<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------
FORM 10-K-A/1
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended September 30, 1997
-----------------------------------------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition period from to
------------------- ---------------------------
Commission File Number 0-8623
---------------
ROBOTIC VISION SYSTEMS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 11-2400145
- ------------------------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
425 Rabro Drive East, Hauppauge, New York 11788
- ------------------------------------------------- ------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 273-9700
----------------------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class registered
- -------------------- --------------------------------
None None
- --------------------------------------------------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
(Title of Class)
- --------------------------------------------------------------------------------
(Title of Class)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
----- -----
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the Registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes No
----- -----
----------------
The number of shares outstanding of the Registrant's common stock is
24,470,899 (as of 12/12/97).
The aggregate market value of the voting stock held by nonaffiliates of the
Registrant is $309,590,749 (as of 12/12/97).
DOCUMENTS INCORPORATED BY REFERENCE
Registrant's Proxy Statement for its Annual Meeting of Stockholders scheduled
to be convened in April 1998.
<PAGE> 2
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.
(a) Documents filed as part of this report:
(iii) Exhibits.
27 Financial Data Schedule
Restated Financial Data Schedules for Fiscal Year Ended
September 30, 1997, 1996 and 1995 and Three Months
Ended June 30, 1997, March 31, 1997, December 31, 1996, June
30, 1996, March 31, 1996 and December 31, 1995 as a result of
the acquisition of Vanguard Automation, Inc. in December 1997
which was accounted for as a pooling of interests and for the
adoption of FAS 128 (Earnings per Share) in the three months
ended December 31, 1997.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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, in the Village of
Hauppauge, State of New York, on the 24th day of April 1998.
ROBOTIC VISION SYSTEMS, INC.
By: /s/ Pat V. Costa
----------------------------------
PAT V. COSTA, PRESIDENT
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURE CAPACITY DATE
--------- -------- ----
<S> <C> <C>
/s/ Pat V. Costa Chairman of the Board, April 24, 1998
- --------------------------------- President and Director
Pat V. Costa (Principal Executive Officer)
/s/ Steven Bilodeau Executive Vice President April 24, 1998
- --------------------------------- and Director
Steven Bilodeau
/s/ Howard Stern Senior Vice President April 24, 1998
- --------------------------------- and Director
Howard Stern
/s/ John J. Arcari Chief Financial Officer April 24, 1998
- --------------------------------- (Principal Financial Officer)
John J. Arcari
Director
- ---------------------------------
Jay M. Raft
Director
- ---------------------------------
Donald J. Kramer
Director
- ---------------------------------
Mark J. Lerner
Director
- ---------------------------------
Frank A. DiPietro
Director
- ---------------------------------
Tomas Kohn
/s/ Robert H. Walker Director April 24, 1998
