CORONA, Calif., Dec. 10, 2012 /PRNewswire/ -- AVT, Inc. (OTC Bulletin Board: AVTC) (www.autoretail.com) released their third quarter 2012 financial results, which exceeded analyst and management expectations.
Total revenues for the nine months ended September 30, 2012 were $10,869,269 compared to $6,269,523 for the same period in 2011. This increase of over 50% was due in part to significant manufacturing revenues and large orders of the company's custom kiosks.
For the nine months ended September 30, 2012, net income more than doubled to $694,621, from $302,295 for the nine months ended September 30, 2011.
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. "We strive to bring quality solutions to our customers, while increasing value for our shareholders, and creating a positive work environment for our employees."
Noted analyst Francis Gaskins of IPOdesktop.com said that AVT is undervalued at current prices and has tremendous upside potential.
"AVT's top line revenue has grown on average 45% per year for the past five years, and continues to increase on a quarterly basis," his report stated. "AVT is the only publicly traded pure play to participate in the growth of the high technology self-service retail space. AVT spent almost 3 years dedicated to research and development - designing componentry and entire new systems that are literally redefining the retailing world," according to the report. "AVT's new patent is seen as a game changer in the industry due to the enormous size of the user base, and it catapults AVT to the top of the field, as many vending manufacturers and operators will now have to work out licensing arrangements to continue using this technology."
Gaskin's insights are sought after and valued by the media including Bloomberg, CNBC, TheStreet.com, the Wall Street Journal, USA TODAY, Reuters, Associated Press, and Investors Business Daily. His site was named one of Forbes Best IPO Sites, and is also the number one most widely read IPO contributor on SeekingAlpha.com.
AVT, Inc. is an innovative developer, manufacturer and operator of technology-based product dispensing solutions and equipment. AVT combines vast market knowledge and a strong foundation of innovation with best-in-class technologies, to dramatically improve the quality of products, services and value delivered to customers.
This combination of expertise, experience and innovation gives AVT a distinctive advantage and contributes to the company's overall success and position as a leader of technology-based automated retailing systems.
To view a copy of the Gaskins IPOdesktop.com report, visit: http://gaskinsco.com/avtc-dec-12.pdf
For more information on self-service automated stores and vending machines, please visit AVT online at: www.autoretail.com.
AVT, Inc. is a high quality leader in the automated retailing industry, offering technology solutions at 50% less than the best-known competitor.
AVT is able to work with any size company to design a custom automated retailing solution that drives traffic, increases sales, improves security, and lowers overhead. With an in-house design team, software developers, mechanical engineers and on-site manufacturing, AVT can take projects from concept to completion with speed and cost efficiency.
AVT's stock is traded through the OTC Bulletin Board Markets, Ticker Symbol: AVTC.OB.
For more information on AVT, custom vending, or the Automated Retailing Industry, visit www.autoretail.com or call the Investor Relations Department at 800-240-5175.
SOURCE AVT, Inc.