-----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, HJEAtAjRirNSJl5dJ/wpsUkZ0qRiFsRjk577xyv4SOYZk/YsQUaPpi/s66R/nwYg GN+oT6QUPzUg7v50qRIf/w== 0001275287-06-004503.txt : 20060817 0001275287-06-004503.hdr.sgml : 20060817 20060817091319 ACCESSION NUMBER: 0001275287-06-004503 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060817 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060817 DATE AS OF CHANGE: 20060817 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: 061039520 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 pv6898.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): August 17, 2006 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 August 17, 2006 disclosing material non-public information regarding its results of operations for the quarter ended July 31, 2006. 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 August 17, 2006 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: August 17, 2006 EX-99.1 2 pv6898ex991.txt EXHIBIT 99.1 Exhibit 99.1 PPT VISION REPORTS THIRD QUARTER FISCAL 2006 FINANCIAL RESULTS MINNEAPOLIS, Aug. 17 /PRNewswire-FirstCall/ -- PPT VISION, Inc. (OTC Bulletin Board: PPTV) today announced financial results for the third quarter ended July 31, 2006. Revenues for the third quarter were $1,377,000 compared to revenues of $1,317,000 for the same period in fiscal 2005. Net loss from continuing operations for the third quarter of 2006 was $381,000 or $0.10 per share compared to a net loss from continuing operations in the third quarter of fiscal 2005 of $294,000 or $0.10 per share. For the nine-month period ended July 31, 2006, the Company had revenues of $4,367,000 as compared with revenues of $4,409,000 for the first nine months of last fiscal year. The net loss from continuing operations for the nine-month period was $869,000 or $0.25 per share in fiscal 2006 compared to a net loss from continuing operations of $1,719,000 or $0.57 per share for the same period in fiscal 2005. Net loss from discontinued operations for the nine months ended July 31, 2005 was $55,000 or $0.02 per share. There was no income or loss from discontinued operations for the nine months ended July 31, 2006. "Total unit shipments of PPT VISION's IMPACT(TM) intelligent camera product line through the first nine months of fiscal year 2006 have exceeded the total IMPACT unit shipments in the entire fiscal year 2005," stated Mr. Joe Christenson, President of PPT VISION. "Furthermore, IMPACT unit volume in the third quarter of fiscal year 2006 increased by 48% and IMPACT revenue increased by 34% in comparison to the third quarter of fiscal year 2005. These increases are a result of the positive customer acceptance the IMPACT product line is receiving in the manufacturing marketplace and the growing strength of our global network of distribution and integration partners. We expect these trends to continue. Total revenue in the third quarter only increased by 4.5% in comparison to the prior year's third quarter due to the fact that sales of our phased out, legacy products were $220,000 in the prior year's third quarter and zero in this year's third quarter. PPT VISION is intensely focused on supporting our growing network of global distribution and integration partners and on continuously improving our IMPACT product line in direct response to user feedback. We believe that as we remain focused on executing this strategy, the sales trend of the IMPACT product line will continue to improve as it has been through the first nine months of this fiscal year in comparison to the first nine months of the prior fiscal year," concluded Mr. Christenson. Conference Call The Company has scheduled a conference call for 10:00 a.m. CDT on Thursday, August 17, 2006. 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: 877-407-8214. 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 third quarter conference call will be available beginning the afternoon of August 17th and until 11:59 p.m. (Eastern) on August 24th. To access the replay please use the following numbers: U.S. = 877-660-6853 or International = 201-612-7415. The replay passcodes are: Account #286 and Conference ID # 211124. 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 OTC Bulletin Board under the symbol PPTV.OB. 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 third 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, 2005 and other reports filed with the Securities and Exchange Commission. PPT VISION, Inc. Condensed Statements of Operations (Unaudited) (In thousands, except share and per share data)
Three Months Ended Nine Months Ended July 31, July 31, ---------------------------- ---------------------------- 2006 2005 2006 2005 ------------ ------------ ------------ ------------ Revenue $ 1,377 $ 1,317 $ 4,367 $ 4,409 Cost of sales 644 626 2,018 2,158 ------------ ------------ ------------ ------------ Gross profit 733 691 2,349 2,251 Operating expenses: Sales and marketing 545 487 1,647 1,832 General and administrative 227 246 712 806 Research and development 347 286 1,033 996 Restructuring Charges - - - 390 ------------ ------------ ------------ ------------ Total operating expenses 1,119 1,019 3,392 4,024 ------------ ------------ ------------ ------------ Interest and other income 5 34 174 54 ------------ ------------ ------------ ------------ Loss from operations Loss from continuing operations (381) (294) (869) (1,719) Loss from discontinued operations - - - (55) ------------ ------------ ------------ ------------ Net loss $ (381) $ (294) $ (869) $ (1,774) ============ ============ ============ ============ Basic and diluted loss per share: Loss from continuing operations $ (0.10) $ (0.10) $ (0.25) $ (0.57) Loss from discontinued operations $ - $ - $ - $ (0.02) ------------ ------------ ------------ ------------ Net loss $ (0.10) $ (0.10) $ (0.25) $ (0.59) ============ ============ ============ ============ Shares used to compute basic and diluted loss per share 3,804,878 2,998,093 3,484,330 2,996,851
PPT VISION, Inc. Condensed Balance Sheets (In thousands) July 31, October 31, 2006 2005 ------------ ------------ (Unaudited) ASSETS Current assets Cash and cash equivalents $ 482 $ 778 Accounts receivable, net 1,254 1,197 Inventories 426 490 Other current assets 110 160 ------------ ------------ Total current assets 2,272 2,625 Fixed assets, net 371 438 Intangible assets, net 47 90 ------------ ------------ Total assets $ 2,690 $ 3,153 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 572 $ 590 Deferred revenue - customer advances 26 9 ------------ ------------ Total current liabilities 598 599 Total shareholders' equity 2,092 2,554 ------------ ------------ Total liabilities and shareholders' equity $ 2,690 $ 3,153 ============ ============ SOURCE PPT VISION, Inc. -0- 08/17/2006 /CONTACT: Joseph C. Christenson, President and Chief Financial Officer of PPT VISION, Inc., +1-952-996-9500, ir@pptvision.com , or fax, +1-952-996-9501/ /Web site: http://www.pptvision.com / -----END PRIVACY-ENHANCED MESSAGE-----