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. --------------------------------------------------------------------------- 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 --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-Adhoc: Advanced Vision Technology Ltd.: 1st Quarter 2009
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