-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AAStCf4f0CQ8Lqi3kQDm/n5myx+78/Qdb3jghcA/aWVWvJrm5rsJ0jFhePnEkZ0v v97MdkR4A4Xx2VXutL+b1w== 0001275287-05-005149.txt : 20051229 0001275287-05-005149.hdr.sgml : 20051229 20051229091628 ACCESSION NUMBER: 0001275287-05-005149 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051229 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051229 DATE AS OF CHANGE: 20051229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PPT VISION INC CENTRAL INDEX KEY: 0000704460 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 411413345 STATE OF INCORPORATION: MN FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11518 FILM NUMBER: 051289978 BUSINESS ADDRESS: STREET 1: 12988 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9529969500 MAIL ADDRESS: STREET 1: 12988 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: PATTERN PROCESSING TECHNOLOGIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PATTERN PROCESSING CORP DATE OF NAME CHANGE: 19840318 8-K 1 pv4395.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): December 29, 2005 PPT VISION, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Minnesota 0-11518 41-1413345 ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 12988 Valley View Road Eden Prairie, Minnesota 55344 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (952) 996-9500 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Items 1, 3-8 are not applicable and therefore omitted. ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION Pursuant to Item 2.02 of Form 8-K, Disclosure of Results of Operations and Financial Condition, PPT VISION, Inc. hereby furnishes a press release, issued on December 29, 2005 disclosing material non-public information regarding its results of operations for the quarter and fiscal year ended October 31, 2005. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS The following are filed as Exhibits to this Report: Exhibit No. Description of Exhibit - ----------- -------------------------------------- 99.1 Press release issued December 29, 2005 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PPT VISION, INC. By /s/ Joseph C. Christenson ------------------------------------ Joseph C. Christenson, President Chief Executive Officer and Chief Financial Officer Dated: December 29, 2005 EX-99.1 2 pv4395ex991.txt EXHIBIT 99.1 Exhibit 99.1 PPT VISION, INC. REPORTS FOURTH QUARTER AND FISCAL 2005 RESULTS MINNEAPOLIS, Dec. 29 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (Nasdaq: PPTV) today announced financial results for the fourth quarter and fiscal year ended October 31, 2005. Net revenues for the fourth quarter were $1,239,000, which represents a 41% decrease from revenue levels in the fourth quarter of last fiscal year. The Company's net loss from continuing operations for the quarter was $601,000 or $0.20 per share as compared with a loss from continuing operations of $219,000 or $0.07 per share for the same period in fiscal 2004. For the year, net revenues decreased 35% to $5.65 million, compared with $8.67 million for the previous year. The Company reported a net loss from continuing operations for fiscal 2005 of $2.32 million or $0.77 per share compared to a loss from continuing operations of $1.07 million or $0.36 per share for fiscal 2004. These results represent the 2D business operations of the Company only. The Company completed the sale of its 3D business in October of 2004 and in accordance with generally accepted accounting principles, has restated its financial results to present the 3D business as a discontinued business operation. Accordingly, all 3D related revenue and expenses have been removed from continuing operations and presented in a separate line in the statement of operations entitled "Loss from discontinued operations" for all periods presented. The Company had no gain or loss from its discontinued operations for the fourth quarter of 2005 compared with a loss from discontinued operations of $842,000 or $0.28 per share for the same period in fiscal 2004. The Company reported a net loss from discontinued operations for fiscal 2005 of $55,000 or $0.02 per share compared to a loss from discontinued operations of $805,000 or $0.27 per share for fiscal 2004. Business Update "While the overall decline in our revenues in FY05 compared to FY04 is a disappointment, it is important to note that this decline is almost wholly attributable to a decline in sales of our older Passport/Scout product lines which have been phased out. Additionally, as we have previously disclosed, approximately $2.0 million of this decline in Passport/Scout sales in attributable to the loss of one OEM account in Japan which decided not to migrate to our new IMPACT(TM) product. With respect to our newer IMPACT product line, which PPT is now 100% focused on, both unit volume and dollar sales increased in FY05, a trend we expect to continue," stated Mr. Joe Christenson, President of PPT VISION. "Also, it is important to note our Q4 gross profit margin was lower than normal because it includes a one time charge of $150,000 for old Passport/Scout inventory. We expect gross margins to increase as sales increase and fixed manufacturing overhead is more fully absorbed," continued Mr. Christenson. "FY05 was a transition year for PPT as we exited the 3D business, completed a cost reduction program in Q2, phased out an older product line and transitioned to our newer IMPACT product line, and shifted from a direct selling model to a distribution selling model. The transition to a new, more competitive product line and to a new distribution channel is taking more time than we would have liked. However, we are making good progress with these transitions. We believe that the use of machine vision based intelligent cameras as a fundamental component in the process of factory automation will continue to grow and that PPT VISION is well positioned to be a beneficiary of this trend. Thus, we continue to focus on delivering future growth and profitability for our shareholders in the fastest manner possible by supporting and building up our distribution channels with very customer driven product development," concluded