MARCH 1--PPT VISION Inc. (Minneapolis, MN; www.pptvision.com) announced financial results for the first quarter, ended January 31, 2005. Revenues were $1,525,000, which represents a decrease of 23% compared to revenues of $1,976,000 for the same period in FY2004. The company's net loss from continuing operations was $555,000 or $0.04 per share compared to a net loss from continuing operations in the first quarter of FY2004 of $423,000 or $0.04 per share. Net loss for the first quarter, including the results of our discontinued 3-D business unit, was $610,000 or $0.05 per share compared to net loss in the first quarter of FY2004 of $346,000 or $0.03 per share.
"Over the course of the first quarter, PPT completed all of the required transition activities associated with the previously announced sale of its 3-D technology asset. Thus, it is now in a position to concentrate all resources on building up its core 2-D machine-vision business, which is now 100% focused on the IMPACT family of machine-vision microsystems," stated Joe Christenson, president.
"We are very pleased to report that our IMPACT sales grew by more than 100% in the first quarter, compared to the first quarter of the prior year. This reflects the positive customer acceptance that our IMPACT product line is receiving in the marketplace, a trend we expect to continue. However, this increase was not large enough to offset the decline in sales from our legacy 2-D machine-vision product lines. Specifically, in the first quarter of last fiscal year we had one customer that accounted for approximately $660,000 of our revenues, representing sales of our older analog Scout systems. As we announced in November 2004, this customer is no longer purchasing these systems. When excluding these sales, our 2-D machine-vision revenue increased by 16% over the first quarter of last year."
PPT VISION designs, manufactures, and markets camera-based intelligent systems for automated inspection in manufacturing applications. Its products enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes.