Printer Friendly

PATTERN PROCESSING TECHNOLOGIES REPORTS FISCAL 1992 SECOND QUARTER RESULTS

 PATTERN PROCESSING TECHNOLOGIES REPORTS
 FISCAL 1992 SECOND QUARTER RESULTS
 MINNEAPOLIS, June 1 /PRNewswire/ -- Pattern Processing Technologies, Inc. (NASDAQ: PPRO)(PPT) today reported a net profit of $114,050, or 6 cents per share, on revenues of $1,083,258 for the second quarter ended April 30, 1992. In the second quarter of fiscal year 1991, the company realized a net loss of $86,828, or 8 cents per share on revenues of $607,553. The increase in sales and the net profit is primarily attributable to increasing customer acceptance of the company's new 400 Vision Process Controller (VPC) product line.
 Total revenues for the six months ended April 30, 1992, were $2,241,653, a 66 percent increase compared with $1,345,420 in the six months ended April 30, 1991. The net profit for the six-month period ended April 30, 1992, was $281,539, or 15 cents per share compared with a net loss of $88,895 or 8 cents per share in the six-month period ended April 30, 1991.
 The second quarter revenues represented the sale of 26 vision systems, compared with 17 vision systems sold in the prior years' second quarter, bringing to 308 the total number of vision systems sold since the inception of the company in 1982.
 Included in second quarter results was other income of $35,183 or 1.8 cents per share which represents the market value of 15,000 shares of Electro-Sensors, Inc. (ESI) restricted common stock less unamortized patent costs received in exchange for an exclusive license to ESI for the company's four original patents covering a statistical pattern recognition technique. The ESI stock is recorded on the balance sheet at a value of $52,500 in the Other Current Assets category.
 Despite the positive customer acceptance which the company's new 400 Vision Process Controller product line is receiving, the machine vision industry continues to be characterized by long-selling cycles and difficulty in projecting the specific time frames of future orders. As such, it is reasonable to expect fluctuations in results on a quarter- to-quarter basis, although the company believes that results on an annual basis will continue to improve.
 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.
 BALANCE SHEET
 ASSETS April 30, 1992 Oct. 31, 1991
 (Unaudited)
 Current assets:
 Cash and investments $198,681 $335,732
 Receivables 886,048 868,114
 Inventories 655,962 503,265
 Other current assets 67,981 32,642
 Total current assets 1,808,672 1,739,753
 Property, plant and equipment (net) 283,835 284,528
 Other assets (net) 11,340 24,688
 Total assets $2,103,847 $2,048,969
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities 333,248 581,125
 Long-term liabilities 31,825 31,825
 Preferred stock 475,342 475,342
 Common stock 172,496 170,909
 Capital in excess of par value 9,598,212 9,578,583
 Accumulated (deficit) (8,507,276) (8,788,815)
 Total shareholders' equity 1,738,774 1,436,019
 Total liabilities and
 shareholders' equity $2,103,847 $2,048,969
 PATTERN PROCESSING TECHNOLOGIES, INC.
 CONDENSED STATEMENT OF OPERATIONS
 Second Quarter Year-to-Date
 Ended Ended
 1992 1991 1992 1991
 Total revenues $1,083,258 $607,553 $2,241,653 $1,345,420
 Cost of sales 458,176 316,997 983,985 674,335
 Gross profit 625,082 290,556 1,257,668 671,085
 Operating expenses 549,152 375,174 1,015,216 754,817
 Profit/(loss) from
 operations 75,930 (84,618) 242,452 (83,732)
 Interest income 2,554 2,475 5,047 4,150
 Interest expense -- (4,685) (1,526) (9,413)
 Other income/expenses 35,566 -- 3,566 100
 Net profit/(loss) $114,050 $(86,828) $281,539 $(88,895)
 Common and common
 equivalent shares 1,932,658 1,095,595 1,928,332 1,095,595
 Earnings per share $.06 $(.08) $.15 $(.08)
 -0- 6/1/92
 /CONTACT: Joseph C. Christenson of Pattern Processing, 612-942-5747/
 (PPRO) CO: Pattern Processing Technologies, Inc. ST: Minnesota IN: SU: ERN


AL -- MN015 -- 5831 06/01/92 15:24 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:Jun 1, 1992
Words:721
Previous Article:ATLANTA GAS LIGHT COMPANY DECLARES QUARTERLY DIVIDEND OF 52 CENTS
Next Article:SYMBOL TECHNOLOGIES ANNOUNCES CONTRACT WITH WESTERN CANADA LOTTERY CORP.
Topics:


Related Articles
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1991 AND FOURTH QUARTER RESULTS; THIRD CONSECUTIVE YEAR OF REVENUE GROWTH
THERMO PROCESS SYSTEMS ANNOUNCES THIRD QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES REPORTS 1992 FIRST QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1992 THIRD QUARTER RESULTS
IRT CORP. ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER, FISCAL 1993
PATTERN PROCESSING TECHNOLOGIES REPORTS PRELIMINARY UNAUDITED FISCAL 1992 AND FOURTH QUARTER RESULTS Fourth Consecutive Year of Revenue Growth
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1993 SECOND QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1994 FIRST QUARTER RESULTS
PATTERN PROCESSING TECHNOLOGIES, INC. REPORTS FISCAL 1994 SECOND 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