Hod-Hasharon, Israel, November 4, 2004 – Advanced Vision Technology Ltd, (AVT, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL001837248) today published its results for Q3 2004 showing record growth with revenues of US$ 5.4 million, a 23% increase over the same period in 2003.
Revenues for the first nine months of 2004 totalled US$ 15.5 million, demonstrating an increase of 22% over the same period in 2003. AVT’s profitability continues to grow with an increase of 76% to US$ 526 thousand for Q3, and by 266% for the first nine months of 2004, for a total of US$ 1.4 million. Earnings per share were US$ 0.30 for the first nine months of 2004, compared to US$ 0.07 in 2003.
“AVT has now achieved eleven successive quarters of growth, with increased profitability,” said Shlomo Amir, AVT’s President and CEO. “In the cyclically slow third quarter, our order booking was relatively strong with US$ 5.3 million in new orders, bringing total orders for 2004 to US$ 16.8 million.”
Shlomo Amir continued, “During Q3, AVT presented its solutions for the label and narrow web sectors at Labelexpo Americas and also had a presence on the Pitman, PCMC and Rotoflex booths at the show. A new distribution agreement with Pitman was announced at the show which we expect will greatly increase AVT’s exposure in these market segments.”
AVT’s worldwide presence continues to grow, notably in Southeast Asia and India. In the 3rd quarter, Europe accounted for 44% of AVT’s sales, the Americas 37%, and the rest of the world 19%.
Analyzing the operating expenses, gross margin increased to 60.8% compared to 58.7% in the first nine months of 2003. This is mainly attributable to the significant increase in revenue volume during the period, representing lower labor and fixed costs per system sold. EBITDA increased from US$ 582 thousand in the first nine months of 2003 to US$ 1.622 million in the same period of 2004, an increase of 172%.
Shlomo Amir concluded, “I look forward with confidence to our financial results in the next quarters and expect them to continue to improve, in line with the trend set in the last eleven quarters.”
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