AVT Acquires GMI, Enters Commercial Printing and Newspaper Markets

Amir noted that Dover Corporation, parent company of GMI, decided on the divestiture due to a shift in focus to larger businesses. GMI’s financials will be stated in AVT’s quarterly report, to be released Nov.12, 2007. The company’s sales for the first six months of 2007 were $18.8 million, a 13 percent growth over the same period in 2006, with gross profit as a percentage of sales growing to 52.4 percent in the first six months of 2007 from 46.4 percent in 2006. EBITDA grew to $3.109 million in 2007 from $1.086 million in 2006, or 16.5 percent of sales in the first six months of 2007 from 6.5 percent of sales in 2006. Throughout 2006, GMI reduced non-engineering overhead, resulting in an annualized savings of over $2 million, and improved product cost. In 2007, GMI also returned its field service division to profit.