Profits And Revenues Continue To Grow At AVT
Thursday, May 05, 2005
Hod-Hasharon, Israel, May 4, 2005 - Advanced Vision Technology Ltd., the world’s leading provider of automatic optical inspection and quality assurance systems for the printing and packaging industry, announced rises in profits and revenues for the first quarter of 2005. In the 13th consecutive quarter of growth, AVT reports a net profit of $736 thousand on revenues of $6 million. This represents a 2% increase in revenues over Q4 2004, and a 24% increase over Q1 2004. Strong sales in North and Latin America are credited with making a significant contribution to the figures with 53% of sales during the period coming from those markets. Additionally, AVT’s successful and rapid penetration of the worldwide labels market with the PrintVision/Helios solution and closed loop inspection has added to the successful quarter. Profitability also continued to grow with a proforma operating profit (excluding stock-based compensation) of $858 thousand, or 131% over the same period in 2004, and 47% higher than in Q4 2004. “I am very pleased to report these results,” said AVT President and CEO Shlomo Amir. “AVT continues to penetrate packaging and label markets around the world. Furthermore, in February this year AVT opened a representative office in Shanghai, China. This is a strategic move for AVT to strengthen its presence in the important Chinese and South East Asian markets, where we already have a number of customers.” Geographically, revenues from the Americas amounted to 53%, with 30% coming from Europe and 17% from the rest of the world. Revenues derived from sales of solutions made up 95.5% of the total, with services (maintenance, training and support) accounting for the balance. While in dollar terms service revenues remained at the same level as the same period of 2004, service orders received during the quarter totalled $355 thousand, or 32% more than in Q1 2004. These results will feed through to the balance sheet in the coming quarters. “AVT continues to maintain an active exhibitions schedule and in Q1 participated in the FINAT conference for label printers and converters in Budapest, Hungary, and at the FTA Info*Flex conference in Orlando, Florida,” commented Shlomo Amir. “There is no doubt that AVT's message is being heard and that printers and label converters around the world are benefiting from our solutions. I, therefore, expect our financial results will continue to improve over the next quarters, in line with the trend of the last three years,” he concluded.