Adaptive Solutions announces sharp decrease

Adaptive Solutions (Beaverton, OR, Nasdaq: ADSO) announces a sharp decrease in revenue. The image recognition solution provider reports Q1 '97 revenue of $725,000, which compares with $3.8 million in Q1 '96. A net loss of $278,000 compares with a loss of $549,000 in the corresponding period of '96.

"In last year's first quarter, the company came to the end of two large OEM contracts," said Fletcher Chamberlin, investor relations counsel for Adaptive, explaining the widely disparate figures. "The company was unable to replace these, and has undergone a major change in strategy ... By the end of '97 we're hoping for a profitable quarter."