Hod-Hasharon, Israel, November 19, 2009 – Advanced Vision Technology Ltd. (AVT, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL0010837248), the world’s leading supplier of automatic optical inspection and quality assurance systems for the printing industry, announced its financial results for the 3^rd quarter and first nine months period ended September 30, 2009.

 

 

Revenues in the third quarter of 2009 totalled $9.1 million, unchanged from revenues in the second quarter of 2009 and a decrease of 38% compared to revenues of $14.7 million in the third quarter of 2008. Revenues in the first nine months of 2009 were $28.2 million, a decrease of 42% compared to revenues of $48.6 million in the first nine months of 2008. The decrease in revenues reflects the lower business activity as a result of the global economic downturn which affected AVT primarily from the second half of 2008.

 

 

 

Order booking during the first nine months of 2009 totalled $25.2 million representing  a decrease of 44% over order booking of $45 million in the first nine months of 2008. The ratio of order booking to revenues in the third quarter of 2009 was 91.9%. In the first nine months of 2009 the ratio was 89.4% attributable mostly to the global ecomonic slowdown.

 

Net loss for the third quarter of 2009 was $0.8, similar to a net loss of $0.7 million in the second quarter of 2009 and a net loss of $0.03million in the third quarter of 2008. Net loss for the first nine months of 2009 was $3.0 million or loss of $0.57 per share (diluted) compared with net income of $1.7 or $0.31 per share (diluted) for the respective period in 2008.

 

Proforma net loss for the first nine months of 2009 (excluding amortization of acquired intangible assets, stock-based compensation expense and GMI restructing and integration costs) was $0.8 million compared with proforma net profit of $4.9 million in the first nine months of 2008.

 

Shlomo Amir, President and CEO of AVT: "AVT's financial results in the third quarter of 2009 remained unchanged compared to the previous quarter portraying a balanced level of business activity. Yet, I cannot say that the worst is over. We have continued to reduce costs to accommodate the lower business level. In the first nine months of 2009, we reduced our workforce by 46 employees to 234, and reduced other costs across the company.

We are commited to continue developing innovative solutions for our customers. On this front, we launched at the Print ’09 exhibition in Chicago the next generation solutions for the commercial printing market: The ColorQuick/Clarios, a closed loop color control system for weboffiset presses and, the MicroColor/Mercury, an ink remote controll systems".

 

Advanced Vision Technology (AVT) develops and manufactures automatic inspection systems for web applications in the packaging, labels, forms and converting sectors. Today, more than 1,900 PrintVision systems are installed worldwide. On October 1, 2007, the Company completed the purchase of all outstanding shares of GMI and the related intellectual property.

 

Graphic Microsystems, Inc, (GMI) is the world’s premier supplier of closed loop colour control systems with over 800 installations, and of colour management and reporting software and remote digital ink fountain control systems with over 3,000 systems installed. The company’s products are sold to leading commercial, semi-commercial, newspaper and specialty printers in the heatset and coldset web printing markets as well as to printing press OEMs worldwide.

 

AVT’s headquarters located in Hod-Hasharon, Israel with manufacturing facilities  in Israel and the United States and, marketing, sales and support offices in the United States, Europe and China. AVT is a public company listed in the Prime Standard of the Frankfurt Stock Exchange.

Certain statements in this press release are forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to: the impact on revenues of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation of hostilities or acts of terrorism; any unforeseen developmental or technological difficulties with regard to our products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; a shift in demand for products such as ours; unknown factors affecting third parties with which we have formed business alliances; timely availability and customer acceptance of our new and existing products, and other factors and risks discussed in our Annual Report for the year ended December 31, 2008. We assume no obligation to update information concerning our expectations.

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