In the company’s news yesterday,
Avtech Solutions, Inc. announced their fourth consecutive quarter of profitability on quarterly revenues of $11.5 million. The increase in net income over the same quarter last year was due primarily to a $1.3 million reduction in SG&A costs.
The earnings report represents a significant turnaround after a challenging 2006 and 2007 for the company. George Davis, President and Chief Executive Officer of Avatech Solutions, commented, “In fiscal 2008 we returned to profitability with record net income and strengthened our balance sheet, which includes increasing our cash position more than three-fold since the beginning of the year. These achievements are the result of our new strategy implemented at the end of fiscal 2007 to improve productivity, diversify revenue with an expanded focus on services, all while reducing operating expenses throughout the Company.”
He continued, “I am especially pleased with our ability to achieve record profitability in fiscal 2008 when considering the challenging macro-economic environment that had both direct and indirect impacts on our U.S. based design engineering markets throughout the year. Although we have entered turbulent economic times, with a strong balance sheet and reduced operating costs, the company is well positioned to work toward achieving revenue growth and continued profitability in Fiscal 2009.”
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