<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1998 Commission File Number 0-8623
-------------- ------
ROBOTIC VISION SYSTEMS, INC.
----------------------------
(Exact name of Registrant as specified in charter)
DELAWARE 11-2400145
-------- ----------
(State or other jurisdiction of IRS Employer
incorporation or organization) Identification Number
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
--------------
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 twelve 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
--- ---
Number of shares of Common Stock outstanding
as of May 11, 1998 24,570,983
----------
No of Pages 12
--
<PAGE> 2
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
PART 1. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
<TABLE>
<CAPTION>
March 31, September 30,
1998 1997
---- ----
(Unaudited) Restated
( Note 2)
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents ........................ $ 5,606,000 $ 8,811,000
Accounts receivables - net ....................... 49,604,000 50,563,000
Inventories (Note 3) ............................. 56,350,000 39,095,000
Deferred income taxes ............................ 10,643,000 10,643,000
Other current assets ............................. 2,362,000 1,429,000
------------ ------------
Total Current Assets ........................... 124,565,000 110,541,000
Plant and equipment, net ........................... 17,746,000 14,507,000
Goodwill, net ...................................... 6,080,000 6,207,000
Other assets ....................................... 12,869,000 8,668,000
------------ ------------
TOTAL .......................................... $161,260,000 $139,923,000
------------ ------------
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable and current portion of long-
Term debt (Note 4) .............................. $ 32,031,000 $ 10,623,000
Accounts payable ................................. 29,771,000 23,320,000
Accrued expenses and other current liabilities ... 21,809,000 19,623,000
Advance contract payments received ............... 1,547,000 1,816,000
------------ ------------
Total Current Liabilities ...................... 85,158,000 55,382,000
Deferred income taxes .............................. 1,823,000 1,823,000
Other long-term liabilities ........................ 544,000 7,141,000
------------ ------------
Total Liabilities .............................. 87,525,000 64,346,000
------------ ------------
Common stock, authorized 50,000,000
shares, $0.01 par value; issued and
outstanding 24,537,000 shares at
March 31, 1997 and 24,438,000
shares at September 30, 1997 .................... 245,000 244,000
Additional paid-in capital ....................... 166,898,000 166,623,000
Accumulated deficit .............................. (93,586,000) (91,457,000)
Cumulative translation adjustment ................ 178,000 167,000
------------ ------------
Total Stockholders' Equity ..................... 73,735,000 75,577,000
------------ ------------
TOTAL .............................................. $161,260,000 $139,923,000
============ ============
</TABLE>
See Notes To Consolidated Financial Statements.
2
<PAGE> 3
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------------------------- ---------------------------
1998 1997 1998 1997
---- ---- ---- ----
Restated Restated
(Note 2) (Note 2)
<S> <C> <C> <C> <C>
Revenues ................................ $47,727,000 $35,755,000 $101,515,000 $74,489,000
Cost of revenues ........................ 26,686,000 20,563,000 54,431,000 41,940,000
----------- ----------- ------------ -----------
Gross profit ............................ 21,041,000 15,192,000 47,084,000 32,549,000
Research and development costs .......... 7,390,000 5,857,000 14,019,000 11,543,000
Selling, general and administrative
expenses ................................ 15,657,000 10,751,000 30,551,000 21,605,000
Merger expenses ......................... -- -- 623,000 44,000
Non-recurring charges ................... 3,184,000 -- 3,184,000 --
----------- ----------- ------------ -----------
Loss from operations .................... (5,190,000) (1,416,000) (1,293,000) (643,000)
Interest (income) expense, net .......... 482,000 (32,000) 728,000 (14,000)
----------- ----------- ------------ -----------
Loss before provision for income taxes... (5,672,000) (1,384,000) (2,021,000) (629,000)
Provision (benefit) for income taxes .... -- (617,000) 108,000 432,000
----------- ----------- ------------ -----------
Net loss ................................ $(5,672,000) $ (767,000) $ (2,129,000) $(1,061,000)
=========== =========== ============ ===========
Net loss per share
Basic ................................. $ (0.23) $ (0.03) $ (0.09) $ (0.05)
Diluted ............................... $ (0.23) $ (0.03) $ (0.09) $ (0.05)
Weighted Average Shares
Basic ................................. 24,517,000 23,517,000 24,497,000 23,445,000
Diluted ............................... 24,517,000 23,517,000 24,497,000 23,445,000
</TABLE>
See Notes To Consolidated Financial Statements.
