AVT, Inc. (formerly Automated Vending Technologies) (Ticker: AVTC.PK) (www.autoretail.com) announced that third quarter and year-to-date earnings had outperformed expectations, and mark new historic highs for the company.
The company reported that for the nine months ended Sept. 30, 2011, revenue was up 60 percent to $6.27 million from $3.77 million. Net profits were $302,000, up from a loss of $517,000 for the year earlier period. And sequential quarterly profits climbed to $257,000 for the September 2011 quarter, up from $35,000 for the June quarter and up from $10,000 for the March quarter.
"We are now well positioned to grow by many multiples as our research and development phase is now largely behind us and we are able to market the products we spent years developing and patenting," stated Shannon Illingworth, AVT founder in a prepared statement. "I am proud of what we have achieved, and mindful that are best days are still ahead."
AVT designs, develops and manufacturers automated retailing systems, which is one of the hottest sectors in the retailing industry today. Automated retailing allows consumers to purchase a wide variety of products from a self-serve system in locations that are typically not served. For example, AVT has automated retailing systems in airports, hotels and casinos that allow consumers to purchase items such as cell phones, swim suits and sunglasses, in an architecturally striking system that features bold graphics and modern walls of glass.
Automated retailing is growing exponentially because it serves all parties equally well. For retailers, a self-serve system provides new distribution points without the overhead associated with opening a new store. The location of the system and the sleek design help create a strong brand awareness and affinity. For example, systems placed in an upscale, modern casino are a natural fit for brands that cater to that demographic, such as makers of cosmetics, fashion accessories, and electronics.
Systems can also be placed right inside the retailer's stores to control inventory and lessen dependence on employee interaction. Some examples of this are self-serve systems that dispense video games or carpet cleaning equipment.
AVT continues to grow as the industry expands, and has converted several pilot programs into production. The company also recently received a multi-million dollar credit line to help accommodate the influx of new orders.
For more information on AVT, call 877-424-3663 or visit the Website at www.autoretail.com.