdown in demand," commented Donaldson.
 "Presently we look for improvement in operating results during the last half of the year and expect nVIEW's sales will continue to grow at a rate above the industry growth rate. Thus, our annual sales for this year are still expected to exceed last year's sales of $16.8 million by at least 80 percent. Regarding our earnings for the year, we anticipate that earnings per share which will be calculated on a 40 percent increase in average shares outstanding as a result of a successful equity offering earlier this year, will meet or exceed last years' results of 36 cents per share," he concluded.
 While the company is disappointed with its present sales activities, its financial condition is strong. At March 31, 1992, the company reported a net book value of $5.40 per share and no long- term debt. This gives nVIEW the financial flexibility to fully withstand the rapid changes in technology emerging within the LCD industry and allows nVIEW to remain a significant competitive force.
 nVIEW Corp., headquartered in Newport News, with offices in San Diego and Kehlen, Luxembourg, is a leading manufacturer of liquid crystal display projection products sold through a worldwide network of dealers and distributors.
 -0- 5/28/92
 /CONTACT: Jim Kirkpatrick, investor relations, nVIEW, 804-873-1354/
 (NVUE) CO: nVIEW Corporation ST: Virginia IN: CPR SU:


DC -- DC009 -- 4680 05/28/92 11:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 28, 1992
Words:648
Previous Article:UNION PACIFIC DIRECTORS DECLARE QUARTERLY DIVIDEND OF 34 CENTS A SHARE
Next Article:NEW YORK LAWMAKERS SAY THEY WILL 'ACTIVELY OPPOSE' CONGRESSIONAL INTERVENTION IN STRIKES AT CONRAIL, AMTRAK
Topics:


Related Articles
VALMONT REPORTS 68 PERCENT EARNINGS INCREASE
nVIEW PRODUCTS EARN TWO AWARDS; LUMINATOR AND MEDIAPRO PROJECTION DEVICES RECOGNIZED
nVIEW APPOINTS VICE PRESIDENT OF SALES AND MARKETING
KOMAG REPORTS HIGHER SALES AND PROFITS IN THE SECOND QUARTER OF 1993
nVIEW CORPORATION ANNOUNCES ORGANIZATIONAL CHANGES
nVIEW CORPORATION REPORTS FIRST QUARTER EARNINGS OF $.08 PER SHARE ON $8.6 MILLION IN SALES
nVIEW CORPORATION ANNOUNCES NEW Z SERIES BACKBRIGHT LIGHT STAND
nVIEW CORPORATION CREATES DIVISION TO SELL ELECTRO-OPTIC COMPONENTS
nView Corporation Reports Lower Than Expected Sales For First Quarter 1997
nVIEW Corporation to Finance New Business Plan With Issuance of Convertible Notes.

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