3
<PAGE> 4
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended March 31,
----------------------------
1998 1997
---- ----
<S> <C> <C>
OPERATING ACTIVITIES:
Net loss ................................................. $ (2,129,000) $(1,061,000)
Adjustments to reconcile net income to net cash from
operating activities:
Deferred income taxes .................................... -- 1,203,000
Depreciation and amortization ............................ 3,554,000 2,569,000
Other .................................................... -- (606,000)
Changes in assets & liabilities:
Accounts Receivables ................................. 959,000 (4,330,000)
Inventories .......................................... (17,255,000) (6,009,000)
Prepaid expenses and other current assets ............ (933,000) (522,000)
Other assets ......................................... (4,980,000) (1,986,000)
Accounts payable ..................................... 6,451,000 5,469,000
Accrued expenses and other current liabilities ....... 2,186,000 (366,000)
Advanced contract payments received .................. (269,000) (304,000)
Other long-term liabilities .......................... (407,000) (159,000)
------------ -----------
Net cash (used in) provided by operating activities ...... (12,823,000) (6,102,000)
------------ -----------
INVESTING ACTIVITIES:
Additions to plant & equipment ........................... (5,887,000) (2,949,000)
Proceeds from sale of business ........................... -- 496,000
Proceeds from investments ................................ -- 1,321,000
------------ -----------
Net cash provided by (used in) investing activities ...... (5,887,000) (1,132,000)
------------ -----------
FINANCING ACTIVITIES:
Issuance of Common Stock in connection with the
exercise of stock options and warrants ................... 276,000 716,000
Net proceeds (repayments) from short-term borrowings ..... 15,978,000 (436,000)
Repayments of long-term borrowings ....................... (1,019,000) (1,175,000)
Proceeds from long-term borrowings ....................... 259,000 142,000
------------ -----------
Net cash provided by (used in) financing activities ...... 15,494,000 (753,000)
------------ -----------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS ................................ 11,000 96,000
------------ -----------
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS ......................................... (3,205,000) (7,891,000)
CASH AND CASH EQUIVALENTS - BEGINNING
OF YEAR .................................................. 8,811,000 23,546,000
------------ -----------
CASH AND CASH EQUIVALENTS - END OF YEAR .................. $ 5,606,000 $15,655,000
============ ===========
SUPPLEMENTAL INFORMATION:
Interest paid ............................................ $ 794,000 $ 246,000
Taxes paid ............................................... $ 240,000 $ 1,470,000
</TABLE>
See Notes To Consolidated Financial Statements.
4
<PAGE> 5
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet of Robotic Vision Systems, Inc. and
Subsidiaries (The "Company") as of March 31, 1998, the condensed consolidated
statements of operations for the three month and six month periods ended March
31, 1998 and 1997 and the condensed consolidated statements of cash flows for
the six month periods ended March 31, 1998 and 1997 have been prepared by the
Company, without audit. In the opinion of management, all adjustments (which
include only normal recurring adjustments) necessary to present fairly the
financial condition, results of operations and cash flows at March 31, 1998 and
for all periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these condensed
consolidated financial statements be read in conjunction with the consolidated
financial statements and notes thereto included in the Company's Form 10-K for
the year ended September 30, 1997. The results of operations for the period
ended March 31, 1998 are not necessarily indicative of the operating results for
the full year.
2. ACQUISITIONS
Vanguard Automation, Inc. ("Vanguard")
On December 9, 1997, the Company acquired the outstanding shares of Vanguard for
approximately 3,391,000 shares of the Company's common stock, having a market
value of $45,776,000. Outstanding Vanguard stock options were converted into
stock options to purchase approximately 152,000 shares of the Company's common
stock. Outstanding Vanguard warrants were converted into warrants to purchase
approximately 182,000 shares of the Company's common stock. Vanguard produces
and markets automated manufacturing equipment used in the assembly of certain
types of semiconductor packaging processes, commonly referred to as Ball Grid
Array. This acquisition has been accounted for as a pooling of interests and
accordingly, the consolidated financial statements have been restated to include
the accounts of Vanguard for all periods presented.
