AVT Reports Best Quarterly New Order Bookings Ever, Big Sales Too
Press release from the issuing company
HOD-HASHARON, ISRAEL, July 31, 2002 – Advanced Vision Technology Ltd., (Neuer Markt: VSJ, securities identification number: 931 340), the world's leading provider of machine vision-based automatic inspection systems for the printing industry, announced that revenues for the second quarter of 2002 totaled $2.8 million, an increase of 21% over the same period in 2001, and a 12% increase over Q1 2002. Total revenues for the first six months were $5.3 million, representing an increase of 13.3% over the same period in 2001.
In the first six months of 2002, the EBIT improved by 52% to minus $1.69 million, compared to the same period last year. In the second quarter of 2002, the EBIT came in at minus $605,000, compared to minus $1.83 million in the second quarter of 2001, and minus $1.08 million in the previous quarter.
Equipment orders for the six-month period were up 40% ($8.0 million) over the first six months of 2001 ($5.7 million). Orders in Q2 were the highest in AVT’s history at $4.5 million ($3.5 million in Q1 2002).
A major event of the second quarter was AVT’s acquisition of Geiger Vision Systems GmbH (GVS), of Munich, Germany, a supplier of automatic inspection systems focused on the labels sector.
AVT continued its cost-reduction program, resulting in significant savings in R&D, cost of sales and general administrative expenses. AVT continues to invest more than $3 million in R&D annually, ensuring its leadership position. AVT will also continue the R&D activities of GVS under the auspices of Advanced Vision Technology AVT (Germany) GmbH, a fully owned subsidiary set up to operate the GVS business.
Service provision has continued to increase as a revenue stream as the installed base of PrintVision systems continues to grow. In the first six months of 2002, service revenues totaled $256 thousand compared with $125 thousand in 2001.
AVT’s operating loss declined from $3.5 million in the first six months of 2001 to $1.7 million in the first six months of 2002. With an overall liquidity of more than $35 million, AVT's solid financing situation remains unchanged.
"These results are significantly better than expected at the beginning of the year," said Shlomo Amir, AVT President and CEO. "Market conditions dramatically improved for us in the last six months, and this has enabled AVT to record its highest quarterly order bookings ever."
"The acquisition of Geiger Vision Systems strengthened AVT in the label printing sector and, overnight, positioned AVT as the clear market leader in this sector as well as in packaging," he added.
"Providing that American and European markets do not turn downward, we expect to continue growing in the second half of 2002. With a wider product offering and a dominant market position, AVT is well positioned to exploit market opportunities," Mr. Amir concluded.
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