Printing control firm AVT's 2012 profit exceeds its forecast
TEL AVIV Feb 7 (Reuters) - Israel's Advanced Vision Technology (AVT) posted a 26.6 percent rise in net profit in 2012 as revenue increased due to higher demand for its quality control systems for the printing industry, especially in the American market.
Net profit in 2012 totalled $4.9 million compared with $3.9 million a year earlier, exceeding the company's full-year profit outlook of $4-$4.5 million. Revenue rose 4.5 percent to $48 million but fell short of its outlook of $49-$50 million.
Fourth-quarter revenue of $12.7 million and net profit of $2.0 million marked the highest quarterly revenue and profitability in the last four years, AVT said.
Order booking in the quarter was $14.1 million, the highest in the last four years and 24.6 percent above a year earlier.
"After a relative slowdown in the first half of the year, we experienced a significant recovery in the second half, especially in the American market," Chief Executive Shlomo Amir said in a statement.
AVT, whose systems replace the human eye in inspecting packaging and labels, is the industry leader with a 40 percent share of the labels and packaging inspection market.
For 2013, AVT projects revenue to be $49.0-$50.0 million and pretax income to be $5.2-$5.4 million.
The board declared a dividend of 45 cents per share for 2012.
AVT expects earnings to rise up to 20 percent annually in the coming years while sales are seen growing up to 15 percent, as label and packaging printers increasingly turn to its quality control systems to cut waste and production costs, Amir told Reuters last month. (Reporting by Tova Cohen)