Advanced Vision Technology Ltd. / Preliminary Results
18.02.2010 07:32
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AVT: Preliminary financial results 2009
- Stabilization in business environment in Q3 and Q4 2009
- Revenues in 2009 of USD 37.2 million
- Operating loss in 2009 was USD 8.9 million compared to an operating loss
of USD 23.9 million in 2008
Hod-Hasharon/Israel, February 18, 2010 - 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, closed 2009 as a
year of challenges due to the global economic crises and the troubled
market environment especially in the global printing industry. But AVT
revenues for the last two quarters of 2009 showed a clear sign of
stabilization. In fiscal year 2009 consolidated revenues totalled USD 37.2
million compared to USD 60.3 million in 2008, representing a decrease of
38.3%. AVT achieved nearly the same level of revenues as in 2007 with
revenues of USD 39.9 million.
Revenues in the fourth quarter of 2009 were USD 9.1 million, essentially
the same as the revenues in Q2 and Q3 2009 and 22.6% less than in Q4 2008.
The ratio of order booking to revenues was revealing of an improvement of
business performance during 2009 and increased from 83.8% in 2008 to 94.7%
in 2009 attributable to both, the declined revenue basis as well as the
slightly improved order income.
As a result of the substantial decline in revenues across both product
lines, numerous structural consolidation measures were already introduced
and implemented by AVT Group beginning in Q4 2008, along with a significant
reduction in operational costs. General and administrative expenses
declined by 30.1%, selling and marketing expenses by 32.5% and R&D costs
declined by 32.2%. The ongoing tightly cost controlling of the total
operating expenses caused a figure of USD 24.9 million in 2009 compared to
USD 50.2 million in 2008 representing an improvement of 50.5%. But due to
the drop in revenues in 2009 gross profit declined to USD 16.0 million from
USD 26.3 million in 2008. AVT's operating loss in 2009 was USD 8.9 million
albeit lower than the operating loss of USD 23.9 million in 2008 mainly due
to the much higher goodwill impairment charge recorded in 2008 as compared
with 2009.
Net loss for the full year ended December 31, 2009 was USD 10.7 million or
a loss of USD 2.02 per share compared with a net loss of USD 25.2 million
or a loss of USD 4.75 per share in 2008. Consolidated proforma net income
for 2009 (excluding the impact of non-cash impairment charges, amortization
of acquired intangible assets, stock-based compensation expense and
extraordinary GMI restructuring and integration costs), was a loss of USD
3.6 million compared with proforma net income of USD 1.4 million in 2008.
Net cash used operating activities was USD 1.5 million compared to USD 2.9
million in 2008. Cash and cash equivalents at the end of the year totalled
USD 11.1 million.
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, 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.: Preliminary financial results 2009
| Source: EQS Group AG