Advanced Vision Technology Ltd.
Advanced Vision Technology Ltd. Reports Q1 2016 Financial Results
DGAP-News: Advanced Vision Technology Ltd. / Key word(s): Quarter Results AVT Reports Q1 2016 Financial Results
Highlights for Q1 2016:
Hod-Hasharon, Israel, May 10, 2016 – AVT (Advanced Vision Technology Ltd, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL0010837248), a leading provider of process control, quality assurance and color control solutions for the printing industry, announced today the financial results for the first quarter of 2016 ended March 31. New order booking in the first quarter of 2016 totaled USD 14.8 million, representing an increase of 14.7%, compared with order booking of USD 12.9 million in Q1 2015. Revenues in the first quarter of 2016 totaled USD 12.3 million, 4.8% lower than the USD 13.0 million generated in Q1 2015. The higher levels of order booking in Q4 2015 and Q1 2016 are expected to materialize into revenue over 2016. Gross margin in the first quarter of 2016 was 50.2%, compared with 53.1% in Q1 2015. On a Non-GAAP basis, gross margin in the first quarter of 2016 was 50.9% vs. 53.2% in Q1 2015. The difference in gross margin is mainly due to the lower level of revenues. Operating income in the first quarter of 2016 totaled USD 0.24 million, compared with operating income of USD 1.39 million in Q1 2015. On a Non-GAAP basis, operating income in the first quarter of 2016 totaled USD 0.42 million vs. USD 1.47 million in Q1 2015. Net loss in the first quarter of 2016 was USD 0.38 million or a loss of USD 0.06 per share, compared with net income of USD 0.87 million or a profit of USD 0.14 per share (diluted) in Q1 2015. Net loss in the first quarter of 2016 was attributable to the accounting treatment of the company’s activities to hedge its exposure to fluctuations in the exchange rates of non-USD currencies. Total comprehensive loss was USD 0.03 million, compared with comprehensive income of USD 0.87 million in Q1 2015. Jaron Lotan, President and CEO of AVT: “We are pleased with the good order booking performance we had during Q1. However, we were unable to translate enough of this booking into revenues during this quarter and we expect to recognize revenues from this order booking during the remainder of 2016. We look forward to upcoming Drupa exhibition, that will commence on May 31st, at which AVT will introduce a set of next-generation solutions and technologies, including a new cloud-based quality standards and automation platform; digital press inspection & control solutions; inline color management solutions; and several new inspection platforms for web and sheet-fed packaging applications.” Please visit the AVT website: www.avt-inc.com
2016-05-10 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
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: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart | |
End of News | DGAP News Service |