CORONA, Calif., Feb. 19, 2013 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com) has announced their 2012 year-end unaudited financial results. Fully audited statements (10-Q) will be filed according to SEC requirements.
The financial statements show that the company exceeded projections in all key areas, and continued the trend of record breaking year-over-year revenues.
Total revenues for year-end 2012 were up over 50% from 2011: from $10.3 million to $15.4 million. Gross profits were up over 30%: from $6.2 million to $8.1 million. Cash on hand at year-end skyrocketed 243% to $610,000, or 88% of current payables. AVT's current ratio (current assets/current liabilities) on the balance sheet is 6.4 to 1.
"We are very pleased with our performance in all areas," commented James Winsor, CEO of AVT. "We have a clear vision of where we want to take our company and we continue to execute on that strategy."
AVT is a leading developer of customized automated retailing systems, micro-stores, and self-service retailing solutions. The company has shown consistent growth for the past several years, and has developed several new divisions to deliver multiple revenue streams.
Shannon Illingworth, Company Founder and Chairman, said that their business model is geared for success. "We are able to consistently increase revenues through several channels, including manufacturing, leasing, technology licensing, and company-owned systems," Illingworth stated. "Now with orders currently on hand for 2013 that are already significantly higher than our totals for 2012, we anticipate another year of substantial growth and record breaking revenues."
For more information on AVT, please call 800-240-5175 or visit the website at www.autoretail.com.
About AVT, Inc:
AVT is a leading developer of customized automated retailing systems, Micro-Stores, and self-service solutions. Divisions include design, manufacturing, software engineering, leasing, media, and technology licensing. 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. AVT is uniquely qualified to take projects from concept to completion with speed, economy and ingenuity. For more information, visit: www.Autoretail.com
AVT's stock is traded through the OTC Markets, Ticker Symbol: AVTC
Safe Harbor Statement
The following Safe Harbor Statement applies to all our press releases.
"This press release contains forward-looking statements, particularly as related to the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "believe," "think," "anticipate," "should," "likely," or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statements. Actual results may differ materially from the Company's expectations and estimates. This release may also rely on statements made by other companies, reporters, and/or organizations. The Company cannot validate or assure the reliability of these and any other statements made by third parties.
SOURCE AVT, Inc.