The following is a reconciliation of certain restated amounts with amounts
previously reported.
<TABLE>
<CAPTION>
Three Months Six Months
Ended Ended
March 31, 1997 March 31, 1997
-------------- --------------
<S> <C> <C>
REVENUES:
As previously reported ................. $32,388,000 $67,789,000
Effect of Vanguard pooling of
interests ............................. 3,367,000 6,700,000
----------- -----------
As restated ............................ $35,755,000 $74,489,000
=========== ===========
NET INCOME (LOSS):
As previously reported ................. $ 918,000 $ 3,069,000
Effect of Vanguard pooling of
interests ............................. (1,685,000) (4,130,000)
----------- -----------
As restated ............................ $ (767,000) $(1,061,000)
=========== ===========
NET INCOME (LOSS) PER COMMON SHARE:
As previously reported ................. $ 0.04 $ 0.14
Effect of Vanguard pooling of
interests ............................. (0.07) (0.19)
----------- -----------
Basic and diluted, as restated ......... $ (0.03) $ (0.05)
=========== ===========
</TABLE>
5
<PAGE> 6
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-CONTINUED
(Unaudited)
3. INVENTORIES
Inventories at March 31, 1998 and September 30, 1997 consisted of the following;
<TABLE>
<CAPTION>
March 31, 1998 September 30, 1997
-------------- ------------------
<S> <C> <C>
Raw Materials $24,722,000 $20,638,000
Work-in-Process 24,877,000 13,158,000
Finished Goods 6,751,000 5,299,000
----------- -----------
Total $56,350,000 $39,095,000
=========== ===========
</TABLE>
4. NOTES PAYABLE AND LONG-TERM DEBT
In March 1998, the Company entered into a new $37.5 million revolving credit
agreement with three domestic banks, which replaced $19.5 million in existing
lines of credit and $6.9 million outstanding under a term loan. The new
agreement, which is secured by essentially all of the domestic tangible and
intangible assets of the Company, has a two year term, with interest at either
prime rate or LIBOR. The agreement has financial covenants which include minimum
profitability, minimum liquidity and minimum net worth. The lending banks have
waived the Company's compliance with the financial covenants under the agreement
for the three months ended March 31, 1998.
At March 31, 1998, there was $29.5 million outstanding under the revolving
credit agreement. At September 30, 1997, there was $6.6 million outstanding
under previous lines of credit and $7.6 million outstanding under the previous
term loan.
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Three Months and Six Months Ended March 31, 1998 Compared to
Three Months and Six Months Ended March 31, 1997
RESULTS OF OPERATIONS
Revenues were $47.7 million for the three months ended March 31, 1998, compared
to $35.8 million in the three months ended March 31, 1997, an increase of 33%.
However, revenues were down 11%, from $53.8 million, from the three months ended
December 31, 1997. The sequential decline in revenues was largely due to a
reduction in shipments of the Company's semiconductor equipment, particularly
its 3-D in-tray inspection systems, to customers based in Asia. The Company
experienced cancellations, rescheduled deliveries and the postponement of new
orders as semiconductor industry conditions deteriorated during the latter part
of the fiscal quarter. The Company expects that demand for its semiconductor
equipment will remain weak for the near term as a result of the current
semiconductor industry conditions and the continuing Asian financial crisis.
Despite weak industry conditions, the Company continued to deliver a significant
level of new products, including the 3950 and 7000 Series 3-D in-tray inspection
systems.
The increase in revenues for the three months and six months ended March 31,
1998 over the three months and six months ended March 31, 1997 is largely due to
the increase in shipments of the Company's 3-D in-tray inspections systems, sold
by the Company's Electronics division and ball grid array (BGA) packaging
equipment sold by the Company's Vanguard division.
