Avatech Solutions Reports Third Consecutive Quarter of Profitability and Net Income of $1.0 Million
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Avatech Solutions, Inc.
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Summary Consolidated Financial Data
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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2008
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2007
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2008
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2007
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Revenues-
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Product sales
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$6,341,000
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$9,094,000
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$20,960,000
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$23,614,000
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Service revenue
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3,132,000
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2,802,000
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8,635,000
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7,767,000
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Commission revenue
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3,279,000
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2,688,000
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8,505,000
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7,660,000
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Total revenues
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12,752,000
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14,584,000
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38,100,000
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39,041,000
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Cost of revenues-
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Cost of product sales
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4,413,000
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6,236,000
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14,272,000
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15,418,000
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Cost of service revenue
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2,109,000
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1,876,000
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6,129,000
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5,442,000
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Total cost of revenues
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6,522,000
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8,112,000
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20,401,000
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20,860,000
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Gross margin
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6,230,000
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6,472,000
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17,699,000
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18,181,000
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Operating income (loss)
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1,318,000
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(111,000)
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3,083,000
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668,000
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Net income (loss)
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1,005,000
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(224,000)
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2,349,000
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319,000
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Earnings (loss) per share:
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Basic
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$ 0.06
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$ (0.02)
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$ 0.13
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$ 0.00
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Diluted
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$ 0.05
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$ (0.02)
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$ 0.12
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$ 0.00
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Weighted average common shares outstanding:
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Basic
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16,304,013
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14,484,564
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16,096,985
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13,908,920
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Diluted
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20,267,042
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14,484,564
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20,108,236
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15,386,200
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March 31,
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June 30,
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2008
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2007
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Current assets
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$12,753,000
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$10,840,000
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Property and equipment
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849,000
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934,000
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Other long-term assets
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7,658,000
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7,800,000
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Total assets
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$21,260,000
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$19,574,000
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Current liabilities
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$8,814,000
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$9,725,000
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Long-term liabilities
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80,000
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0
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Series F convertible preferred stock
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3,629,000
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3,629,000
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Stockholders' equity
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8,737,000
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6,220,000
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Total liabilities and stockholders' equity
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$21,260,000
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$19,574,000
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