Advanced Vision Technology Ltd. / Quarter Results
27.05.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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AVT: 1st Quarter 2009
- Extremely tough environment in the printing and packaging industry
affecting AVT's business
- Revenues decreased by 41.1% to USD 10.1 million
- Cost-cutting measures yield EBIT of USD -1.1 million
Hod-Hasharon/Israel, May 27, 2009 - In an extremely tough environment, AVT
Group's revenues decreased. Advanced Vision Technology Ltd. is the
worldwide leader in machine-vision based automatic inspection and closed
loop color control for the printing industry with more than 2,800
PrintVision and ColorQuick systems installed worldwide. Revenues in the
first three months of 2009 were USD 10.1 million, a decrease of 41.1% from
revenues of USD 17.1 million for the first three months of 2008 and a
decrease of 14.0% from revenues of USD 11.7 million for Q4 2008. This
development is attributed to the general slow-down in global demand. The
decline in product sales was mitigated by an increase in service revenues,
which grew by 10.1% to USD 3.0 million or around 30% of the consolidated
revenues. But most importantly, AVT has been able to withstand these
turbulent conditions with stable market position and intact market share,
which is an important prerequisite to emerge from this crisis stronger than
before.
AVT product line revenues in Q1 2009 were USD 4.8 million, a decrease of
43.6% from revenues of USD 8.6 million for the first quarter of 2008 and a
decrease 5.0% from revenues of USD 5.1 million for Q4 2008. GMI product
line revenues in Q1 2009 were USD 5.2 million, a decrease of 38.5% from
revenues of USD 8.5 million for the first quarter of 2008 and a decrease
20.9% from revenues of USD 6.6 million for Q4 2008.
The gross margin in the first quarter of 2009 was 52.7% compared with 55.9%
in Q1 2008. The nearly stable development of gross margin is primarily due
to favorable product mix and to cost savings in manufacturing overshadowed
by unfavorable impact of the Euro exchange rate relative to the US Dollar
and by lower sales.
Earnings before interest and taxes in the first three months 2009 were USD
-1.1 million compared with USD 0.8 million in Q1 2008. AVT took extensive
cost-cutting measures. Proforma operating income in the first three months
of 2009 (excluding amortization of acquired intangible assets, impairment
charges, stock-based compensation expense and GMI restructuring and
integration costs) was USD 0.3 million compared with proforma operating
loss of USD 2.5 million in Q4 2008. The improvement in proforma operating
income in the first three months of 2009 as compared with the previous
quarter is attributable primarily to lower operating expenses (51.8% of
revenues in Q1 2009 compared to 64.6% in Q4 2008) and to the higher gross
profit realized in Q1 2009. Consolidated proforma operating income was 2.7%
of revenues in Q1 2009. In the first three months of 2008 proforma
operating income was USD 2.3 million or 13.4% of revenues.
Net loss for the quarter ended March 31, 2009 was USD 1.5 million or loss
of USD 0.29 per share (diluted) compared with net loss of USD 26.8 million
or loss of USD 5.07 per share (diluted) for Q4 2008 and net income of USD
1.1 million or USD 0.19 per share (diluted) for Q1 2008. Despite the
challenging earnings situation AVT could reach a clear improvement compared
to Q4 2008, both in total amount and proforma.
DGAP 27.05.2009
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Language: English
Issuer: Advanced Vision Technology Ltd.
Hanagar 5
45241 Neve Ne'eman, Hod Hasharon
Israel
Phone: +972 9 761-4444
Fax: +972 9 761-4555
E-mail: IR@avt-inc.com
Internet: www.avt-inc.com
ISIN: IL0010837248
WKN: 931340
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Advanced Vision Technology Ltd.: 1st Quarter 2009
| Source: EQS Group AG