MAY 24--PPT VISION (Minneapolis, MN) has announced financial results for the second quarter, ended April 30, 2006. Revenues were $1,408,000 compared to revenues of $1,567,000 for the same period in FY2005. Net loss from continuing operations for the second quarter of 2006 was $337,000, or $0.09 per share, compared to a net loss from continuing operations in the second quarter of FY2005 of $870,000, or $0.29 per share. Net income from discontinued operations for the second quarter of 2006 was $53,000, or $0.01 per share, related to a royalty payment. There was no gain or loss from discontinued operations for the second quarter of 2005.
For the six-month period ended April 30, 2006, the company had revenues of $2,990,000 as compared with revenues of $3,092,000 for the first six months of last fiscal year. The net loss from continuing operations for the six-month period was $541,000 or $0.16 per share in FY2006 compared to a net loss from continuing operations of $1,425,000 or $0.47 per share for the same period in FY2005. Net income from discontinued operations for the six months ended April 30, 2006 was $53,000 or $0.01 per share. Net loss from discontinued operations was $55,000 or $0.02 per share for the same period in FY2005.
"Our second quarter was a disappointment in that total revenue declined in comparison with the prior year's second quarter. The sales decline is wholly attributable to the fact that sales of our older Passport and Scout product lines, which have been phased out, declined by more that $330,000, while the increasing IMPACT sales have not yet risen enough to take up all that lost revenue," stated Joe Christenson, president of PPT VISION. "Therefore, it is important to point out that our IMPACT unit volume increased by 77% in comparison to last year's second quarter, and our IMPACT dollar sales increased by 40% in comparison to last year's second quarter.
"It is also important to point out the fact that our gross margin increased by 3% points in this second quarter in comparison to last year's second quarter even though total sales were lower. This is due to the stronger gross margin associated with the IMPACT product in comparison to our older machine-vision product lines. As our volumes build, we expect continued improvement in our gross margin as our manufacturing group can significantly increase output with minimal increases in fixed operating expenses. Going forward, PPT VISION is intensely focused on very specific hardware and software improvements to our IMPACT product line, in direct response to user feedback, and on supporting our growing network of industrial automation distribution and integration partners," concluded Christenson.
PPT VISION designs, manufactures, and markets camera-based intelligent systems for automated inspection in manufacturing applications. For more information, please go to www.pptvision.com.
