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Integral Vision, Inc. Announces |
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Wixom, MI (March 31, 2009) - 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, 2008. BUSINESS HIGHLIGHTS "We enter 2009 with confidence and believe that this will be an excellent year for us," said Charles J. Drake, chairman and CEO of Integral Vision, Inc. "We are closing orders at a much higher rate than in prior years. This is the result of several long-term customers that are starting volume production of MEMS and e-paper displays. We expect orders to continue to ramp up as the year progresses. These emerging technologies are expected to grow because they are less expensive and more power efficient than conventional LCD displays. Yield management is an important component with new technologies, justifying thorough and accurate inspection." FOURTH QUARTER 2008 FINANCIAL RESULTS Revenue for the fourth quarter was $536,000 compared to $590,000 in the fourth quarter of 2007, resulting in a loss for the quarter of $988,000 compared to $700,000 for the fourth quarter of 2007. 2008 YEAR-END FINANCIAL RESULTS Total revenue for fiscal 2008 decreased to $1,027,000 from $1,151,000 for fiscal 2007. The company lost $10.73 million, or $0.36 per share, in 2008 compared with a loss of $3.04 million, or $0.10 per share, in 2007. The company's loss in 2008 consisted of an operating loss of $2,981,000 and a charge of $7,750,000. The $7,750,000 charge is primarily related to the issuance of warrants to investors. 2008 gross margin percentage of 42 percent increased from 22 percent of sales in 2007. "We are pleased with the improvement in gross margins in 2008, and expect further improvement in 2009," Drake said. Commenting on the balance sheet, Drake noted, "While cash on the balance sheet as of December 31, 2008 was $144,000, the Company has received an additional $989,733 in working capital year-to-date. With increased collections and accounts receivables, we expect our outside cash needs to decrease from this point forward." TO ACCESS THE LIVE CONFERENCE CALL Integral Vision will host a live conference call at 4:30 p.m. (ET) on Tuesday, March 31, 2009. To access the conference call, please call 303-262-2130 or 800-219-6110 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 Thursday, April 2, 2009, by dialing 303-590-3000 or 800-405-2236. The confirmation code #11128015 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), 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, 2009. LINK TO TABLESQ408 Tables(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 |