InVision Technologies Projects Second-Quarter Earnings of At Least $0.48 Per Share; Revenues Double from First Quarter
NEWARK, Calif.--(BUSINESS WIRE)--July 15, 2002--InVision Technologies, Inc. (Nasdaq:INVN) said today it expects to report results for the second quarter ended June 30, 2002, that significantly exceed the company's previous earnings guidance.
For the second quarter, the company expects to report earnings per share of at least $0.48, compared with $0.17 per share in the first quarter of 2002 and $0.01 per share in the second quarter of 2001. This estimate is better than the most recent second-quarter earnings guidance of at least $0.25 per share provided by InVision in a press release dated May 14. The improvement is primarily due to continued effective leveraging of existing operating infrastructure, as well as higher gross margin rates related to better absorption of manufacturing overhead.
InVision expects revenue for the second quarter will be approximately $68 million, compared with $33.2 million in the first quarter of 2002. In the second quarter of 2001, InVision reported revenue of $17.4 million. The revenue increase is due to strong growth in sales to the United States Transportation Security Administration (TSA), as well as ongoing strength in international markets.
InVision Technologies, Inc. will report second quarter results on Tuesday, July 23, 2002 after the close of the market. On that date, InVision management will webcast a presentation regarding these results and InVision's business outlook over the Internet at 1:45 p.m. (PDT). To listen, please log on to www.InVision-tech.com, and follow the link that will be posted on the front page.
InVision Technologies develops, manufactures, markets and supports explosive detection systems based on advanced Computed Tomography (CT) technology for civil aviation security. InVision's wholly owned subsidiary Quantum Magnetics develops weapons, narcotics, explosives and other detection systems based on quadrupole resonance and other proprietary magnetic sensing technologies. InVision's wholly owned subsidiary Inovec develops, manufactures, markets and supports scanning, optimization and control systems for the forest products industry. Additional information about InVision can be obtained on the company's web site at http://www.invision-tech.com.
This news release contains forward-looking statements about InVision's anticipated second quarter financial results. The estimated results are subject to change based upon adjustments, if any, determined to be necessary in the finalization of the company's second-quarter financial results. Other risks relating to InVision are set forth under the caption "Business Risks" in InVision's most recent Form 10-Q filed with the Securities and Exchange Commission.
CONTACT: InVision Technologies, Inc. Jordan Goldstein, 510/739-2448
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