Robotic Vision Systems, Inc. Reports Second Quarter of FY2002 Results

„CANTON, Mass., May 7 /PRNewswire-FirstCall/ — Robotic Vision Systems, Inc. (RVSI) (Nasdaq: ROBV – news) today reported results for the second quarter of its fiscal year 2002 ended March 31, 2002. Revenues were $14,043,000 and, excluding unusual items, the company had a net loss of $8,507,000, or $0.19 per share. Inclusive of unusual items such as severance, the company reported a net loss of $8,718,000 or $0.19 per share for the three months ended March 31, 2002, compared to a net loss of $22,458,000, or $0.63 per share, for the three months ended March 31, 2001.\r\n
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\r\nThese results compare to revenues of $14,965,000 and a net loss of $10,209,000 or $0.27 per share, in fiscal year 2002’s first quarter ended December 31, 2001, exclusive of severance charges and the gain on the sale of the Material Handling business.\r\n
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\r\nRVSI’s results in the second quarter of FY2002 are the first without revenue contribution from the company’s Material Handling business, which was sold in December 2001. If Material Handling revenues are excluded from the prior quarter, RVSI’s revenues for the three months ended March 31, 2002 rose $1,920,000, or 15.8%, as compared to the three months ended December 31, 2001.\r\n
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\r\n\“We believe we can finally speak of the semiconductor industry downturn in the past tense,\“ said Pat V. Costa, Chairman and CEO of RVSI. \“Bookings in our Semiconductor Equipment Group tripled from their December quarter low, reaching more than $11.0 million in the second quarter. Also, Semiconductor Equipment Group revenues rose 13.2%, the first sales increase in this unit in six quarters.\r\n
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\r\n\“Our Acuity CiMatrix business is also growing,\“ Mr. Costa said. \“Excluding the Material Handling business, revenues in the quarter rose 18.8% from the December quarter and, with second quarter bookings of more than $7.0 million, Acuity CiMatrix also shows promise of a strong second half.\“\r\n
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\r\nPrivate placement strengthens balance sheet\r\n
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\r\nOn May 2, RVSI completed a private placement of 10.3 million shares of common stock at a price of $1.46 per share. The private placement also included warrants to purchase up to 2.1 million shares at $1.46 per share on or before June 30, 2002, and warrants to purchase up to 2.6 million shares at $1.50 on or before May 1, 2005. The exercise of either warrant by investors requires the payment of funds to RVSI in the full amount of the warrant exercise price. RVSI may force conversion of the $1.50 warrants if the price of RVSI’s common stock trades above $2.35 per share for twenty consecutive trading days at any time prior to the warrants‘ expiration.\r\n
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\r\n\“This private placement addresses our financing requirements for the foreseeable future,\“ Mr. Costa said. \“These funds, together with our bank line, provide us the capital to help ensure that we can meet customer needs.\“ Prospects for the third quarter\r\n
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\r\nMr. Costa said the company’s two goals for the third quarter are to increase sales and substantially shrink the company’s operating loss. \“While the improvement in bookings in the second quarter is noteworthy, the new quarter is only a third over and we have a lot of business to book and ship between now and June 30. However, we will still be below our revenue break- even in the third quarter and so will continue to tightly control expenses in order to minimize our operating loss.\r\n
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\r\n\“RVSI has never had greater promise than it does today,\“ he said. \“In the Semiconductor Equipment Group, we greet this new capital equipment investment cycle with five major product lines where two years ago there were just three. We are especially pleased that we have gained a leadership position in bumped wafer inspection just at a time when that market is becoming of critical importance to semiconductor manufacturers. At Acuity CiMatrix, we have the industry’s finest array of machine vision products and a growing list of customers who have made us their choice for vision systems. At the same time, we see demand for Data Matrix applications on an accelerating growth trajectory, and we are the unquestioned leader in reading Data Matrix marks.\“\r\n
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