Integral Vision, Inc., a leading global supplier of automated display inspection technology, announced its financial results for the third quarter ending September 30, 2010.
Net revenue for the third quarter was $743,000, compared with $240,000 in the second quarter 2010 and $234,000 in the third quarter of 2009. Gross margin for the third quarter was 62 percent of sales. This compares with 59 percent of sales for the second quarter of 2010. All of this is an improvement over the 50 percent gross margin recorded for fiscal year 2009.
Operating loss for the third quarter was $123,000, compared with $627,000 in the second quarter 2010 and $536,000 in the third quarter of 2009. Third quarter net loss was $431,000, or $0.01 per share, compared with a net loss of $801,000, or $0.02 per share, in the second quarter of 2010 and a net loss of $753,000, or $0.03 per share, in the third quarter of 2009.
Mr. Charles J. Drake, Chairman and CEO of Integral Vision, Inc., commented, “Our financial results for the third quarter reflect increased customer acceptance of our display systems. Revenues for the third quarter improved substantially, and we are particularly pleased with our increased margins. Modest increases in sales will make us cash flow positive.
“Integral Vision has been very active with other disruptive display technologies including Organic Light-Emitting Diode (OLED) and e-Paper. OLED is mainly used in high-end mobile phones such as smartphones, and industry experts expect them to expand to large-sized displays such as flat-screen TVs, while e-readers and other consumer electronic devices primarily drive the e-paper market. In addition, we have had significant involvement with the small LCD manufacturers for automated inspection. We expect that these growth markets will translate into sales opportunities for Integral Vision in 2011.”
Mr. Drake concluded, “We are now exposed to larger sales opportunities than in any previous years and remain confident in our expectations for the future.”
Integral Vision, Inc. continues to receive orders for their SharpEye™ systems and is shipping systems to their largest customer. This customer has announced their 2011 investment and production plans for this display product. In addition, Integral Vision has established a support structure in Asia to serve their customers in Taiwan, China, and Korea.
Integral Vision, Inc. 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. Headquartered in Wixom, Michigan, the Company 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.
For more information visit: www.iv-usa.com
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