Advanced Vision Technology Ltd. / Quarter Results
19.11.2009
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: 3rd quarter 2009
- AVT's business stabilized in the 3rd quarter of 2009
- Revenues in the first nine months of USD 28.2 million and Proforma EBITDA
of USD -0.14 million
- Ratio of order booking to revenues of 91.9% affected by seasonal effects
Hod-Hasharon/Israel, November 19, 2009 - In an ongoing difficult
environment, AVT revenues for the 3rd quarter were identical to the 2nd
quarter of 2009. 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 nine months of 2009 were
USD 28.2 million, a decrease of 42.0% from revenues of USD 48.6 million in
the first nine months of 2008. Revenues in the 3rd quarter of 2009 totaled
USD 9.1 million representing a decrease of 38.2% of the revenues in Q3 of
2008 and essentially unchanged from Q2 of 2009.
GMI product line revenues in Q3 2009 were USD 4.0 million representing an
increase of 7.6% from revenues of USD 3.7 million for 2nd quarter 2009. AVT
continues to invest in new solutions, and launched the new generation
product lines of GMI for the commercial market: The Clarios, which is the
new system for closed loop color control, aimed at the heat-set web-offset
market and, Mercury aimed at all offset presses.
Gross margin in the first nine months of 2009 was 48.1% as compared with
54% in the first nine months of 2008. AVT continues to tightly control the
costs, total operating expenses in Q3 2009 were USD 5.1 million compared
with USD 7.7 million in Q3 2008.
Proforma EBITDA in the first nine months of 2009 (excluding stock-based
compensation expense and GMI restructuring and integration costs) were a
loss of USD 0.14 million as compared with a profit of USD 5.8 million in
the first nine months of 2008. Proforma EBITDA in the 3rd quarter was a
loss of USD 0.3 million compared to profit of USD 1.1 million in Q3 2008.
The decline compared with respective period of 2008 is attributable
primarily to lower revenues coupled with a lower gross margin.
Net loss for the nine months ended September 30, 2009 was USD 3.0 million
or loss of USD 0.57 per share (diluted) compared with net income of USD 1.7
million or USD 0.31 per share (diluted) for the respective period of 2008.
The figures in Q3 2009 show a net loss of USD 0.8 million compared with a
net loss of USD 0.03 million in Q3 2008 and compared with a net loss of USD
0.7 million in Q2 2009.
Also affected by the seasonal effect of a typical summer quarter the ratio
of order booking to revenues in Q3 2009 was 91.9%. In the first nine months
of 2009 the ratio was 89.4% attributable mostly to the global economic
slowdown.
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 1,900 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 800 installations, and of colour
management and reporting software and remote digital ink fountain control
systems with over 3,000 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 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, 2008. We assume no obligation to update
information concerning our expectations.
Please contact for further details:
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
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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.: 3rd quarter 2009
| Source: EQS Group AG