In the second quarter of fiscal year 2004, revenues increased to US$5.2m, up 23 per cent compared to the same period in 2003 and up six per cent compared to the first quarter of 2004. Revenues for the first half of 2004 totaled US$10m, an increase of 22 per cent over the same period in 2003.
The company’s profitability also continued to grow achieving 60.7 per cent gross margin and 7.7 per cent operating profit for the first six months of 2004. Net income for the first six months of 2004 was US$857,000 compared with US$79,000 in the respective period of 2003. Proforma operating income for H1/2004 (excluding amortisation of deferred stock compensation) increased from US$143,000 in H1/2003 to US$881,000 in H1/2004. EBITDA increased from US$328,000 in H1/2003 to US$1.04m in the first six months of 2004
Order bookings were strong in the second quarter, following a very strong first quarter. AVT booked US$5.7m in new orders, representing a book-to-bill ratio of 1.1. This represents an increase of 51 per cent over Q2 2003, and makes the total of orders booked for H1 2004 US$11.4m, an increase of 72 per cent over the same period in 2003.
Shlomo Amir, AVT president and CEO, says, “We are proud of these second quarter results. Our performance continues to improve with the continued strengthening of AVT’s position in the market place.
“At drupa 2004, AVT showed seven different systems, including several new ones, and had a presence on the stands of major packaging press manufacturers. Sales and interest in our solutions has been worldwide, which is reflected in the geographic distribution of our sales.”
AVT’s revenues for the first six months of 2004 by territory show a strong growth in sales outside Europe and the Americas, notably in Southeast Asia and India. Distribution of revenues for H1 2004 is: Europe 41 per cent, Americas 36 per cent and ROW 23 per cent (12 per cent in the same period in 2003).
AVT employs 106 people and has more than 800 systems installed worldwide.
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