AVT, Inc. released its third quarter 2012 financial results, which exceeded analyst and management expectations. Total revenues for the nine months ended Sept. 30, 2012 were $10,869,269 compared to $6,269,523 for the same period in 2011. This increase of over 50 percent was due in part to significant manufacturing revenues and large orders of the company's custom kiosks.
For the nine months ended Sept. 30, 2012, net income more than doubled to $694,621, from $302,295.
The company's management stated that net income saw triple digit growth over the same period last year due to several factors, including increased orders from existing customers, several new pilot programs moving into production, and an improvement in the general business climate.
"We are proud of our achievements to date in developing new, cost-effective systems for businesses and entrepreneurs to reach new customers and enhance brand awareness through automated retailing," stated Shannon Illingworth, founder and chairman of AVT, Inc., in a prepared statement. "We strive to bring quality solutions to our customers, while increasing value for our shareholders, and creating a positive work environment for our employees."