Advanced Vision Technology increases revenues by 43% to $3.3 million in Q3/2002

„Advanced Vision Technology increases revenues by 43% to $3.3 million in Q3/2002\r\n
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\r\nHod-Hasharon, Israel, October 30, 2002. Advanced Vision Technology (Neuer\r\n
\r\nMarkt: VSJ, securities identification number: 931 340), a specialist provider\r\n
\r\nof machine vision-based automatic inspection systems for the printing industry,\r\n
\r\nrecorded revenues of $3.3 million in the 3rd quarter of 2002. This represents\r\n
\r\nan increase of 18% over the second quarter of 2002 and a growth of 43% year-on-\r\n
\r\nyear. Total revenues for the first nine months of fiscal year 2002 amounted to\r\n
\r\n$8.6 million, up 23% compared to the same period of last year. The book-to-bill\r\n
\r\nratio for the quarter ended is 1.1.\r\n
\r\n“;“The proforma loss (excluding expenses resulting from changes in the stock\r\n
\r\noption plan) in Q3/2002 was $692,000 (previous year: $1.692 million). Earnings\r\n
\r\nbefore interest, taxes, depreciation and amortization (EBITDA) in Q3/2002 were\r\n
\r\n-$591,000. This compares to a loss of $1.6 million in Q3/2001. As a result, the\r\n
\r\nproforma EBIT for the first nine months of 2002 improved by 54.3% to -$2.379\r\n
\r\nmillion, following a loss of $5.204 million in the same period last year.\r\n
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\r\nIn the third quarter, more than 42% of revenues were recorded in the Americas,\r\n
\r\ndown from 51% in 2001. Conversely, revenues in Europe increased to 40%, up from\r\n
\r\n36% in the first nine months of 2001.\r\n
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\r\nExpenses for research and development decreased by more than 18% to $968,000 in\r\n
\r\nQ3/2002. This was primarily due to the conclusion of several development\r\n
\r\nprojects at the end of 2001. This enabled AVT to successfully launch new\r\n
\r\nproducts, including new systems of Geiger Vision Systems, which AVT had\r\n
\r\nacquired in the spring. These products have already generated revenues,\r\n
\r\nbolstering AVT’s leading position in the market for inspection systems for the\r\n
\r\nlabel-printing sector.\r\n
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\r\nAVT expects revenues to grow further in the next six months.\r\n
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\r\nNotes:\r\n
\r\nFor further information, visit http://www.avt-inc.com or contact:\r\n
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\r\nAVT Advanced Vision Technology Haubrok Investor Relations GmbH\r\n
\r\nAviva Haleva Bettina Linden\r\n
\r\n5 Hanagar St, P.O.B. 7295 Siesmayerstraße 10\r\n
\r\nInd. Zone Neve Ne’eman 60323 Frankfurt\r\n
\r\nHod-Hasharon 45241 Germany\r\n
\r\nIsrael Tel.: ++49 (0) 69 71 678 600\r\n
\r\nTel.: ++972 9 761 44 77 Fax: ++49 (0) 69 71 678 699\r\n
\r\nFax: ++972 9 761 45 01 B.Linden@haubrok.de\r\n
\r\navivah@avt-inc.com\r\n
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