Isra Vision AG: Profitable Growth Continues

Isra Vision AG, supplier of industrial image processing systems (Machine Vision), saw a seamless continuation of its excellent business development of the past few years in the first quarter of the new 2006/2007 fiscal year (October 1 to December 31, 2006), recording increases in net sales and profits.

The ISRA group's EBT (Earnings Before Taxes) climbed 14 percent in the period October 1 to December 31, 2006, increasing to 2.5 million euros. The EBT Margin (EBT in relation to total operating revenue) improved in comparison to the same period last year, increasing a further percentage point to 19 percent. The return on sales before taxes reached 21 percent (previous year: 20 percent).

In the first quarter of 2006/2007, net sales grew by seven percent, reaching 11.9 million euros, and total operating revenue (net sales plus capitalized development) climbed by nine percent, reaching 13.4 million euros. At the same time, gross profit (total operating revenue less production costs) increased to 7.8 million euros. The gross profit margin (gross profit in relation to total operating revenue) thus rose by a further percentage point to 59 percent. Net profit increased by 21 percent, reaching 1.7 million euros, while earnings per share rose from 0.35 euros to 0.38 euros. The share of equity capital improved from 73.0 to 74.5 percent.

In the first quarter of 2006/2007, ISRA took over the British company IAL. In January (i.e. in the second quarter of fiscal year 2006/2007), ISRA then successfully acquired IAL's US sister company, IAI. The two enterprises emerged from an English competitor in the Float Glass division. The companies have not yet made a significant contribution to the ISRA group's net sales and earnings as of the end of the first quarter of 2006/2007.

The Surface Vision business division exceeded the volume of total operating revenue from the same period last year, posting 9.4 million euros in the first quarter. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) improved by seven percent to 2.5 million euros and EBIT remained stable, posting 1.7 million euros. The EBIT margin decreased slightly, falling 0.2 percentage points to 18.0 percent. A positive trend can be observed in the Industrial Automation business division. Total operating revenue in this segment rose 34 percent to 4.0 million euros. EBITDA improved nine percent to reach 1.0 million euros; EBIT increased by 51 percent to reach 0.7 million euros. Return on sales saw an increase of two percentage points to reach 17.1 percent.

As one of the global leaders on the growth market Machine Vision, ISRA is excellently positioned. With its two fields of technology, optical robot guidance and optical surface inspection, ISRA, with its innovative products, is concentrating on increasing efficiency for its customers from industry sectors that are particularly strong in growth. This multi-segment strategy provides the company with several profit drivers, to cushion, on the one hand, economic fluctuations in individual areas, and, on the other, to take advantage of growth opportunities in new sectors.

600450 Isra Vision AG: Profitable Growth Continues
Date: 3 March 2007

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