Photomatrix Posts Q3 '97 Financial Results
Photomatrix (San Diego, Nasdaq: PHRX) reports Q3 '97 revenue of $1.5 million, down from $2.45 million in Q3 '96. A net loss of $798,000 compares with a Q3 '96 net loss of $199,000. The write-off comes as a result of an expected decline in income from its Image Capture Software product, as the company releases its new 32-bit Vision Capture Software. Photomatrix also realized $250,000 in income from a one-time settlement payment from a major customer. Q3 '97 gross margin is up to 33.9% from 27.2% in Q3 '96. The company is "very disappointed" with the low sales volume and the write-off, said president and CEO Suren Dutia. During the quarter Photomatrix received an order from Bell & Howell (Arlington Heights, IL) for $1.5 million in Vision Series 5000 document scanners and related options. Photomatrix also signed a non-binding letter of intent to merge operations with I-PAC Manufacturing (Carlsbad, CA) a privately-held contract manufacturer.