AVT Q2 Earnings: "Highest in History"

Published: August 07, 2002, By PRESS RELEASE

HOD-HASHARON, ISRAEL -- Advanced Vision Technology Ltd. (AVT), a provider of machine vision-based automatic inspection systems for the printing industry, reports its Q2 revenues totaled $2.8 million (US), an increase of 21 percent of the same period in 2001 and 12 percent increase over Q1 2002. The co. says total revenues for the first six months were $5.3 million, representing an increase of 13.3 percent over the same period 2001.

According to AVT, its equipment orders for the first 2002 six-month period were up 40 percent ($8 million) over the first six months of 2001 ($5.7 million). "Orders were the highest in AVT's history, at $4.5 million ($3.5 million in Q1 2002)."

In Q2, co. reported a "major event" -- its acquisition of Geiger Vision Systems, Munich, Germany. "The acquisition of Geiger strengthened AVT in the label-printing sector and, overnight, positioned AVT as the clear market leader in this sector as well as in packaging," states Shlomo Amire, AVT president/CEO.

In addition, the co. says it continued its cost-reduction program, resulting in significant savings in R&D, cost of sales, and general administrative expenses. "AVT continues to invest more than $3 million in R&D annually, ensuring [our] leadership position," co. adds.

Visit AVT at avt-inc.com.