SheerVision Delivers Another Solid Quarter; Reports Profitable Results for First Quarter Fiscal Year 2008
January 15 2008 - 9:00AM
Business Wire
SheerVision, Inc. (OTCBB:SVSO), a leading provider of advanced
surgical loupes and light systems, today announced results for the
first quarter of its 2008 fiscal year, that ended November 30,
2007. First Quarter Highlights -- Achieved the second consecutive
quarter of profitability as a direct result of the continued focus
on the reduction of operating expenses. -- Further developed the
International Distributor Program to increase the number of
partnerships with market leaders in specific geographic regions
throughout the world. -- Developed several enhancements to the
Original FireFly and FireFly Infinity Headlight systems, with the
Original FireFly Headlight system recognized as one of the �Best
Products of the Year� by the leading independent non-profit dental
education and product testing foundation. Revenue for the first
fiscal quarter of 2008 was $1.124 million, a decrease of 4 percent
when compared to revenue of $1.174 million in the same period in
2007. First quarter revenues overall were lower than expected due
to a backlog as we experienced manufacturing delays in the newly
enhanced components of our Firefly LED light systems, however sales
relating to our loupe product lines increased by over 20% as
compared to the previous fiscal quarter ended November 30, 2006.
This increase was aided by the development of our international
distributor program implemented during the last half of fiscal year
2007. Operating expenses for the quarter totaled just $725,000, a
reduction of over $453,000 when compared to the $1.178 million
spent in the first fiscal quarter of 2007. Net income for the
quarter ended November 30, 2007 was $19,788, or ($0.00) per basic
and diluted share. This compares to a net loss of $325,768, or
($0.03) per basic and diluted share for the quarter ended November
30, 2006. Basic and diluted shares outstanding were 12.694 million
as of November 30, 2007 and 12.278 million as of November 30, 2006.
"SheerVision continued executing its cost containment strategies
and operating disciplines which allowed our team to deliver another
profitable quarter. In fiscal year 2007, we began expansion of our
international presence, developed several new product designs, and
improved our product pipeline. In fiscal 2008 we are concentrating
on expanding our OEM capabilities and meeting product demands on a
real time basis. We are extremely excited about the upgrades to our
light systems and our expanded manufacturing capabilities that
should be in full production by fiscal midyear,� commented Suzanne
Lewsadder, Chief Executive Officer of SheerVision, Inc. For
complete financial information please refer to SheerVision's Form
10-QSB filed with the Securities and Exchange Commission on January
14, 2007. About SheerVision SheerVision designs, markets and sells
proprietary surgical loupes and headlight systems to the dental and
medical markets. Its loupe designs include the Signature Flip-Up
Loupes, SureFit Through-The-Lens (TTL) Loupes and its new line of
Signature Flip-Up Prism Loupes, which all provide razor-sharp
clarity, high resolution optics, and a wide field of view that
allow the wearer to discern the finest details. Available mounted
to a lightweight titanium frame, or to the SV Sport frame which
provides a contemporary wrap around design coupled with all-day
comfort. The company�s new Firefly Infinity (TM) LED Portable
Headlight is nearly twice as bright as traditional LED Headlights,
and is a quantum leap in technology over traditional tethered fiber
optic designs. SheerVision's light and loupe products are
recommended by a leading independent non-profit dental education
and product testing foundation and its loupes were featured in the
foundation's 2005 Buyer's Guide and also in the "Dental Lab
Products" 2006 Buyer's Guide as a "Best of the Best" offering. Upon
request, a hard copy of the annual report and audited financial
statements is available at no charge by contacting our Investor
Relations Department at: Investor Relations, SheerVision Inc., 4030
Palos Verdes Drive North, Suite 104, Rolling Hills Estates, CA
90274, or by calling 877-678-4274 or 310-265-8918. To become a
subscriber of all future press releases, please visit the company's
web site at www.sheervision.com. For all product information,
please call (877) 678-4274. Forward-Looking Statements A number of
statements contained in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the applicable statements. These risks and uncertainties
could cause actual results to differ materially from those
expressed or implied in the applicable statements. These risks and
uncertainties include, but are not limited to: the company's
ability to generate product sales and operating profits, potential
vulnerability of technology obsolescence, potential competitive
products by better capitalized companies, potential difficulty in
managing growth, dependence on key personnel, and other risks which
will be described in future company Securities and Exchange
Commission filings. SheerVision undertakes no obligation to update
publicly any forward-looking statement for any reason, except as
required by law, even as new information becomes available or other
events occur in the future.
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