The increase in revenues is partially attributed to the consolidation of Graphic Microsystem’s (GMI) results in Q4 of 2007. GMI was acquired in October 2007 for $33.5 million and contributed $7.5 million to AVT’s Q4 revenues. AVT’s revenues for the year (excluding GMI) were up 13.7 percent over 2006 to $32.4 million.
The acquisition of GMI was closed on October 1. GMI is a supplier of closed loop color control systems, color management reporting software and remote digital ink fountain controls.
“The continued growth and success of AVT in 2007 is a reflection of our sustained market focus, extensive R&D, business development activities and acquisitions,” says Shlomo Amir, president and CEO. “We can take encouragement from the complementary technological and marketing strengths delivered by the acquisition of GMI last year. We intend to make every effort to build on technological synergies and to grasp the opportunity to enter new market segments.”