- ---------------------------------
Robert H. Walker
</TABLE>
<PAGE> 4
EXHIBIT INDEX
Exhibit
No. Description
- ------- -----------
27.1 Restated Financial Data Schedule for Fiscal Year 1997
27.2 Restated Financial Data Schedule for 1st Quarter of 1997
27.3 Restated Financial Data Schedule for 2nd Quarter of 1997
27.4 Restated Financial Data Schedule for 3rd Quarter of 1997
27.5 Restated Financial Data Schedule for Fiscal Year of 1996
27.6 Restated Financial Data Schedule for 1st Quarter of 1996
27.7 Restated Financial Data Schedule for 2nd Quarter of 1996
27.8 Restated Financial Data Schedule for 3rd Quarter of 1996
27.9 Restated Financial Data Schedule for Fiscal Year of 1995
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 8,811,000
<SECURITIES> 0
<RECEIVABLES> 53,279,000
<ALLOWANCES> 2,716,000
<INVENTORY> 39,095,000
<CURRENT-ASSETS> 110,541,000
<PP&E> 27,543,000
<DEPRECIATION> 13,036,000
<TOTAL-ASSETS> 139,923,000
<CURRENT-LIABILITIES> 55,382,000
<BONDS> 6,414,000
0
0
<COMMON> 244,000
<OTHER-SE> 166,790,000
<TOTAL-LIABILITY-AND-EQUITY> 139,923,000
<SALES> 169,342,000
<TOTAL-REVENUES> 169,342,000
<CGS> 93,847,000
<TOTAL-COSTS> 93,847,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,076,000
<INCOME-PRETAX> 1,393,000
<INCOME-TAX> 745,000
<INCOME-CONTINUING> 648,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 648,000
<EPS-PRIMARY> 0.03
<EPS-DILUTED> 0.03
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<CASH> 17,390,000
<SECURITIES> 1,500,000
<RECEIVABLES> 35,415,000
<ALLOWANCES> 1,300,000
<INVENTORY> 25,756,000
<CURRENT-ASSETS> 87,771,000
<PP&E> 22,125,000
<DEPRECIATION> 10,791,000
<TOTAL-ASSETS> 106,566,000
<CURRENT-LIABILITIES> 39,070,000
<BONDS> 0
0
0
<COMMON> 234,000
<OTHER-SE> 158,411,000
<TOTAL-LIABILITY-AND-EQUITY> 106,566,000
<SALES> 38,734,000
<TOTAL-REVENUES> 38,734,000
<CGS> 21,377,000
<TOTAL-COSTS> 21,377,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 18,000
<INCOME-PRETAX> 755,000
<INCOME-TAX> 1,049,000
<INCOME-CONTINUING> (294,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (294,000)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<CASH> 15,655,000
<SECURITIES> 1,000,000
<RECEIVABLES> 35,437,000
<ALLOWANCES> 1,300,000
<INVENTORY> 31,224,000
<CURRENT-ASSETS> 91,126,000
<PP&E> 23,671,000
<DEPRECIATION> 11,789,000
<TOTAL-ASSETS> 111,655,000
<CURRENT-LIABILITIES> 44,964,000
<BONDS> 0
0
0
<COMMON> 235,000
<OTHER-SE> 158,562,000
<TOTAL-LIABILITY-AND-EQUITY> 111,655,000
<SALES> 35,755,000
<TOTAL-REVENUES> 35,755,000
<CGS> 20,563,000
<TOTAL-COSTS> 20,563,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (32,000)
<INCOME-PRETAX> (1,384,000)
<INCOME-TAX> (617,000)
<INCOME-CONTINUING> (767,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (767,000)
<EPS-PRIMARY> (0.03)
<EPS-DILUTED> (0.03)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 20,137,000
<SECURITIES> 500,000
<RECEIVABLES> 39,897,000
<ALLOWANCES> 1,300,000
<INVENTORY> 38,507,000
<CURRENT-ASSETS> 105,877,000
<PP&E> 24,994,000
<DEPRECIATION> 12,511,000
<TOTAL-ASSETS> 130,548,000
<CURRENT-LIABILITIES> 50,887,000
<BONDS> 0
0
0
<COMMON> 235,000
<OTHER-SE> 158,590,000
<TOTAL-LIABILITY-AND-EQUITY> 130,548,000
<SALES> 41,789,000
<TOTAL-REVENUES> 41,789,000
<CGS> 22,108,000
<TOTAL-COSTS> 22,108,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 172,000
<INCOME-TAX> 934,000
<INCOME-CONTINUING> (762,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (762,000)
<EPS-PRIMARY> (0.03)
<EPS-DILUTED> (0.03)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<CASH> 20,862,000
