PPT VISION, Inc. Reports Third Quarter Financial Results - -- Revenues Grow 35% Over Prior Year -- Fourth Consecutive Quarter of Revenue Growth

 PR Newswire via NewsEdge Corporation : MINNEAPOLIS, Aug. 17 /PRNewswire/ -- PPT VISION, Inc. (Nasdaq: PPTV) today announced financial results for its fiscal third quarter ending July 31, 2004. Revenues for the third quarter were $2.7 million, a 35% improvement over revenues of $2.0 million for the same period in fiscal 2003. The Company's net loss was $243,000 or $0.02 per share compared to a net loss of $951,000 or $0.09 per share for the same period in fiscal 2003.

For the nine-month period, revenues increased 22% to $7.8 million, compared with $6.4 million for the previous year. The Company reported a net loss of $812,000 compared to a net loss of $3.9 million during the first nine months of the previous year. Net loss per share for the nine-month period was $0.07 versus a net loss per share of $0.39 in the prior year.

‘‘We are pleased that we are continuing to see a steady increase in our revenue levels overall, but even more excited about the fact that we saw very strong growth in our core 2D revenues this quarter,’‘ stated Mr. Joe Christenson, President of PPT VISION, Inc. ‘‘Not only did our 2D products and services revenues grow by 35% over the third quarter of last fiscal year, but 2D revenues also grew a strong 20% over 2D revenues recorded in the second quarter of this fiscal year. This growth was led by sales of our IMPACT product line which grew 40% this quarter over last quarter and improved almost three fold in a year. We are gratified that so many customers are realizing the benefits and value of our IMPACT products and we believe that these products will continue to gain acceptance and momentum in the market place,’‘ continued Mr. Christenson.

‘‘Our investments over the past two years in new product development and in the growth of our partnerships with our system integrators and distributors throughout the world are clearly paying dividends. We will continue to work hard to build on the momentum that we have achieved by expanding our product capabilities, our marketing efforts and our relationships with key selling partners and customers,’‘ concluded Mr. Christenson.

About IMPACT
In May, PPT introduced an important new product, the IMPACT(TM) T10 Intelligent Camera, which utilizes PPT VISION's robust Inspection Builder(TM) software and as a result it is the first intelligent camera that provides customers with all the features of a full-scale vision system. With the introduction of the IMPACT T10, PPT has established two IMPACT(TM) machine vision product lines: the existing, higher performance C-series, where the processor is separate from the camera, and the lower-priced, fully self-contained T-series intelligent camera. PPT Vision markets the IMPACT products through a growing global network of system integration and distribution partners, as well as directly to large end user and OEM customers.

About PPT VISION
PPT VISION, Inc. develops and markets 2D and 3D machine vision-based automated inspection systems for manufacturing applications. Machine vision-based systems enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's 2D and 3D machine vision product lines are sold on a global basis to original equipment manufacturers (OEMs), system integrators, machine builders, and end-users, primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company's SpeedScan 3D(TM) sensor product incorporates PPT VISION's patented high-speed Scanning Moire Interferometry(TM) technology. The Company's Common Stock trades on the Nasdaq Small Cap Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com .

Conference Call
The Company has scheduled a conference call for 10:00 a.m. CDT on Wednesday, August 18, 2004. In the conference call, the Company will discuss the results for the recent quarter and expectations with respect to future performance. The dial-in number to participate in the call is: 877-407-8031. It will also be broadcast live over the Internet by World Investor Link's Vcall. To listen live, go to http://www.vcall.com .

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A digitized replay of the third quarter conference call will be available between the afternoon of August 18, 2004 and 11:59 p.m. (Eastern) on August 25, 2004. To access the replay please use the following numbers: U.S. = 877-660-6853 or International = 201-612-7415. The replay passcodes are: Account #1628 and Conference ID #111978. The full conference call will also be available for replay at http://www.vcall.com .

Forward-Looking Statements
The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, beliefs, intentions and strategies regarding the future. Forward-looking statements include, without limitation, statements regarding the extent and timing of future revenues and expenses and customer demand. All forward-looking statements included in this document are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward-looking statements.

The Company's actual results are subject to risks and uncertainties and could differ materially from those discussed in the forward-looking statements. These statements are based upon the Company's expectations regarding a number of factors, including the Company's ability to obtain additional working capital if necessary to support its operations, the success of the Company's new IMPACT machine vision micro-system, changes in worldwide general economic conditions, cyclicality of capital spending by customers, the Company's ability to keep pace with technological developments and evolving industry standards, worldwide competition, and the Company's ability to protect its existing intellectual property from challenges from fourth parties. A detailed description of the factors that could cause future results to materially differ from the Company's recent results or those projected in the forward-looking statements are contained in the section entitled ‘‘Description of Business’‘ under the caption ‘‘Important Factors Regarding Forward-Looking Statements’‘ contained in its filing with the Securities and Exchange Commission on Form 10-KSB for the year ended October 31, 2003 and other reports filed with the Securities and Exchange Commission. .TABLE PPT VISION, Inc. Condensed Statements of Operations (In thousands, except share and per share data) (Unaudited) Three Months Ended Nine Months Ended July 31, July 31, 2004 2003 2004 2003 Revenues: Product revenue $ 2,345 $ 1,548 $ 6,589 $ 5,193 Service revenue 388 470 1,195 1,187 Total revenue 2,733 2,018 7,784 6,380 Cost of sales 1,198 904 3,398 3,133 Gross profit 1,534 1,114 4,386 3,247 Operating expenses: Sales and marketing 742 742 2,083 2,407 General and administrative 358 513 1,100 1,461 MSD closure costs -- -- -- 362 Research and development 666 820 2,008 2,956 Total operating expenses 1,766 2,075 5,191 7,186 Loss from operations (232) (961) (805) (3,939) Interest and other income (11) 10 (7) 31 Net loss $(243) $ (951) $(812) $(3,908) Basic and diluted loss per share $(0.02) $(0.09) $ (0.07) $(0.39) Shares used to compute basic and diluted loss per share 11,920,000 10,099,000 11,842,000 10,078,000 PPT VISION, Inc. Condensed Balance Sheets (In thousands) July 31, October 31, 2004 2003 (Unaudited) ASSETS Current assets Cash and cash equivalents $1,924 $2,086 Accounts receivable, net 2,132 2,118 Inventories 1,282 1,021 Other current assets 240 319 Total current assets 5,578 5,544 Fixed assets, net 440 708 Intangible assets, net 1,940 2,194 Total assets $7,958 $8,446 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $1,397 $1,201 Deferred revenue 578 565 Total current liabilities 1,975 1,766 Total shareholders' equity 5,983 6,680 Total liabilities and shareholders' equity $7,958 $8,446

SOURCE PPT VISION, Inc.