Avatech Solutions Reports Preliminary Net Income for Fiscal 2008
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AVATECH SOLUTIONS, INC.
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
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(Unaudited)
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Three months ended
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Year ended
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6/30/08
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6/30/07
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6/30/08
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6/30/07
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GAAP net income (loss)
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$
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741,000
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$
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(873,000
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)
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$
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3,091,000
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$
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(555,000
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)
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Provision for (benefit from) income taxes
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(296,000
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)
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27,000
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493,000
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227,000
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Income (loss) before income taxes
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445,000
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(846,000
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)
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3,584,000
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(328,000
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)
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Stock-based compensation
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204,000
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61,000
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498,000
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739,000
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Interest income
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(21,000
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)
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(1,000
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)
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(126,000
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)
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(62,000
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)
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Interest expense
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9,000
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5,000
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29,000
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198,000
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Depreciation and amortization
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170,000
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174,000
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693,000
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689,000
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EBITDA as adjusted
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$
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807,000
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$
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(607,000
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)
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$
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4,678,000
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$
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1,236,000
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Note 1 -
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Management uses EBITDA as adjusted and Non-GAAP net income, both
non-GAAP measures, to evaluate the Company ’ s
operating performance and compare the Company ’ s
current results with those for prior periods, but cautions that
they should not be considered as substitutes for disclosures made
in accordance with GAAP.
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