EXHIBIT 99.1
 

Viking Systems Reports Fourth Quarter and Full Year 2009 Results; Provides Business Update
 
 
WESTBOROUGH, Mass., Feb. 18, 2010
(GLOBE NEWSWIRE) -- Viking Systems (OTCBB:VKNG) today announced financial results for its fourth quarter and full year ended December 31, 2009. The Company reported sales of $2,069,490 for its fourth quarter ended December 31, 2009 and a net loss of $191,650. For the year ended December 31, 2009, sales were $7,218,994 and the net loss was $1,074,319. Earnings per share were $0.00 for the fourth quarter and a loss of $0.02 per share for the full year 2009.
 
Jed Kennedy, Viking Systems' President and Chief Executive Officer, commented "We are quite pleased with the progress we made during 2009. Our total sales increased by 12% and our operating loss decreased substantially while increasing our cash position through strong working capital management. Most importantly, we believe we are now in a unique position to take advantage of the recent breakthroughs in 3D technology and plan to deliver our "Next Generation" 3DHD vision system to the market during the fourth quarter of this year. We believe this product introduction will represent an inflection point for the Company. Given the trends we are seeing in nonmedical markets around the world, and the obvious benefits 3D offers the minimally invasive surgeon we believe the medical market is now well positioned for the adoption of our unique 3D vision system and anticipate this enabling technology will greatly accelerate our sales growth next year and beyond."
 
Financial Results
 
Sales. Sales were $2,069,490 for the three months ended December 31, 2009 and $1,979,468 for the three months ended December 31, 2008, representing an increase of 5%. For the twelve months ended December 31, 2009, sales increased 12% to $7,218,994 compared with the prior year. Substantially contributing to the Company's sales for the three months ended December 31, 2009 was the largest 3Di vision system order in the Company's history. This order, totaling approximately $900,000, was from the US Army for deployment of one of the Company's complete 3Di systems at each of seven regional Army Medical Centers throughout the United States.
 
Gross Profit. Gross profit increased 60% for the three months ended December 31, 2009 as compared with the same period in 2008. The improvement in margin for the quarter is primarily due to higher sales mix of the Company's higher margin 3Di systems.
 
Operating Expenses. Total operating expenses decreased 12% to $926,292 during the three months ended December 31, 2009 as compared with the same period in 2008. Excluding non cash stock option expense, total operating expenses decreased 28% for the three months ended December 31, 2009 as compared with the same period in 2008. Selling and marketing expense decreased $362,424 during the fourth quarter and represented the largest area of decrease in total operating expenses. Within this area, the decrease was primarily due to decreases in depreciation and bad debt expense in the fourth quarter of 2009 as compared to the fourth quarter of 2008.
 
Operating loss. As a result of increased sales, higher margins and reduced operating expenses the Company has substantially reduced its operating losses. The operating loss was $334,656 for the quarter ended December 31, 2009 compared with $686,167 for the same period in 2008. For the twelve month periods ended December 31, 2009 and 2008 the Company incurred operating losses of $1,331,519 and $4,633,927, respectively. The operating loss before non-cash charges was $45,681 for the quarter ended December 31, 2009 compared with $458,305 for the same period in 2008. For the twelve month periods ended December 31, 2009 and 2008 the Company incurred operating losses before non-cash charges of $481,335 and $3,054,029, respectively.
 

 
 

The following information was filed by Viking Systems Inc (VKNG) on Thursday, February 18, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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