Advanced Vision Technology Ltd. / Quarter Results
13.05.2010 07:32
Dissemination of an Ad hoc announcement according to § 15 WpHG, 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 2010
- Business environment improved in Packaging and Labels market segments
- Order booking totaled USD 10.0 million representing an increase of 35%
- Total revenues of USD 9.8 million - sequentially growth of 8% over
the last 3 quarters of 2009
- Significant improvement of profitability by returning to a positive EBIT
Hod-Hasharon/Israel, May 13th, 2010 - The business environment of Advanced
Vision Technology Ltd., the worldwide leader in machine-vision based
automatic inspection and closed loop color control for the printing
industry with more than 3.000 PrintVision and ColorQuick systems installed
worldwide, improved step by step in the first quarter of 2010. AVT could
generate an increase of order bookings of 35% above the same period of 2009
and a similar result like Q4 2009. Order bookings for the Packaging and
Labels market segments in the first quarter 2010 were 51% above the same
period in 2009. Particularly gradually converters seem to gain confidence
and resume capital investments whereas commercial printers still retain
investments.
Revenues in the first three months of 2010 were USD 9.8 million compared to
USD 10.1 million in Q1 2009, a decrease of 2.6% and an increase of 8.3%
compared with revenues of USD 9.1 million in Q4 2009. The sequentially
growth of revenues of 8% in each of the last three quarters 2009 is due
mainly to the improvement in business conditions in Packaging and Label
market segments catered by the AVT product line.
AVT product line revenues in Q1 2010 were USD 6.7 million, an increase of
37.5% from revenues of USD 4.8 million for the first quarter of 2009 and an
increase of 13.3% from revenues of USD 5.9 million for Q4 2009. GMI product
line revenues in Q1 2010 were USD 3.1 million, a decrease of 39.9% from
revenues of USD 5.2 million for the first quarter of 2009 and a decrease of
1.1% from revenues of USD 3.2 million for Q4 2009.
In line with the product line revenues growth and the ongoing tightly
controlling of the operating costs the profitability improved
significantly. Earnings before interest and taxes in the first three months
2010 were USD 0.09 million compared with USD -1.1 million in Q1 2009.
Proforma operating income in the first three months of 2010 (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 1.0 million in Q4
2009 and is almost unchanged to the proforma operating income in Q1 2009.
The improvement in proforma operating income in the first three months of
2010 as compared with the previous quarter is attributable primarily to
higher revenues and gross margin coupled with lower total operating
expenses (57.3% of revenues in Q4 2009 compared with 47.0% in Q1 2010).
Net loss for the quarter ended March 31, 2010 was USD 0.3 million or loss
of USD 0.06 per share (diluted) compared with net loss of USD 7.7 million
or loss of USD 1.44 per share (diluted) for Q4 2009 and net loss of USD 1.5
million or USD 0.29 per share (diluted) for Q1 2009.
AVT is aggressively pursuing the emerging opportunities enabled by the
economic recovery, while still carefully monitoring potential downturn and
maintaining its low cost structure. As witnessed in the first quarter 2010,
every modest increase in the top line will translate to significant
improvement in AVT's profitability.
The management board
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Information and Explaination of the Issuer to this News:
About AVT and GMI
Advanced Vision Technology (AVT) develops and manufactures automatic
inspection systems for web applications in the packaging, labels, forms and
converting sectors. Today, more than 2,100 PrintVision systems are
installed worldwide. On October 1, 2007, the Company completed the purchase
of all outstanding shares of GMI and the related intellectual property.
Graphic Microsystems, Inc, (GMI) is the world's premier supplier of closed
loop colour control systems with over 850 installations, and of colour
management and reporting software and remote digital ink fountain control
systems with over 3,140 systems installed. The company's products are sold
to leading commercial, semi-commercial, newspaper and specialty printers in
the heatset and coldset web printing markets as well as to printing press
OEMs worldwide.
AVT's headquarters located in Hod-Hasharon, Israel with manufacturing
facilities in Israel and the United States and, marketing, sales and
support offices in the United States, Europe and China. AVT is a public
company listed in the Prime Standard of the Frankfurt Stock Exchange.
Safe Harbor Statement
Certain statements in this press release are forward-looking statements.
Because such statements deal with future events, they are subject to
various risks and uncertainties and actual results could differ materially
from our current expectations. Factors that could cause or contribute to
such differences include, but are not limited to: the impact on revenues of
economic and political uncertainties and weaknesses in various regions of
the world, including the commencement or escalation of hostilities or acts
of terrorism; any unforeseen developmental or technological difficulties
with regard to our products; changes in the competitive landscape,
including new competitors or the impact of competitive pricing and
products; a shift in demand for products such as ours; unknown factors
affecting third parties with which we have formed business alliances;
timely availability and customer acceptance of our new and existing
products, and other factors and risks discussed in our Annual Report for
the year ended December 31, 2009. We assume no obligation to update
information concerning our expectations
Nadav Yassour, CFO
AVT Ltd.
Phone: +972-9-7614444
Fax: +972-9-7614555
Email: nadavy@avt-inc.com
Frank Ostermair
Better Orange IR + HV
Phone: +49-89-8896906 14
Fax: +49-89-8896906 66
Email: info@better-orange.de
13.05.2010 07:32 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Advanced Vision Technology Ltd.: 1st Quarter 2010
| Source: EQS Group AG