Business News
AVT Reports First Half of 2014 Financial Results
Thursday 28. August 2014 - · Revenues in H1 2014 increased to $27.1 million, up 9.7% over H1 2013 · Operating income in H1 2014 increased to $3.1 million, up 17.5% over H1 2013 · Net profit in H1 2014 increased to $2.3 million up 11.2% over H1 2013 · Total Order Bookings in H1 2014 were $26.7 million, an increase of 9.1% over H1 2013
Advanced Vision Technology Ltd. (AVT, Prime Standard of the Frankfurt Stock Exchange, ISIN: IL0010837248), the world’s leader in print process control, quality assurance and color control for the packaging, labels, folding cartons and commercial print markets, announced today its financial results for the first half of 2014 ended June 30, 2014.
Revenues for the first six months of 2014 were $27.1 million, an increase of 9.7% compared to $24.7 million in the first six months of 2013. Revenues in the second quarter of 2014 totalled $13.7 million representing an increase of 10.5% compared with Q2 2013. The increase in total revenues in the first half of 2014 compared with the same period last year is attributable to higher sales to the Labels & Packaging converters printing markets.
Order Booking in the first half of 2014 totalled $26.7 million representing an increase of 9.1% compared to order booking of $24.4 million in the first half of 2013. For the second quarter order booking totaled $13.6 million, an increase of 11.3% over the second quarter of 2013.
Gross margin in the first six months of 2014 was 52.8% compared with 54.2% in the first half of 2013. Gross margin increased from 54.2% in the second quarter of 2013 to 55.2% in the second quarter of 2014. The decrease in gross margin in the first six months of 2014 is attributable primarily to higher cost of service.
Operating Income in the first six months of 2014 was $3.1 million, an increase of 17.5% compared with operating income of $2.7 million in the first half of 2013. Operating income in the second quarter of 2014 was $1.8 million, an increase of 34.4% compared with operating income of $1.3 million in the second quarter of 2013.
Net Income for the first six months ended June 30, 2014 was $2.3 million or $0.37 per share (diluted), an increase of 11.2% compared with $2.0 million or $0.35 per share (diluted) for the first half of 2013. Net income in Q2 2014 was $1.3 million compared with $1.1 million in the year ealier quarter .
Jaron Lotan, President and CEO of AVT said:”I am pleased to report that in the second quarter of 2014 we continued to see increased growth in both revenue and order bookings terms. Our solid performance was based on strong order bookings of our packaging and label market products, as well as high performance in Europe that positions us on track to execute our plan for the year. We continued to enhance our digital market presence where we installed our Apollo systems, with the Zeroset workflow module, on the new HP Indigo 20000 presses in several customer sites”