6
<PAGE> 7
The gross profit margin was 44.1% of revenues in the three months ended March
31, 1998, compared to 42.5% of revenues in the three months ended March 31,
1997 and 48.4% of revenues in the three months ended December 31, 1997. The
lower sequential gross profit margin was primarily due to the proportionate
reduction in shipments of the Company's higher margin 3-D in-tray inspections
systems, combined with additional costs associated with the introduction of new
products. The gross profit margin was 46.4% of revenues in the six months ended
March 31, 1998, as compared to 43.7% in the six months ended March 31, 1997.
The gross margin improvement of 1.6% and 2.7% for the three months and six
months ended March 31, 1998, over the three months and six months ended March
31, 1997, respectively, was primarily due to improved margins on the Company's
BGA packaging equipment.
Research and development expenses were $7.4 million, or 15.5% of revenues, in
the three months ended March 31, 1998, compared to $5.9 million, or 16.4% of
revenues, in the three months ended March 31, 1997. The increase in research and
development expenses reflected the Company's continued investment in new product
development, including the development of new 3-D in-tray inspection systems,
component handling systems, BGA packaging equipment, as well as new visual
inspection and data collection products. In the three months ended March 31,
1998, the Company capitalized $2.1 million of its software development costs, in
accordance with Statement of Financial Accounting Standards No. 86, compared to
$1.2 million capitalized in the three months ended March 31, 1997. In the six
months ended March 31, 1998, the Company capitalized $3.8 million of software
development costs compared to $1.8 million capitalized in the six months ended
March 31, 1997.
Selling, general and administrative expenses were $15.7 million, or 32.8% of
revenues, in the three months ended March 31, 1998, compared to $10.8 million,
or 30.1% of revenues, in the three months ended March 31, 1997. In the six
months ended March 31, 1998, selling, general and administrative expenses were
$30.6 million, or 30.1% of revenues, as compared to $21.6 million, or 29.0% of
revenues, in the six months ended March 31, 1997. The increase in expenses, for
the comparative three month and six month periods, largely relates to higher
sales and distribution costs on the higher level of revenues year-to-year. In
addition, the increase in expenses relates to the hiring of a number of senior
managers over the past year as well as an increase in litigation costs
associated with the Company's on-going patent infringement and fraud lawsuits
against General Scanning.
In March, the Company initiated steps to reduce its expense levels to a rate
more appropriate with the current business conditions. These steps included a
10% workforce reduction, curtailment of discretionary spending and a reduction
in capital asset acquisitions. Non-recurring charges of $3.2 million were taken
in the three months ended March 31, 1998, for costs relating to employee
severance, the write-down of certain assets , and other related costs.
Net interest expense was $0.5 million and $0.7 million in the three months and
six months ended March 31, 1998, respectively, as compared to net interest
income of under $0.1 million in both the three months and six months ended March
31, 1997. The increase in interest expense is a result of the significantly
higher level of bank borrowings in the current period. These bank borrowings
have been used to finance increased working capital requirements.
The Company incurred merger costs of $0.6 million in the three months ended
December 31, 1997 related to its acquisition of Vanguard Automation, Inc.
There was no tax provision in the three months ended March 31, 1998 as a result
of the loss.
The tax provision of $0.1 million in the six months ended March 31, 1998
reflected minimum federal and state income tax provisions. . In the three months
ended March 31, 1998, the Company had a net loss of $2.5 million, or $(0.10) per
share, before non-recurring charges of $3.2 million, or $(0.13) share, compared
to a net loss of $0.8 million, or $(0.03) per share, in the three months ended
March 31, 1997 and compared to net income of $3.6 million, or $0.14 per share,
in the immediately preceding three months ended December 31, 1997. The total net
loss for the three months ended March 31, 1998 was $5.7 million, or $(0.23) per
share. The net loss for the six months ended March 31, 1998 was $2.1 million, or
$(0.09) per share, compared to a net loss of $1.1 million, or $(0.05) per share,
for the six months ended March 31, 1997.
7
<PAGE> 8
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES
Item 2. Management's discussion and analysis of financial condition results
of operations - Continued
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents decreased by $3.2 million in the six months ended
March 31, 1998. The reduction in cash and cash equivalents was a result of $12.8
million of net cash used in operating activities, $5.9 million of net cash used
for additions to plant and equipment and $15.5 million of net cash provided by
financing activities.