Mr. Christenson. Conference Call The Company has scheduled a conference call for 10:00 a.m. CST on Thursday, December 29, 2005. In the conference call, the Company will discuss the results for the recent quarter and expectations with respect to future performance. The dial-in number to participate in the call is: 877-407-8031. It will also be broadcast live over the Internet by World Investor Link's Vcall. To listen live, go to http://www.vcall.com . A digitized replay of the fourth quarter conference call will be available beginning the afternoon of December 29 and continues until 11:59 p.m. (Eastern) on January 5, 2006. To access the replay please use the following numbers: U.S. = 877-660-6853 or International = 201-612-7415. The replay pass codes are: Account #286 and Confirmation ID #183301. The full conference call will also be available for replay at http://www.vcall.com . About PPT VISION PPT VISION, Inc. ("the Company") designs, manufactures, and markets camera-based intelligent systems for automated inspection in manufacturing applications. The Company's products, commercially known as machine vision systems, enable manufacturers to realize significant economic paybacks by increasing the quality of manufactured parts and improving the productivity of manufacturing processes. The Company's machine vision product line is sold on a global basis to end-users, system integrators, distributors and original equipment manufacturers (OEM's) primarily in the electronic and semiconductor component, automotive, medical device, and packaged goods industries. The Company's Common Stock trades on the Nasdaq Small Cap Market tier of The Nasdaq Stock Market under the symbol PPTV. For more information, please see the PPT VISION, Inc. web site at http://www.pptvision.com . Forward-Looking Statements The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, beliefs, intentions and strategies regarding the future. Forward-looking statements include, without limitation, statements regarding the extent and timing of future revenues and expenses and customer demand. All forward-looking statements included in this document are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward-looking statements. The Company's actual results are subject to risks and uncertainties and could differ materially from those discussed in the forward-looking statements. These statements are based upon the Company's expectations regarding a number of factors, including the Company's ability to obtain additional working capital if necessary to support its operations, the success of the Company's new IMPACT machine vision micro-system, changes in worldwide general economic conditions, cyclicality of capital spending by customers, the Company's ability to keep pace with technological developments and evolving industry standards, worldwide competition, and the Company's ability to protect its existing intellectual property from challenges from fourth parties. A detailed description of the factors that could cause future results to materially differ from the Company's recent results or those projected in the forward-looking statements are contained in the section entitled "Description of Business" under the caption "Important Factors Regarding Forward-Looking Statements" contained in its filing with the Securities and Exchange Commission on Form 10-KSB for the year ended October 31, 2004 and other reports filed with the Securities and Exchange Commission. PPT VISION, INC. CONDENSED STATEMENTS OF OPERATIONS (In thousands, except share and per share data)
THREE MONTHS ENDED YEAR ENDED OCTOBER 31, OCTOBER 31, --------------------------- --------------------------- 2005 2004 2005 2004 ------------ ------------ ------------ ------------ Revenue $ 1,239 $ 2,106 $ 5,648 $ 8,671 Cost of sales 785 920 2,943 4,154 ------------ ------------ ------------ ------------ Gross profit 454 1,186 2,705 4,517 Operating expenses: Sales and marketing 528 714 2,360 2,797 General and administrative 216 283 1,022 1,144 Research and development 347 408 1,343 1,631 Restructuring charges - - 390 - ------------ ------------ ------------ ------------ Total operating expenses 1,091 1,405 5,115 5,572 ------------ ------------ ------------ ------------ Interest and other income (loss) 36 - 90 (12) ------------ ------------ ------------ ------------ Loss from operations Loss from continuing operations (601) (219) (2,320) (1,067) Loss from discontinued operations - (842) (55) (805) ------------ ------------ ------------ ------------ Net loss $ (601) $ (1,061) $ (2,375) $ (1,872) ============ ============ ============ ============ Basic and diluted loss per share: Loss from continuing operations $ (0.20) $ (0.07) $ (0.77) $ (0.36) Loss from discontinued operations $ - $ (0.28) $ (0.02) $ (0.27) ------------ ------------ ------------ ------------ Net loss $ (0.20) $ (0.35) $ (0.79) $ (0.63) ============ ============ ============ ============ Shares used to compute basic and diluted loss per share 2,998,747 2,995,538 2,997,329 2,969,393
PPT VISION, INC. CONDENSED BALANCE SHEETS (In thousands) OCTOBER 31, OCTOBER 31, 2005 2004 ------------ ------------ ASSETS ------ Current assets Cash and cash equivalents $ 778 $ 2,617 Accounts receivable, net 1,197 1,912 Inventories 490 977 Other current assets 160 243 Net assets of discontinued operations - 200 Total current assets 2,625 5,949 Fixed assets, net 438 376 Intangible assets, net 90 109 ------------ ------------ Total assets $ 3,153 $ 6,434 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ Current liabilities Accounts payable and accrued expenses $ 590 $ 1,457 Deferred revenue 9 54 ------------ ------------ Total current liabilities 599 1,511 Total shareholders' equity 2,554 4,923 ------------ ------------ Total liabilities and shareholders' equity $ 3,153 $ 6,434 ============ ============ SOURCE PPT VISION, Inc. -0- 12/29/2005 /CONTACT: Joseph C. Christenson, President and Chief Financial Officer of PPT VISION, Inc., +1-952-996-9500, ir@pptvision.com , FACSIMILE, +1-952-996-9501/ /First Call Analyst: / /FCMN Contact: / /Web site: http://www.pptvision.com / (PPTV) -----END PRIVACY-ENHANCED MESSAGE-----