<SECURITIES> 1,000,000
<RECEIVABLES> 18,217,000
<ALLOWANCES> 519,000
<INVENTORY> 16,419,000
<CURRENT-ASSETS> 70,777,000
<PP&E> 19,278,000
<DEPRECIATION> 14,220,000
<TOTAL-ASSETS> 82,368,000
<CURRENT-LIABILITIES> 36,714,000
<BONDS> 0
0
0
<COMMON> 225,000
<OTHER-SE> 156,842,000
<TOTAL-LIABILITY-AND-EQUITY> 82,368,000
<SALES> 37,392,000
<TOTAL-REVENUES> 37,392,000
<CGS> 18,721,000
<TOTAL-COSTS> 18,721,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (98,000)
<INCOME-PRETAX> 2,431,000
<INCOME-TAX> 313,000
<INCOME-CONTINUING> 2,118,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,118,000
<EPS-PRIMARY> 0.10
<EPS-DILUTED> 0.09
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 18,267,000
<SECURITIES> 1,000,000
<RECEIVABLES> 18,398,000
<ALLOWANCES> 519,000
<INVENTORY> 16,730,000
<CURRENT-ASSETS> 68,809,000
<PP&E> 19,996,000
<DEPRECIATION> 14,183,000
<TOTAL-ASSETS> 80,508,000
<CURRENT-LIABILITIES> 32,142,000
<BONDS> 0
0
0
<COMMON> 231,000
<OTHER-SE> 156,942,000
<TOTAL-LIABILITY-AND-EQUITY> 80,508,000
<SALES> 38,292,000
<TOTAL-REVENUES> 38,292,000
<CGS> 19,819,000
<TOTAL-COSTS> 19,819,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (175,000)
<INCOME-PRETAX> 1,933,000
<INCOME-TAX> 92,000
<INCOME-CONTINUING> 1,841,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,841,000
<EPS-PRIMARY> 0.08
<EPS-DILUTED> 0.08
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<CASH> 15,624,000
<SECURITIES> 1,500,000
<RECEIVABLES> 17,681,000
<ALLOWANCES> 519,000
<INVENTORY> 18,874,000
<CURRENT-ASSETS> 70,113,000
<PP&E> 22,201,000
<DEPRECIATION> 14,743,000
<TOTAL-ASSETS> 86,284,000
<CURRENT-LIABILITIES> 30,405,000
<BONDS> 0
0
0
<COMMON> 233,000
<OTHER-SE> 157,122,000
<TOTAL-LIABILITY-AND-EQUITY> 86,284,000
<SALES> 39,914,000
<TOTAL-REVENUES> 39,914,000
<CGS> 22,362,000
<TOTAL-COSTS> 22,362,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (50,000)
<INCOME-PRETAX> 593,000
<INCOME-TAX> (474,000)
<INCOME-CONTINUING> 1,067,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,067,000
<EPS-PRIMARY> 0.05
<EPS-DILUTED> 0.05
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<CASH> 19,780,000
<SECURITIES> 1,500,000
<RECEIVABLES> 32,341,000
<ALLOWANCES> 1,400,000
<INVENTORY> 26,570,000
<CURRENT-ASSETS> 88,370,000
<PP&E> 21,453,000
<DEPRECIATION> 10,022,000
<TOTAL-ASSETS> 107,471,000
<CURRENT-LIABILITIES> 42,619,000
<BONDS> 0
0
0
<COMMON> 233,000
<OTHER-SE> 157,929,000
<TOTAL-LIABILITY-AND-EQUITY> 107,471,000
<SALES> 153,975,000
<TOTAL-REVENUES> 153,975,000
<CGS> 85,160,000
<TOTAL-COSTS> 85,160,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 222,000
<INCOME-PRETAX> (319,000)
<INCOME-TAX> (1,154,000)
<INCOME-CONTINUING> (835,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (835,000)
<EPS-PRIMARY> 0.04
<EPS-DILUTED> 0.04
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<CASH> 19,190,000
<SECURITIES> 1,000,000
<RECEIVABLES> 21,132,000
<ALLOWANCES> 519,000
<INVENTORY> 14,954,000
<CURRENT-ASSETS> 7,964,000
<PP&E> 14,227,000
<DEPRECIATION> 71,755,000
<TOTAL-ASSETS> 83,520,000
<CURRENT-LIABILITIES> 37,165,000
<BONDS> 0
0
0
<COMMON> 223,000
<OTHER-SE> 155,930,000
<TOTAL-LIABILITY-AND-EQUITY> 83,520,000
<SALES> 145,415,000
<TOTAL-REVENUES> 145,415,000
<CGS> 77,267,000
<TOTAL-COSTS> 77,267,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 614,000
<INCOME-PRETAX> 12,092,000
<INCOME-TAX> (56,000)
<INCOME-CONTINUING> 12,148,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,148,000
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
