Advanced Vision Technology (AVT), has announced record revenues for the first half and the second quarter of 2008. The company, which manufactures optical inspection and quality assurance systems for the printing industry, had first half revenues of $US34 million, an increase of 113.7 percent over the same period in 2007. Revenues for the second quarter were $16.9 million, up 109.4 percent over Q2 of last year.
AVT, headquartered in Hod-Hasharon, Israel, is a public company trading on the Frankfurt Stock Exchange.
Graphics Microsystems Inc. (GMI), acquired by AVT in October 2007, contributed $8.2 million to Q2 revenues. AVT product line revenues in Q2 2008 amounted to $8.7 million, representing an increase of 8.3 percent of the revenues in Q2 of 2007. GMI is a supplier of closed loop color control systems.
Service revenues in the first six months of 2008 totaled $5 million (out of the total revenues of $34 million), 328 percent higher than H1 2007. The increase in service revenues is attributable to the contribution of GMI’s product line and the continued increase in the number of service contracts signed during the quarter. Service orders received during H1 of 2008 were $5.6 million, 318 percent higher than in H1 2007. During the first six months of 2008, order booking totaled $32.3 million, representing an increase of 72 percent over H1 2007 order booking of $18.8 million.
Net income for the first half of 2008 was $1.7 million, compared with $3.5 million for H1 2007. The results of H1 2008 include amortization expense of intangible assets of $1.4 million.
“The company's continuous growth is, in part, a result of the successful integration of GMI,” says Shlomo Amir, president and CEO of AVT. “The cooperation with GMI opened the door to new market opportunities. The highlight of the second quarter was the largest show in the printing industry, Drupa. During the Drupa exhibition, AVT and GMI jointly introduced no less than 20 new solutions for the printing industry, and received orders from customers in Europe, Asia and North America. We demonstrated combined solutions, including AVT automatic inspection for the commercial printing market and GMI spectral based inline color solution for the packaging market. These solutions were enthusiastically received by the industry. Moreover, in May we completed the integration of the distribution organizations of AVT and GMI in Europe, the Middle East and Africa, and both are now operating as AVT EMEA. This will enable efficient field operations, cost advantages, and we will effectively address joint market opportunities.”