Net income for the quarter was up 57.4 percent at $2.0 million. Net income for the nine months to September 30 grew 30.4 percent to $5.5 million. At September 30 the company had an order backlog of $10.6 million, 19.7 percent higher than the respective period of 2006, with 65 to 75 percent of that total expected to become revenues in Q4. Europe showed strong growth with 45 percent of all sales for the first nine months.
The third quarter saw AVT’s acquisition of Graphic Microsystems (GMI), 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. At Labelexpo Europe in Brussels, AVT received one of the Label Industry Global Awards.
“While the completion of the acquisition of GMI was the most exciting news of the quarter, AVT also received the prestigious ‘New Innovation’ award in the Label Industry Global Awards competition,” says Shlomo Amir, AVT president and CEO. “The award is for an industry supplier that has impacted the label printing industry with outstanding innovations in the last few years, and it was a great honor to receive it. The benefits of our sales efforts during the year and at Labelexpo, along with developing GMI’s products and services, give us a very strong foundation as we prepare for 2008 and Drupa.”
Advanced Vision Technology develops and manufactures automatic inspection systems for web applications in the packaging, labels, forms, and converting sectors. As of today, more than 1,700 PrintVision systems are installed worldwide.