AVT, Inc., a developer of automated and self-service retailing systems, announced preliminary revenues for the fiscal year ended Dec. 31, 2011 of approximately $10.0 million, representing a 76 percent increase, as compared to fiscal year 2010.
Shannon Illingworth, AVT founder, said in a prepared statement, "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 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, call 877-24-3663 or visit www.autoretail.com.