AVT, Inc. Announces Preliminary Fiscal Year 2011 Revenues
Company Achieves Record Revenue of Approximately $10.0 million
CORONA, Calif., Jan. 12, 2012 /PRNewswire/ -- AVT, Inc. (Trading Symbol: AVTC), a leading developer of automated and self-service retailing systems, announced today preliminary revenues for the fiscal year ended December 31, 2011 of approximately $10.0 million, representing a 76% increase, as compared to fiscal year 2010.
Shannon Illingworth, AVT founder, commented, "We are excited to see large-scale deployment of AVT technologies and equipment continue to expand and perform as designed for our clients. In addition to our increase in revenues, we are experiencing higher gross profit margins and lower operating expenses as a percentage of sales, all of which provides much improved bottom line results."
Continued Mr. Illingworth, "Although the past few years have been challenging within the industry, we continue to see a steady flow of business from current clients, as well as new business opportunities. Our recently announced credit line with PMF Bancorp, combined with our better than expected operating results in 2011 put us in a position of being able to support and deliver on current backorders and target new business without delays."
All data are preliminary and subject to revision based upon the Company's completion of its ordinary closing procedures. These preliminary results should not be viewed as a substitute for full interim financial statements prepared in accordance with Generally Accepted Accounting Principles.
For more information on AVT, please call 877.424.3663 or visit the website at www.autoretail.com.
About AVT, Inc.
AVT, Inc. is an innovative, technology based developer, manufacturer and vending operator of cutting edge product dispensing solutions. With extensive experience in the vending machine industry, AVT combines vast market knowledge and strong customer relationships with best-in- class technologies, to dramatically improve customers' experience.
AVT's innovative designs exploit the use of integrated PCs. As a design manufacturer, creator of specialty application software and integrator of technology, AVT defines and leads the cutting edge of the vending and dispensing industry.
This press release contains statements that may be deemed to be "forward-looking statements" under federal securities laws. These forward-looking statements involve substantial uncertainties and risks and include the Company's assessment of its performance to date in 2011 and its expectation regarding total revenue for 2011. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to the dependence on key customers, the Company's ability to raise additional capital when needed, the sufficiency of working capital, the competitive market generally and in our industry specifically. The Company undertakes no obligation to revise or update any forward-looking statement for any reason.
SOURCE AVT, Inc.
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