Avatech Solutions Announces Profitable First Fiscal Quarter.* Net income rises to $489,000 * SG&A declines by $603,000 * Services revenue increases by 8% BALTIMORE -- Avatech Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AVSO AVSO Association of Voluntary Service Organisations .OB), the nationwide technology experts for design, engineering, and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. , today announced financial results for its first fiscal quarter ended September 30, 2007. For the first quarter of fiscal 2008, the Company reported revenues of $12,417,000 compared to $12,045,000 in the prior-year period. The Company reported net income of $489,000, or $0.02 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $36,000, or $0.00 per fully diluted share, in the same period of the prior year. President and Chief Executive Officer George Davis George Davis may refer to:
Strategic U.S. foreign policy of the late 1940s and early 1950s intended to check the expansionist designs of the Soviet Union through economic, military, diplomatic, and political means. It was conceived by George Kennan soon after World War II. initiatives, which began in February 2007. "We have established a prudent cost base and a rigorous expense management philosophy for Avatech, and are working aggressively to improve gross margins. In conjunction with our successful cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. efforts, this will lay a solid long-term foundation for consistent profitability and improved earnings. We continue to expect to deliver modest revenue growth in fiscal 2008 and be profitable in each successive quarter. "With our baseline operational plans and a renewed emphasis on the bottom line in place, we have been turning additional attention to growth and strategic endeavors, with particular focus on services and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. . With the increased need for vertical and 3D solutions, we are seeing a natural demand for complimentary services in advanced training, consultancy and implementation. Our goal is to leverage the extensive need for engineering solutions and to use Avatech's industry expertise and outstanding technical capabilities to grow our Company's bottom line." Conference Call Information Avatech will hold a conference call to discuss its first quarter results at 11:00 a.m. ET on Wednesday, November 14, 2007. The dial-in number for the conference call is (866) 634-2258. (For international callers, the dial-in number is 706-643-9926.) A replay of the call will also be available through Wednesday, November 21, 2007, and can be accessed by dialing (706) 645-9291, conference ID #23107099. An audio replay of the conference call will be available in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company's Web site, http://www.avatech.com. About Avatech Solutions Avatech Solutions, Inc. (OTCBB:AVSO.OB) is the recognized leader in design and engineering technology with unparalleled expertise in design automation, data management and process optimization Process optimization is the practice of making changes or adjustments to a process, to get results. Optimization is the use of specific techniques to determine the most cost effective and efficient solution to a problem or design for a process. for the manufacturing, engineering, building design and facilities management markets. Headquartered in Owings Mills, Maryland Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall. , the company specializes in consulting, software systems integration and implementation, standards development and deployment, education, and technical support. Avatech is one of the largest integrators of Autodesk software worldwide and a leading provider of PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design solutions. The company's clients include industry leaders from Fortune 500 and Engineering News Record's Top 100 companies. Visit http://www.avatech.com for more information. Forward-looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements about the expectations, beliefs, plans, intentions, and strategies of Avatech Solutions, Inc. There are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Statements that are not historical in nature, including those that include the words "goal," "expect," "anticipate," "estimate," "should," "believe," "intend," and similar expressions, are based on current expectations, estimates and projections about, among other things, the industry and the markets in which Avatech operates, and they are not guarantees of future performance. Whether actual results will conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" expectations and predictions is subject to known and unknown risks and uncertainties, including risks and uncertainties discussed in this report; general economic, market, or business conditions; changes in interest rates, and demand for our products and services; changes in our competitive position or competitive actions by other companies; the ability to manage growth; changes in laws or regulations or policies of federal and state regulators and agencies; and other circumstances beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated will be realized, or, if substantially realized, will have the expected consequences on our business or operations. [TABLE OMITTED] |
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