AVT Reports First Half of 2010 Financial Results:

AVT returns to profit: recorded positive net income in Q2 2010 for the first time in 2 years

Press Release

Avt


• AVT returns to profit: recorded positive net income in Q2 2010 for the first time in 2 years

• Revenues in Q2 2010 totalled $9.8 million, an increase of 8.3% from revenues of $9.1 million in Q2 2009

• Third successive quarter in which order booking exceeded revenues: Highest quarterly order booking in 2 years

Hod-Hasharon, Israel, August 5, 2010 – Advanced Vision Technology Ltd. (AVT, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL0010837248), the world’s leading supplier of automatic optical inspection and quality assurance systems for the printing industry, announced today its financial results for the first half of 2010 ended June 30, 2010.

Revenues in the first six month of 2010 were $19.6 million, an increase of 2.6% from revenues of $19.1 million in the first six month of 2009.
Revenues in the second quarter of 2010 totalled $9.8 million, an increase of 8.3% from revenues of $9.1 million in the second quarter of 2009 and unchanged from revenues in the first quarter of 2010.



Order Booking in the first half of 2010 totalled $20.4 million representing an increase of 21.7% compared to order booking in the first half of 2009. The ratio of order booking to revenues in the second quarter of 2010 was 106.0% marking the third successive quarter in which order booking exceeded revenues. Q2 2010 order booking were $10.4 million, the highest for the last 2 years.

Gross margin in the first six months of 2010 was 49.8% compared with 49.3% in the first half of 2009.

Proforma gross margin (excluding amortization of acquired intangible assets and stock-based compensation expense) increased from 50.4% in the first quarter of 2010 to 51.1% in the second quarter of 2010 .

Proforma operating Income in the first six months of 2010 was a profit of $1.0 million compared with proforma operating loss of $0.3 million in the first half of 2009.
On a quarterly basis, proforma operating income in the second quarter of 2010 was $0.7 million compared with a loss of $0.5 million in the second quarter of 2009.



Avt

Net loss for the first six months ended June 30, 2010 was reduced to $0.3 million or a loss of $0.05 per share (diluted) compared with net loss of $2.2 million or a loss $0.42 per share (diluted) for the first half of 2009. Net income for the second quarter of 2010 was $10,000 compared to net loss of $667,000 in the second quarter of 2009.
The company incurred net financial expenses of $0.8 million during the first six months ended June 30, 2010 of which $0.4 million in the second quarter of 2010.

Proforma net income for the first six months of 2010 (excluding amortization of acquired intangible assets, stock-based compensation expense and in addition, for the first half of 2009 GMI restructuring and integration costs), was $0.2 million compared with proforma net loss of $0.4 million in the first half of 2009.

Shlomo Amir, President and CEO of AVT: "Despite the growing uncertainty in the global market, AVT continued its positive development in the second quarter of 2010.
The company continued its order booking growth, and returned to profitability for the first time in 2 years.
I am encouraged by the positive momentum of our growth, and expect it to continue in the second half of 2010".

About AVT
Advanced Vision Technology (AVT) develops and manufactures automatic inspection systems for web applications in the packaging, labels, forms and converting sectors. Today, more than 2,100 PrintVision systems are installed worldwide. On October 1, 2007, the Company completed the purchase of all outstanding shares of GMI and the related intellectual property.

Graphic Microsystems, Inc, (GMI) is the world’s premier supplier of closed loop colour control systems with over 850 installations, and of colour management and reporting software and remote digital ink fountain control systems with over 3,140 systems installed.
The company’s products are sold to leading commercial, semi-commercial, newspaper and specialty printers in the heatset and coldset web printing markets as well as to printing press OEMs worldwide.

AVT’s headquarters located in Hod-Hasharon, Israel with manufacturing facilities in Israel and the United States and, marketing, sales and support offices in the United States, Europe and China.
AVT is a public company listed in the Prime Standard of the Frankfurt Stock Exchange.


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