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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Integral Vision Inc (CE) | USOTC:INVI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 00:00:00 |
First Quarter 2010 Highlights
-- Integral Vision's largest customer continued to place orders for more systems in the first quarter and the Company has received orders from several new customers.
First Quarter 2010 Financial Review
-- Net revenue for the first quarter was $530,000 compared to $803,000 in the first quarter of 2010. -- First quarter operating loss was $213,000 compared to an operating loss of $349,000 in the first quarter of 2010.
Charles J. Drake, chairman and CEO of Integral Vision, Inc., commented, "We will have shipments in the first half of this year to at least five different customers. We expect to see sequential revenue growth in future quarters as a result of a larger customer base and increased interest from LCD manufacturers."
COMPANY'S INVESTOR E-MAIL LIST
To be added to Integral Visions investor email list, please contact Laura Guerrant-Oiye of Guerrant Associates at lguerrant@guerrantir.com.
ABOUT INTEGRAL VISION
Integral Vision, Inc. (OTCBB: INVI) offers display inspection technology that provides analysis of functional and cosmetic defects in the display to assure quality in the manufacturing process as well as verification of the final product. Integral Vision has been inspecting displays since 1992 and is an industry leader committed to providing automated solutions to the quality issues Microdisplay, OLED and LCD manufacturers face in today's competitive marketplace. More information can be found at Website: www.iv-usa.com.
"SAFE-HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such factors and uncertainties include, but are not limited to: competitive conditions in the Company's markets and the effect of competitive products and pricing; technological development by the Company, its customers and its competition; the Company's available cash and access to debt and equity financing; and general economic conditions and conditions in the specific industries in which the company has significant customers. As a result, the Company's results may fluctuate. Additional information concerning risk factors that could cause actual results to differ materially from those projected in the forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's best estimates as of the date of this press release. The Company assumes no obligation to update such estimates except as required by the rules and regulations of the Securities and Exchange Commission.
FINANCIAL INFORMATION
The summary financial information contained in this press release, including the following information in tabular form, should be read in conjunction with the more detailed information contained in the Company's Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 30, 2010 and the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 17, 2010.
INTEGRAL VISION, INC. Condensed Balance Sheets March 31, December 31, 2010 2009 (Unaudited) ----------- ----------- (in thousands) Assets Current assets: Cash $ 45 $ 28 Accounts receivable 82 50 Inventories 193 190 Other current assets 90 98 ----------- ----------- Total current assets 410 366 Property and equipment: Building Improvements 4 4 Production and engineering equipment 354 354 Furniture and fixtures 80 80 Computer equipment 193 193 Marketing/demonstration equipment 139 139 ----------- ----------- 770 770 Less accumulated depreciation (602) (580) ----------- ----------- Net property and equipment 168 190 Other assets - net of accumulated amortization of $1,565,000 ($1,559,000 for 2009) 57 61 ----------- ----------- $ 635 $ 617 =========== =========== INTEGRAL VISION, INC. Condensed Balance Sheets - Continued March 31, December 31, 2010 2009 (Unaudited) ----------- ----------- (in thousands) Liabilities and Stockholders' Deficit: Current liabilities: Notes payable $ 7,924 $ 7,377 Accounts payable 22 114 Customer deposits 139 249 Accrued compensation and related costs 285 276 Accrued interest 788 774 Accrued product warranty 133 108 Other accrued liabilities 126 95 Deferred revenue for product sales 80 72 ----------- ----------- Total current liabilities 9,497 9,065 Long-term debt - - ----------- ----------- Total liabilities 9,497 9,065 ----------- ----------- Stockholders' deficit: - - Preferred stock, 400,000 shares authorized; none issued Common stock, without par value; 90,000,000 shares authorized; 32,716,409 shares issued and outstanding for 2010 and 30,866,409 for 2009 53,742 53,701 Accumulated deficit (62,604) (62,149) ----------- ----------- Total stockholders' deficit (8,862) (8,448) ----------- ----------- $ 635 $ 617 =========== =========== INTEGRAL VISION, INC. Condensed Statements of Operations Unaudited Three Months Ended March 31, 2010 2009 ----------- ----------- (In thousands, except Revenue per share data) Net product sales $ 530 $ 803 Total revenues 530 803 Costs of sales: Costs of sales for products 199 326 Depreciation and amortization 2 2 ----------- ----------- Total costs of sales 201 328 ----------- ----------- Gross margin 329 475 Other costs and expenses: Marketing 114 136 General and administrative - net 245 400 Engineering and development - net 183 288 ----------- ----------- Total other costs and expenses 542 824 ----------- ----------- Operating loss (213) (349) Other income 2 2 Extinguishment loss from exchange of debt instruments - (18) Interest expense (244) (162) ----------- ----------- Net loss $ (455) $ (527) =========== =========== Basic and diluted loss per share: Net loss $ (0.01) $ (0.02) =========== =========== Weighted average number of shares of common stock and common stock equivalents, where applicable 30,990 30,066 =========== ===========
Contacts: Corporation: Integral Vision, Inc. Charles J. Drake (248) 668-9230 Email Contact Investors and Media: Guerrant Associates Laura Guerrant-Oiye (808) 882-1467 Email Contact
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