SVSO SheerVision Inc (CE)

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.