Advanced Vision Technology Ltd. (XETRA:VSJ) has a larger orders backlog than revenue. The Hod-Hasharon-based company develops automatic optical inspection and quality assurance systems for the printing industry.
Revenue rose 8.3% to $9.8 million for the first quarter from $9.1 million for the preceding quarter.
The orders backlog rose 35% to $10 million in the first quarter from $7.4 million for the corresponding quarter, although 1.4% less than the backlog of $10.2 million for the preceding quarter. This orders-to-revenue ratio was 102.1%, the second consecutive quarter in which orders exceeded revenue.
Net loss fell to $298,000 ($0.06 per share) from $1.5 million for the corresponding quarter and $7.7 million for the preceding quarter. Pro-forma net loss narrowed to $51,000 for the first quarter from $180,000 for the corresponding quarter and $2.8 million for the preceding quarter.
AVT posted a pro-forma operating profit of $300,000 compared with an operating loss of $1 million for the preceding quarter.
AVT president and CEO Shlomo Amir said, "I believe that the first quarter for the year will set the tone for the remainder of 2010."
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2010
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