CORONA, Calif., May 16, 2012 /PRNewswire/ -- AVT, Inc. (OTCBB: AVTC), a leading developer of automated and self-service retailing systems, today reported financial results for the three months ended March 31, 2012.
Revenues for the first quarter of 2012 increased 150% to $3.5 million, compared to $1.4 million for the same period in 2011. Gross profit increased 60% to $1.6 million, compared to $1 million for the same period last year. Net income for the quarter was $225 thousand, compared to $9 thousand for the same period last year.
"Our team of designers and engineers continue to develop innovative systems and ground-breaking customized solutions," James Winsor, CEO stated. "Every day, more customers come to us for ideas on how to reach new markets, enhance their brands, and sell more products in a low-cost automated environment. This is a major factor in our growth and the force driving our record-breaking sales."
Shannon Illingworth, Founder and Chairman stated, "The first quarter results were in line with our expectations and we believe we will continue to deliver positive operating results for the remainder of the year. Our current clients continue to order new machines, while new and prospective customers are open and eager to see the many benefits that automated retailing provides."
Mr. Illingworth continued, "Our balance sheet remains very strong with $21.7 million in assets and only $2.1 in liabilities at the end of March. Even though the company has been reporting with the SEC for several years, I am very pleased with the Company's recent FINRA application, which has now allowed our Company's common stock to be quoted on the OTCBB. Our next goal is to grow the company and meet the listing requirements of a U.S. exchange, which will provide us with additional exposure and further acceptance among the investment community."
For more information on AVT, please call 877.424.3663 or visit the website at www.autoretail.com.
AVT, Inc. is a leading developer of automated and self-service retailing systems. AVT is able to work with any size company to design a custom automated retailing solution that drives traffic, increases sales, improves security, and lowers overhead. With an in-house design team, software developers, mechanical engineers and on-site manufacturing, AVT can take projects from concept to completion with speed, economy and ingenuity.
SOURCE AVT, Inc.