Advanced Vision Technology Ltd. / Key word(s): Preliminary Results/Forecast
10.02.2011 08:30
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: Preliminary financial results 2010
- AVT back on growth path
- Revenues 2010 of USD 39.7 million (+6.6% cp. 2009)
- Order bookings with increase of 22.5% over 2009 as an indicator of
improved performance
- Positive net income of USD 0.6 million (-10.7 million US-Dollar cp. 2009)
- EBIT in 2010 of USD 0.4 million compared to USD -8.9 million in 2009
- Projected revenues for 2011 between USD 43.0-44.0 million and GAAP net
income between USD 2.5-3.0 million
Hod-Hasharon/Israel, February 10, 2011 - Advanced Vision Technology (AVT)
Ltd. closed 2010 as a year of growth by improving revenues every single
quarter, compared with the previous quarter or the same period 2009. AVT is
the worldwide leader in machine-vision based automatic inspection and
closed loop color control for the printing industry with more than 4,000
PrintVision and ColorQuick Systems installed worldwide. In fiscal year 2010
consolidated revenues totalled USD 39.7 million compared to USD 37.2
million in 2009, representing an increase of 6.6%. Revenues in the fourth
quarter of 2010 were USD 10.1 million, 11.1% higher than in Q4 2009.
The increase in revenues in 2010 is the result of the significant
improvement in business conditions in particular in the packaging and
labels market segments. Also regarding all market segments and all regions
worldwide AVT showed a positive performance. As a clear sign order bookings
totalled USD 43.2 million representing an increase of 22.5% over 2009. The
ratio of total order booking to revenues in 2010 was 108.8% compared with
94.7% in 2009. Regarding the clear improvement in order bookings and an
order backlog of USD 14.5 million (+26.2%) in combination with numerous
product launches in 2010 and 2011 AVT has built a good basis for further
growth.
Gross margin in 2010 was 49.5% compared with 42.8%, in 2009. Due to the
streamlining during the recession operating costs could be significantly
lowered from USD 24.9 million to USD 19.2 million which is representing a
decrease of 22.8%. Nevertheless AVT invested USD 6.4 million in R&D, which
is an investment quota of 16.0% based on total revenues.
Moreover a regained positive net income for the full year ended December
31, 2010 show the clear growth signals of AVT. Net income in 2010 was USD
0.6 million or a profit of USD 0.10 per share compared with a net loss of
USD 10.7 million or a loss of USD 2.02 per share in 2009. That AVT turned
to profitability in 2010 is also manifested in positive earnings before
interests and taxes (EBIT) of USD 0.4 million compared to USD -8.9 million
in 2009.
Net cash used for operating activities was USD 3 thousand compared to USD
1.5 million in 2009. Cash and cash equivalents at the end of the year 2010
totalled USD 10.8 million compared to USD 11.1 million in 2009.
AVT projects annual revenues in 2011 to be between USD 43.0-44.0 million
and GAAP net income to be between USD 2.5-3.0 million.
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Information and Explaination of the Issuer to this News:
About AVT
Advanced Vision Technology, Ltd (AVT) is the world leader in print process
control, quality assurance and color control for the packaging, labels,
folding cartons and commercial print markets. Today, more than 2,300
PrintVision systems for packaging and labels automatic inspection, are
installed worldwide. As a premier supplier in the commercial sector, AVT
has over 870 of its closed loop color control systems, and over 4,000 color
management and reporting software and remote digital ink fountain control
systems installed around the world. AVT's products are sold to leading
printing press OEMs, packaging, labels, commercial, semi-commercial,
newspaper and specialty printers in the heatset and coldset web printing
markets, worldwide.
Advanced Vision Technology's headquarters are located in Hod-Hasharon,
Israel with sales, marketing, 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.
Please visit the AVT website: www.avt-inc.com
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.
Tel.: +972-9-7614444
Email: nadavy@avt-inc.com
Frank Ostermair
Better Orange IR & HV AG
Tel.: +49-89-8896906-14
Email: frank.ostermair@better-orange.de
10.02.2011 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 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, Hamburg, Hannover, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Advanced Vision Technology Ltd.: Preliminary financial results 2010
| Source: EQS Group AG