Advanced Vision Technology Ltd.
AVT increases revenues and profitability in Q3 2014
Advanced Vision Technology Ltd. / Key word(s): 9-month figures 16.11.2014 21:56 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- AVT increases revenues and profitability in Q3 2014 - Revenues for the third quarter of 2014 totaled $14.0 million representing an increase of 8.9% over the revenues of Q3 in 2013 and an increase of 2.3% from the second quarter of 2014. - Total revenues for the first nine months of 2014 of USD 41.1 million (up 9.4% from USD 37.5 million in the same period of 2013) - EBIT for the first nine months of 2014 USD 4.5 million (up 6.2% compared to USD 4.3 million in the first nine months of 2013) - Order booking totals USD 40.6 million for the first nine month of 2014 (up 9.1% over the same period in 2013) Hod-Hasharon, Israel, November 16, 2014 - Advanced Vision Technology (AVT) Ltd., the world's leader in print process control, quality assurance and color control for the packaging, labels, folding cartons and commercial print markets, presents an increase in its revenues and profitability in the third quarter 2014. The revenues in the third quarter of 2014 totaled USD 14.0 million, representing an increase of 8.9% compared to the respective period in 2013 (USD 12.9 million), and an increase of 2.3% compared to the second quarter of 2014 (USD 13.7 million). For the first nine months of 2014 revenues reached USD 41.1 million, 9.4% over the revenues in the first nine months of 2013 (USD 37.5 million). Aligned with rising revenues, the order booking totaled USD 40.6 million representing an increase of 9.1% compared to the first nine months in 2013 (USD 37.2 million). EBIT (earnings before interest and taxes) in Q3 2014 totaled USD 1.4 million, a decrease of 12.9% compared to Q3 2013 (USD 1.6 million). In the first nine months of 2014 EBIT totaled USD 4.5 million, 6.2% higher than in the respective period of 2013 (USD 4.3 million). Gross margin decreased from 54.1% in the first nine month of 2013 to 52.5% in the first nine months of 2014 primarily due to higher service costs and an unfavorable impact of the Israeli Shekel exchange rate relative to the US Dollar. On a quarterly basis, gross margin decreased from 53.9% in the third quarter of 2013 to 51.8% in Q3 2014. The net income for the first nine months totaled USD 3.6 million or USD 0.59 per share (diluted), a growth of 2.5% compared to Q3 2013 (USD 3.5 million; USD 0.61 per share). After 6 years as Chairman of the Board Mr. Agassi has announced to the board his wish to step down as Chairman effective January 1, 2015. Mr. Agassi will continue to serve on the AVT Board as a Director representing Union Investments, AVT's largest shareholder, where he was recently appointed as Director. The Board has elected Mr. Dan Falk as the new Chairman of the Board of directors effective January 1st, 2015. Mr. Falk joined AVT Board on June 1, 2014; He has previously served as a Director of AVT between 11/2007 and 11/2010. The Board expressed its gratitude to Mr. Agassi for his contributions and accomplishments as AVT's Chairman and wished Mr. Falk success. 16.11.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Advanced Vision Technology Ltd. Hanagar 6 45241 Neve Ne'eman, Hod Hasharon Israel Phone: +972 9 761-4444 Fax: +972 9 761-4555 E-mail: IR@avt-inc.com Internet: www.avt-inc.com ISIN: IL0010837248 WKN: 931340 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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