Profits and Revenue Grow at AVT

Published: November 26, 2007, By pffc-online.com

PRESS RELEASE

HOD-HASHARON, ISRAEL | Advanced Vision Technology (AVT) completed Q3 2007 with revenue of $8.2 million, up 13% compared to the same period in 2006 ($7.2 million). Revenues for the nine months to September 30 totaled $24.1 million, up 14.4% over the same period in 2006 ($21.1 million).

Net income for the quarter was up 57.4% at $2 million ($1.3 million for the same period in 2006). Net income for the nine months to September 30 grew 30.4% to $5.5 million ($4.2 million in 2006). Orders for the first nine months totaled $25.1 million, representing a growth of 19.4% over the same period in 2006 ($21 million). At September 30, the company had an order backlog of $10.6 million, 19.7% higher than the respective period of 2006, with 65-75% of that total expected to become revenues in Q4.

Europe showed strong growth with 45% of all sales for the first nine months (37% in the same period of 2006). Revenues from maintenance, service and training for the first nine months increased to $1.86 million, 28% higher than the same period in 2006 ($1.45 million).

Q3 also saw the acquisition of Graphic Microsystems, Inc. (GMI). The company is a supplier of closed-loop color control systems, color management and reporting software, as well as remote digital ink fountain control systems for printers and press manufacturers. See avt-inc.com.