The decline in accounts receivable of $1.0 million for the six months ended
March 31, 1998, reflected the lower level of revenues in the three months ended
March 31, 1998 as compared to the three months ended September 30, 1997,
partially offset by a longer accounts receivable collection cycle during the
current six month period. Inventories rose from $39.1 million at September 30,
1997 to $56.4 million at March 31, 1998, an increase of $17.3 million for the
six month period. The significant increase in inventories is a result of the
combination of lower than anticipated revenues for the three months ended March
31, 1998, which resulted in higher than planned ending inventory levels, as well
as additional inventories required to support the transition of new product
deliveries over the past six months. Other assets increased $4.2 million in the
six months ended March 31, 1998 primarily as a result of capitalized software
development costs, net of amortization, during the period. The increase in
accounts payable of $6.5 million in the six months ended March 31, 1998
primarily relates to the higher levels of inventories acquired during the
period. Additions to plant and equipment during the six months ended March 31,
1998 were $5.9 million, and exceeded depreciation charges of $2.6 million for
the period.
In March 1998, the Company entered into a new $37.5 million revolving credit
agreement with three domestic banks, which replaced $19.5 million in existing
lines of credit and $6.9 million outstanding under a term loan. At March 31,
1998, there was $29.5 million outstanding under the revolving credit agreement.
At September 30, 1997, there was $6.6 million outstanding under previous lines
of credit and $7.6 million outstanding under the previous term loan. Borrowings
of $16.0 million during the six months ended March 31, 1998, under the existing
and previous bank lines, were used to finance the increase in working capital
requirements during the period. The lending banks have waived the Company's
compliance with the financial covenants under the agreements for the three
months ended March 31, 1998.
The Company expects to meet its near-term cash requirements through a
combination of existing cash balances, borrowing availability under the
revolving credit agreement and a reduction in the current level of accounts
receivables and inventories.
FOREIGN CURRENCY TRANSACTIONS
The Company does not currently engage in international currency hedging
transactions to mitigate its foreign currency exposure. To the extent the
Company is unable to match revenues received in foreign currencies with expenses
paid in the same currency, it is exposed to possible losses on international
currency transactions.
8
<PAGE> 9
ROBOTIC VISION SYSTEMS, INC., AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial Conditions and
Results of Operations - Continued
RECENTLY ISSUED ACCOUNTING STANDARDS
In June 1997, the Financial Accounting Standards Board issued SFAS No. 130,
"Reporting Comprehensive Income". This Statement requires that changes in
comprehensive income be shown in a financial statement that is displayed with
the same prominence as other financial statements. SFAS No. 130 is effective for
fiscal years beginning after December 15, 1997.
In June 1997, the Financial Accounting Standards Board issued SFAS No. 131,
"Disclosure about Segments of an Enterprise and Related Information". SFAS No.
131 specifies new guidelines for determining a company's operating segments and
related requirements for disclosure. The Company is in the process of evaluating
the impact of the new standard on the presentation of its financial statements
and the disclosures therein. SFAS No. 131 is effective for fiscal years
beginning after December 15, 1997.
In October 1997, the American Institute of Certified Public Accountants issued
Statement of Position ("SOP") No. 97-2, "Software Revenue Recognition". This
Statement specifies certain changes for determining the recognition of software
revenue. The Company is in the process of evaluating the impact of the SOP on
its revenue recognition policies. SOP No. 97-2 is effective for fiscal years
beginning after December 15, 1997.
FLUCTUATIONS IN THE SEMICONDUCTOR MARKET
The semiconductor industry, which has been subject to significant market
fluctuations and periodic downturns in the past, is currently experiencing weak
industry conditions. These weak industry conditions have had a negative effect
on the revenues and earnings of RVSI, as well as other semiconductor capital
equipment suppliers. Until semiconductor industry conditions improve, RVSI's
revenues and earnings will continue to be adversely affected.
