Advanced Vision Technology Ltd., IL0010837248

Advanced Vision Technology Ltd., IL0010837248

14.11.2016 - 08:04:06

Advanced Vision Technology Ltd.: AVT Reports a 15.1% Increase in Revenues for Q3 of 2016

AVT Reports a 15.1% Increase in Revenues for Q3 of 2016

- Company's first nine months' Revenues up 9.5%; - New Order Booking for first nine months up 13.2%

Hod-Hasharon, Israel, November 14, 2016 - AVT (Advanced Vision Technology Ltd, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL0010837248), a leader in automatic print inspection, process control, quality assurance and color control for printing applications, announced today that its Q3 2016 revenues increased by 15.1% compared to Q3 2015. AVT's third quarter 2016 revenues totaled US $14.2 million, compared with US $12.3 million in the same period last year.

Year-over-year revenues also are up for the first nine months overall: AVT generated US $42.1 million in revenues over the first nine months of 2016, compared to US $38.4 million in revenues during the same period last year, an increase of 9.5%.

AVT also saw third quarter gains in several other major financial indicators, including new order booking, operating income and net income.

New order booking in the third quarter of 2016 totaled US $14.5 million, a 4% increase over the US $13.9 million generated in Q3 2015. New order booking in the first nine months of 2016 totaled US $46.6 million, an increase of 13.2% over the US $41.2 million for the first nine months of 2015.

AVT's operating income in the third quarter of 2016 totaled US $1.3 million, compared to the US $0.8 million in the third quarter of 2015. For the first nine months of 2016, operating income totaled US $3.2 million compared with US $3.1 million in the first nine months of 2015. Operating income in the third quarter of 2016 included a US $0.6 million income adjustment to a provision for earn-out associated with the acquisition of certain business activities from Erhart & Leimer in 2015.

Net Income in the third quarter of 2016 was US $1.0 million, compared to the US $0.6 million in the third quarter of 2015. Net income in the first nine months of 2016 was US $2.4 million, or a profit of US $0.39 per share (diluted), compared with net income of US $2.1 million, or a profit of US $0.34 per share (diluted) in the first nine months of 2015.

AVT's gross margin for the third quarter of 2016 was 51.5% compared with 51.8% in Q3 2015. For the first nine months of 2016, gross margin was 51.4% compared with 53.0% in the first nine months of 2015.

According to Jaron Lotan, President & CEO of AVT: "We are pleased with our financial results that reflect both our leadership and the loyalty of our existing customers and the beginning of positive results from the investments we are making in new growth engines. We remain focused on providing quality solutions and excellent support to our customers while investing in new directions and solutions for future growth."

Highlights for Q3 and first nine months of 2016:

- Revenues in the third quarter of 2016 totaled US $14.2 million compared with US $12.3 million in the third quarter of 2015. Revenues in the first nine months of 2016 totaled US $42.1 million, compared with revenues of US $38.4 million in the first nine months of 2015.

- New Order Booking in the third quarter of 2016 totaled US $14.5 million compared with US $13.9 million in the third quarter of 2015. New Order Booking in the first nine months of 2016 totaled US $46.6 million, compared with US $41.2 million in the first nine months of 2015.

- Operating Income in the third quarter of 2016 totaled US $1.3 million compared with US $0.8 million in the third quarter of 2015. Operating Income in the first nine months of 2016 totaled US $3.2 million, compared with US $3.1 million in the first nine months of 2015.

- Net Income in the third quarter of 2016 totaled US $1.0 million compared with US $0.6 million in the third quarter of 2015. Net Income in the first nine months of 2016 totaled US $2.4 million, compared with US $2.1 million in the first nine months of 2015.

About AVT

AVT (Advanced Vision Technology, Ltd) is a leading provider of print process control, quality assurance and color control solutions for the printing industry. AVT offers inspection and process control solutions for Packaging, Labels, Folding Cartons and Metal Decorating applications. Today, more than 4000 AVT automatic inspection systems for packaging and labels are installed worldwide. As a premier supplier of color control solutions for offset printing, AVT has over 800 of its closed loop color control systems, and over 3,300 color management and reporting software and remote digital ink fountain control systems installed around the world. AVT's products are sold to leading printing press and finishing equipment manufacturers as well as to packaging, labels commercial and specialty printers, both in web and sheet printing, worldwide. AVT's headquarters are located in Hod-Hasharon, Israel with sales, marketing, and support offices in the United States, Europe and China.

Please visit the AVT website: www.avt-inc.com

Safe Harbor Statements

Certain statements in this press release are forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to: the impact on revenues of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation of hostilities or acts of terrorism; any unforeseen developmental or technological difficulties with regard to our products; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; a shift in demand for products such as ours; unknown factors affecting third parties with whom we have formed business alliances; timely availability and customer acceptance of our new and existing products, and other factors and risks discussed in our 6 months report for 2016. We assume no obligation to update information concerning our expectations

For further information, please contact: Udi Bar Sela, CFO Advanced Vision Technology Ltd (AVT) Ltd. Phone: +972-9-7614444 Fax: +972-9-7614555 Email: udibs@avt-inc.com

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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

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