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Advanced Vision Technology Reports Loss on Revenue of $12.5 Million

Friday, January 31, 2003

Press release from the issuing company

HOD-HASHARON, ISRAEL, January 30, 2003 — Advanced Vision Technology Ltd, the leading provider of automatic optical inspection systems for web printing applications, announced today its 2002 results with record revenues and orders. Revenues for 2002 were US$12.5 million, an increase of 35% over 2001, while net loss decreased by 50% from $5.7 million to $2.8 million. This exceeds the initial projections for the year, demonstrating AVT’s strength and the accelerating penetration of its technology in the printing market. Revenues for Q4/2002 were $3.9 million, a growth of 69% over the same period in 2001. This represents the highest-ever quarterly revenues recorded by AVT, and the 5th consecutive quarter of growth. During Q4, earnings before interest and tax (EBIT) improved from minus $1.6 million to minus $0.5 million. Net loss for the quarter was $281,000 compared to a loss of $1.8 million for the same period in 2001. At the close of 2002, AVT’s backlog stood at $6.5 million. The company expects further growth in 2003, in spite of continued uncertain market conditions. During the past year, AVT won 55 new customers and established its global position by selling in ten new countries, in Europe, Latin America and Southeast Asia. Fifty percent of orders came from existing customers, demonstrating strong customer satisfaction, while the geographic distribution of sales showed 40.4% coming from Europe; 40.3% from the Americas, and 19.3% from the rest of the world. Commenting on the results, Shlomo Amir, AVT’s President and CEO, said: “Our results for 2002, which are better than forecasted, are due to the combined efforts of everyone in the company. We took some tough decisions at the beginning of the year and remained closely focused, delivering results in all four quarters.” “The acquisition of Geiger Visions Systems (GVS) GmbH consolidated our position as a global company and strengthened our position in the labels sector,” Shlomo Amir continued. “The key to AVT’s success continues to be our understanding of our customers. We closely work with printers in the packaging and labels sectors, and deliver solutions that help them improve their product quality and efficiency,” Shlomo Amir concluded. AVT has always put great emphasis on reporting transparency. Therefore, the decision to apply for inclusion in the Prime Standard segment was only logical. Deutsche Börse has accepted AVT to the new stock market segment.




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