INTERNATIONAL SALES
A majority of RVSI's sales in recent years has been export sales to the Far
East. For the fiscal year ended September 30, 1997, export sales accounted for
approximately 57% of RVSI's revenues. RVSI's international business may be
affected by changes in demand resulting from fluctuations in currency exchange
rates, trade restrictions, duties, general and economic conditions, and other
political and economic factors. Although RVSI currently attempts to mitigate its
direct exposure to exchange rate fluctuations by transacting most international
business in United States dollars, there can be no assurance that their
international operations will escape the risk of fluctuating currency values,
hard currency shortages, or controls on currency exchange. To the extent foreign
currencies weaken relating to the U.S. dollar, RVSI's products could become more
expensive in these countries. This could adversely affect both RVSI's sales
volumes and profitability.
TECHNOLOGICAL RISKS
The future success of RVSI will depend, to a significant extent, on its ability
to enhance, develop, manufacture and deliver on a timely basis, technologically
advanced, quality products and its ability to achieve market acceptance for such
products. There can be no assurance that RVSI will be successful in introducing
products or product enhancements once developed, or that RVSI's products will
not be rendered obsolete by new industry standards or competitive products or
technologies.
9
<PAGE> 10
PART II. OTHER INFORMATION
Item 3. Exhibits and Reports on Form 8-K
(a) Exhibit 11 - Computation of per share amounts
(b) Exhibit 27 - Financial Data Schedule
Item 4. Submission of Matters to a Vote of Security Holders.
The Company's Annual Meeting of Stockholders was held on April 9,
1998. The following matters were voted upon at the Annual Meeting:
1.) Stockholders elected Pat V. Costa, Steven J. Bilodeau, Frank A.
DiPietro, Jay M. Haft, Tomas Kohn, Donald J. Kramer, Mark J.
Lerner, Howard Stern and Robert H. Walker to the Board of
Directors for a one year term.
2.) Stockholders voted 14,510,475 shares FOR, 2,475,060 shares
AGAINST, and 130,443 shares ABSTAINED to increase the number of
shares from 1,500,000 shares to 2,500,000 shares under the
Company's 1996 Stock Plan.
3.) Stockholders voted 15,791,349 shares FOR, 1,201,266 shares
AGAINST and 123,363 shares ABSTAINED to increase the authorized
common stock of the Company from 30,000,000 shares to 50,000,000
shares.
10
<PAGE> 11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ROBOTIC VISION SYSTEMS, INC.
--------------------------------
Registrant
Dated: May 14, 1998 /s/ Pat V. Costa
--------------------------------
PAT V. COSTA
President and CEO
(Principal Executive Officer)
Dated: May 14, 1998 /s/ John J. Arcari
--------------------------------
JOHN J. ARCARI
Chief Financial Officer
(Principal Financial Officer)
11
\
<PAGE> 1
ROBOTIC VISION SYSTEMS, INC. AND SUBSIDIARIES EXHIBIT 11
COMPUTATION OF PER SHARE AMOUNTS
<TABLE>
<CAPTION>
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1998 MARCH 31, 1997
---------------------- ----------------------
BASIC DILUTED BASIC DILUTED
----- ------- ----- -------
<S> <C> <C> <C> <C>
Net loss ............................................... $(5,672,000) $(5,672,000) $ (767,000) $ (767,000)
=========== =========== =========== ===========
Weighted average number of common shares outstanding ... 24,517,000 24,517,000 23,517,000 23,517,000
=========== =========== =========== ===========
Net loss per share ..................................... $(0.23) $(0.23) $(0.03) $(0.03)
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS ENDED SIX MONTHS ENDED
MARCH 31, 1998 MARCH 31, 1997
----------------------- ----------------------
BASIC DILUTED BASIC DILUTED
----- ------- ----- -------
<S> <C> <C> <C> <C>
Net loss ............................................... $(2,129,000) $(2,129,000) $(1,061,000) $(1,061,000)
=========== =========== =========== ===========
Weighted average number of common shares outstanding ... 24,497,000 24,497,000 23,445,000 23,445,000
=========== =========== =========== ===========
Net loss per share ..................................... $(0.09) $(0.09) $(0.05) $(0.05)
=========== =========== =========== ===========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1998
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0
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