Advanced Vision Technology Ltd. / Key word(s): Preliminary Results/Quarter
Results
26.02.2014 09:00
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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AVT exceeds its 2013 guidance in revenues and earnings
- Revenues totaled USD 50.5 million in 2013 (up 5.2% year on year)
- Operating income of USD 5.8 million (+8.9% over USD 5.3 million in
2012)
- Net income increased by 34.2% to USD 6.6 million (USD 4.9 million in
2012)
- Dividend of USD 1.0 per share with respect to 2013 profits has been
announced
- 2014 guidance for revenues USD 53.0 - 55.0 million, operating income
USD 5.5 - 5.8 million
Hod-Hasharon, Israel, February 26, 2014 - Advanced Vision Technology (AVT)
Ltd. has experienced an excellent 2013 year according to preliminary
results with continued growth in revenues and profits.
Revenues in 2013 totaled USD 50.5 million, representing an increase of 5.2%
over USD 48.0 million in 2012 exceeding its full year guidance from
February 2013 (USD 49.0 - 50.0 million).
Q4 2013 revenues totaled USD 13.0 million, reaching the highest quarterly
revenues in the last five years.
Operating income was USD 5.8 million, representing an increase of 8.9% over
USD 5.3 million in 2012.
AVT's growth in revenues in 2013 is mainly attributable to expanded product
sales and service in the Labels and Packaging convertors segments.
From the regional perspective, the Americas market expanded to 46% of total
revenues in 2013 (2012: 42%), while EMEA (Europe, Middle East & Africa)
contributed 36% (2012: 39%) and Asia-Pacific generated 18% (2012: 19%).
Order booking in 2013 totaled USD 51.6 million, representing an increase of
3.9% over 2012. Order backlog as of December 31, 2013 totaled USD 19.0
million, an increase of 7.7% compared with the balance at December 31,
2012.
In 2013, AVT further improved its profitability: Gross margin for the full
year was 53.7% compared with 53.3%. Net income in 2013 totaled USD 6.6
million, representing an increase of 34.2% over USD 4.9 million in 2012.
Net income per share was USD 1.12 (diluted) compared with USD 0.88 per
share (diluted) in 2012.
Net cash provided by operating activities in 2013 increased significantly
to USD 8.6 million compared to USD 5.4 million in 2012.
In light of the increase in cash, the board of directors resolved to
distribute an extra-ordinary gross dividend of USD 1.0 per share in
respect of the profits of 2013. The record date for the distribution will
be March 17th, 2014; the ex-dividend date will be March 18th, and the
payment date will be March 21th. The tax witholding rate will be 20%.
For 2014, we project revenues to be between USD 53.0 - 55.0 million, and
operating income to be between USD 5.5 - 5.8 million.
The company is exploring, in the context of its strategic planning, options
for usage of its excess cash (that might accumulate), including by
distributing further dividends and/or share buyback.
26.02.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Advanced Vision Technology Ltd.
Hanagar 6
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, Hamburg, Hannover, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Advanced Vision Technology (AVT) Ltd.: AVT exceeds its 2013 guidance in revenues and earnings
| Source: EQS Group AG