SOURCE: Integral Vision

May 18, 2010 16:00 ET

Integral Vision, Inc. Announces First Quarter 2010 Results

WIXOM, MI--(Marketwire - May 18, 2010) - Integral Vision, Inc. (OTCBB: INVI), a leading global supplier of automated display inspection technology, today announced financial results for the first quarter ending March 31, 2010.

First Quarter 2010 Highlights

--  Integral Vision's largest customer continued to place orders for more
    systems in the first quarter and the Company has received orders from
    several new customers.

First Quarter 2010 Financial Review

--  Net revenue for the first quarter was $530,000 compared to $803,000 in
    the first quarter of 2010.

--  First quarter operating loss was $213,000 compared to an operating loss
    of $349,000 in the first quarter of 2010.

Charles J. Drake, chairman and CEO of Integral Vision, Inc., commented, "We will have shipments in the first half of this year to at least five different customers. We expect to see sequential revenue growth in future quarters as a result of a larger customer base and increased interest from LCD manufacturers."

COMPANY'S INVESTOR E-MAIL LIST

To be added to Integral Visions investor email list, please contact Laura Guerrant-Oiye of Guerrant Associates at lguerrant@guerrantir.com.

ABOUT INTEGRAL VISION

Integral Vision, Inc. (OTCBB: INVI) offers display inspection technology that provides analysis of functional and cosmetic defects in the display to assure quality in the manufacturing process as well as verification of the final product. Integral Vision has been inspecting displays since 1992 and is an industry leader committed to providing automated solutions to the quality issues Microdisplay, OLED and LCD manufacturers face in today's competitive marketplace. More information can be found at Website: www.iv-usa.com.

"SAFE-HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such factors and uncertainties include, but are not limited to: competitive conditions in the Company's markets and the effect of competitive products and pricing; technological development by the Company, its customers and its competition; the Company's available cash and access to debt and equity financing; and general economic conditions and conditions in the specific industries in which the company has significant customers. As a result, the Company's results may fluctuate. Additional information concerning risk factors that could cause actual results to differ materially from those projected in the forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's best estimates as of the date of this press release. The Company assumes no obligation to update such estimates except as required by the rules and regulations of the Securities and Exchange Commission.

FINANCIAL INFORMATION

The summary financial information contained in this press release, including the following information in tabular form, should be read in conjunction with the more detailed information contained in the Company's Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on April 30, 2010 and the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 17, 2010.

                          INTEGRAL VISION, INC.
                        Condensed Balance Sheets

                                                   March 31,   December 31,
                                                      2010         2009
                                                  (Unaudited)
                                                  -----------  -----------
                                                       (in thousands)

Assets

Current assets:
 Cash                                             $        45  $        28
 Accounts receivable                                       82           50
 Inventories                                              193          190
 Other current assets                                      90           98
                                                  -----------  -----------
Total current assets                                      410          366

Property and equipment:
 Building Improvements                                      4            4
 Production and engineering equipment                     354          354
 Furniture and fixtures                                    80           80
 Computer equipment                                       193          193
 Marketing/demonstration equipment                        139          139

                                                  -----------  -----------
                                                          770          770
 Less accumulated depreciation                           (602)        (580)
                                                  -----------  -----------
Net property and equipment                                168          190

Other assets - net of accumulated amortization
 of $1,565,000 ($1,559,000 for 2009)                       57           61
                                                  -----------  -----------
                                                  $       635  $       617
                                                  ===========  ===========



                          INTEGRAL VISION, INC.
                   Condensed Balance Sheets - Continued

                                                   March 31,   December 31,
                                                      2010         2009
                                                  (Unaudited)
                                                  -----------  -----------
                                                       (in thousands)
Liabilities and Stockholders' Deficit:

Current liabilities:
 Notes payable                                    $     7,924  $     7,377
 Accounts payable                                          22          114
 Customer deposits                                        139          249
 Accrued compensation and related costs                   285          276
 Accrued interest                                         788          774
 Accrued product warranty                                 133          108
 Other accrued liabilities                                126           95
 Deferred revenue for product sales                        80           72
                                                  -----------  -----------
Total current liabilities                               9,497        9,065


Long-term debt                                              -            -

                                                  -----------  -----------
Total liabilities                                       9,497        9,065
                                                  -----------  -----------


Stockholders' deficit:                                      -            -
 Preferred stock, 400,000 shares authorized; none
  issued
 Common stock, without par value; 90,000,000
  shares authorized; 32,716,409 shares issued and
  outstanding for 2010 and 30,866,409 for 2009         53,742       53,701
 Accumulated deficit                                  (62,604)     (62,149)
                                                  -----------  -----------
Total stockholders' deficit                            (8,862)      (8,448)
                                                  -----------  -----------
                                                  $       635  $       617
                                                  ===========  ===========




                          INTEGRAL VISION, INC.
                    Condensed Statements of Operations
                                Unaudited

                                                     Three Months Ended
                                                          March 31,
                                                      2010         2009
                                                  -----------  -----------

                                                    (In thousands, except
Revenue                                               per share data)
 Net product sales                                $       530  $       803
 Total revenues                                           530          803
Costs of sales:
 Costs of sales for products                              199          326
 Depreciation and amortization                              2            2
                                                  -----------  -----------
Total costs of sales                                      201          328
                                                  -----------  -----------
Gross margin                                              329          475

Other costs and expenses:
 Marketing                                                114          136
 General and administrative - net                         245          400
 Engineering and development - net                        183          288
                                                  -----------  -----------
Total other costs and expenses                            542          824
                                                  -----------  -----------
Operating loss                                           (213)        (349)
Other income                                                2            2
Extinguishment loss from exchange of debt
 instruments                                                -          (18)
Interest expense                                         (244)        (162)
                                                  -----------  -----------
Net loss                                          $      (455) $      (527)
                                                  ===========  ===========

Basic and diluted loss per share:
 Net loss                                         $     (0.01) $     (0.02)
                                                  ===========  ===========


Weighted average number of shares of common stock
 and common stock equivalents, where applicable        30,990       30,066
                                                  ===========  ===========

Contact Information

  • Contacts:
    Corporation:
    Integral Vision, Inc.
    Charles J. Drake
    (248) 668-9230
    Email Contact

    Investors and Media:
    Guerrant Associates
    Laura Guerrant-Oiye
    (808) 882-1467
    Email Contact