MAY 23--PPT VISION Inc. (Minneapolis, MN;www.pptvision.com) has announced financial results for its fiscal second quarter, ended April 30, 2003, and reported that a corporate restructuring has been implemented in an effort to reduce the company's operating cost structure. Net revenues for the second quarter were $2.2 million, a 39% improvement over revenues of $1.6 million for the same period in FY2002. The company's net loss was $1.8 million or $0.18/share compared to a net loss of $1.6 million or $0.29/share for the same period in FY2002. The net loss for the second quarter of FY2003 includes approximately $700,000 of unusual charges related to the restructuring plans implemented in the quarter.
"We are pleased to see our revenue levels improving as compared with the prior year and on a sequential basis," stated Joe Christenson, president of PPT VISION. "Although capital spending in the manufacturing sector remains soft and unpredictable, we are slowly beginning to experience tangible improvements in business conditions and order activity, providing evidence that the economic recovery is beginning to impact our target markets and that our new products are achieving increased acceptance in the marketplace."
PPT also has implemented a restructuring plan designed to specifically focus the company on its traditional core competencies, improve the efficiency of its product development and marketing efforts, and significantly reduce the its operating cost structure. The restructuring plan includes the closure of the Microelectronics Systems Division, the elimination of the PPT861 inspection product line, a consolidation of product development and engineering functions, and certain other cost reductions. The result of these combined actions has been to reduce the size of the work force by 24% and to reduce annual operating expenses by approximately $1.8 million.
PPT VISION develops and markets 2- and 3-D 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.