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Integral Vision, Inc. Announces |
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Wixom, MI (March 31, 2008) - Integral Vision, Inc. (OTC Bulletin Board: INVI), a leading global supplier of automated display inspection technology, today announced financial results for its fourth quarter and fiscal year ending December 31, 2007. BUSINESS HIGHLIGHTS "We believe that 2008 will be a breakout year for us," said Charles J. Drake, chairman and CEO of Integral Vision, Inc. "We are seeing strong customer adoption of our technology; and are currently working with a number of large customers who are using our technologies to evaluate their microdisplay production or are evaluating our technology for the inspection of LCD displays and components. Specifically, Drake continued, "With the bookings already received in the first quarter of 2008, we are assured of a revenue and gross margin improvement over that of last year. This year alone we have two different emerging display technologies that are in the consumer market and gaining substantial traction, along with what we see as significant sales for the mainstream LCD market." "Automated inspection has become a necessity for manufacturers who need to continually improve production efficiency to meet the increasing demand for high quality products," concluded Drake. "Our automatic inspection systems can inspect parts at a lower cycle time and with greater repeatability than is possible with human inspectors. Our vision and strategy is beginning to pay off, and we believe that we are optimally positioned to capitalize on the evolving quality requirements that are being established by global display manufacturers." FOURTH QUARTER 2007 FINANCIAL RESULTS Revenue for the fourth quarter was $590,000 compared to $75,000 in the fourth quarter of 2006 resulting in a loss for the quarter of $700,000 compared to $754,000 for the fourth quarter of 2006. 2007 YEAR-END FINANCIAL RESULTS Total revenue for the year increased to $1,151,000 from $835,000 for fiscal 2006. The company lost $3.04 million, or $0.10 per share, in 2007 compared with a loss of $2.97 million, or $0.10 per share, in 2006. 2007 gross margin percentage of 22 percent increased from 11 percent of sales in 2006. "We expect substantial improvement in gross margins in 2008," Drake said. "With gains in manufacturing efficiencies and capacity utilization, we anticipate that we would exit 2008 with gross margins in the range of 45 - 50 percent." Commenting on the balance sheet, Drake noted, "While cash on the balance sheet as of December 31, 2007 was $11,000, the Company has received an additional $500,000 in working capital year-to-date, and we anticipate receiving more working capital from certain of our investors going forward." Drake concluded, "The value proposition of our automated inspection systems is becoming increasingly evident, as top-tier manufacturers adopt our technology. Our vision has always been clear - and remains so - and we are gratified to see our technology meeting the precise and technical demands of the display market. Three significant opportunities exist in 2008."In addition, we also expect contribution from inspection of OLED and web material in 2008." TO ACCESS THE LIVE CONFERENCE CALL Integral Vision will host a live conference call at 4:30 p.m. (ET) on Monday, March 31, 2008. To access the conference call, please call 303-262-2139 or 800-218-0530 approximately 5 to 10 minutes prior to the scheduled start time. TO ACCESS A REPLAY OF THE CONFERENCE CALL If you are unable to listen to the live conference call, it will be archived for replay. Shortly after the call, a telephonic replay will be available through Wednesday, April 2, 2008, by dialing 303-590-3000 or 800-405-2236. The confirmation code 11109600 is required for the telephonic replay. COMPANY'S INVESTOR E-MAIL LIST To be added to Integral Visions investor email list, please contact Laura Guerrant of Guerrant Associates at lguerrant@guerrantir.com ABOUT INTEGRAL VISION, INC. Integral Vision, Inc. (OTC Bulletin Board: INVI), an ISO 9001 registered firm, 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, as amended, and Section 21E of the Securities Act of 1934, as amended. 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 is 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-KSB filed with the Securities and Exchange Commission on March 31, 2008. LINK TO TABLESTABLES Q407 (PDF) |
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Integral Vision Inc. 49113 Wixom Tech Drive Wixom, MI 48393 USA Tel: +1 248.668.9230 Fax: +1 248.668.9384 |