Printer Friendly

SheerVision Announces Fiscal First Quarter 2007 Financial Results.

Reports Record Revenue Driven by New Products and Marketing Initiatives

ROLLING HILLS ESTATES, Calif. -- SheerVision, Inc. (OTCBB:SVSO), a leading provider of advanced proprietary surgical loupes and light systems, today announced results for the first quarter of its 2007 fiscal year, ended November 30, 2006.

Business Highlights:

* Achieved record quarterly revenue, with sales increasing 49 percent year-over-year and 84 percent over the fourth quarter of fiscal 2006

* Exceeded the top end of previously announced revenue guidance range with total sales of $1.17 million

* Introduced the Company's Through-the-Lens Optical Loupes (TTL) with its exclusive SureFit(TM) Alignment System, which allows for a manufacturer direct sales model, eliminating the need for costly and time-consuming onsite fitting

* Executed an aggressive marketing and brand awareness campaign to promote the Company's products to the dental and dental hygiene markets

* On January 10, 2007, announced the creation of the Company's new lighting division, SheerBrite, and introduced the FireFly Infinity(TM) LED Light, the first completely portable LED illumination system that provides the highest light intensity available on the market

Revenue for the first fiscal quarter of 2007 was $1.17 million, an increase of 49 percent when compared to revenue of $788,866 in the same period in 2006. The improvement in revenue was directly attributable to an increase in sales volume as a result of the successful sales and marketing campaigns executed by the Company.

Gross margin for the quarter was 72 percent, as compared to 58.2 percent in the corresponding period of fiscal 2006. Gross margin improved significantly due to the lower cost of goods associated with the current product mix relative to those available in the first quarter of fiscal 2006. Operating expenses for the quarter totaled $1.18 million, as compared to $560,000 in the first fiscal quarter of 2006. The increase in operating expenses was largely related to the Company's increased sales and marketing efforts, which accounted for approximately 67 percent of the total increase. These efforts include the expansion of the sales force and the continued implementation and execution of direct mail and brand awareness programs.

Net loss for the quarter was $325,768, or ($0.03) per diluted share. This compares to a net loss of $131,102, or $(0.97) per diluted share, in the first fiscal quarter of 2006. Diluted shares outstanding were 12.28 million as of November 30, 2006 and 135,135 as of November 30, 2005. The increase in shares outstanding was due to the Company's transition from privately held to publicly traded.

Cash, cash equivalents and short-term investments as of November 30, 2006 were approximately $648,992, as compared to $1.1 million on August 31, 2006, and the balance sheet reflected no debt. The decrease in cash and equivalents was primarily due to the Company's increased spending on its sales and marketing efforts, as well as an increase of $95,902 in accounts receivable.

"SheerVision continues to execute on our business plan as evidenced by our achievement of record revenue during our first fiscal quarter of 2007," commented Suzanne Lewsadder, Chief Executive Officer of SheerVision, Inc. "I believe we will continue to build upon this momentum throughout 2007 as our recently introduced loupe and lighting products continue to gain traction in the market. We are particularly excited about our recently announced FireFly Infinity light and the future opportunities that this revolutionary illumination system provides to the company."

For further information please refer to SheerVision's Form 10-QSB filed with the Securities and Exchange Commission on January 12, 2007.

About SheerVision, Inc.

SheerVision designs and sells proprietary surgical loupes and light systems to the dental and medical markets and has quickly captured a leading position in the dental hygiene market segment. The company's value proposition revolves around its ability to provide top quality loupes and light systems directly to end-users at substantially lower prices than similar products.

SheerVision loupes are recommended by a leading independent non-profit dental education and product testing foundation and were featured in the foundation's 2005 Buyer's Guide and in "Dental Lab Products" 2005 Buyer's Guide as the "Best of the Best" Offering.

Headquartered in Rolling Hills Estates, California, additional information regarding SheerVision is available online at www.sheervision.com.

Forward-Looking Statements

A number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: the company's ability to generate product sales and operating profits, potential vulnerability of technology obsolescence, potential competitive products by better capitalized companies, potential difficulty in managing growth, dependence on key personnel, and other risks which will be described in future company Securities and Exchange Commission filings. SheerVision undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Article Type:Financial report
Date:Jan 17, 2007
Words:858
Previous Article:Allergan, Inc. Announces Nationwide Availability of JUVEDERM(TM) ULTRA and JUVEDERM(TM) ULTRA PLUS Dermal Fillers.
Next Article:Vision to Go: Enhanced Vision Helps People with Low Vision to "See" Again.


Related Articles
Clean Water Technologies dba Sheervision Announces Financial Results for Fiscal 2006 Third Quarter.
Clean Water Technologies, Inc. Changes Name to SheerVision, Inc.; Stock Trades Under Symbol ``SVSO''.
SheerVision, Inc. Issues Business Update.
SheerVision Reports Fiscal Year 2006 Financial Results.
SheerVision, Inc. to Present at the Friedland Investments Micro Cap Conference.
SheerVision Announces Preliminary Revenue Range for the Second Fiscal Quarter of 2007.
SheerVision, Inc. Announces Record Revenues.
SheerVision to Focus on Global Market at the International Dental Show.
SheerVision, Inc. Announces Order from Distributor in Spain.
SheerVision, Inc. Announces Initial Order from Distributor in Japan with Projections to Exceed One Million Dollars for 2007.

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