Avatech Solutions Reports Results for Quarter and Six Months Ended December 31, 2002; CEO Walsh Outlines New Business Plan For Increased Revenue and Profitability.Business Editors/High-Tech Writers OWINGS MILLS, Md.--(BUSINESS WIRE)--Feb. 14, 2003 Avatech Solutions (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AVSO AVSO Association of Voluntary Service Organisations .OB), a leading provider of design automation and quality assurance solutions for the manufacturing, building design, civil engineering and GIS markets, today reported total revenue of $6.4 million for the quarter ended December 31, 2002, resulting in a net loss of $799,729 or $.33 per common share. For the six-month period ended December 31, 2002, total revenue amounted to $12.3 million, resulting in net income of $172,347 or $.07 per share. At December 31, 2002, total assets were $7.9 million. "In recent weeks we finalized our strategic business plan to increase revenue and profitability through investments in products, geography and people. One of the first areas of emphasis will be our manufacturing practice and the emerging product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. management (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 ) market. We intend to rapidly position ourselves as a leading integrator in the PLM market as it grows," said Avatech CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Donald R. "Scotty" Walsh. "We believe that PLM software and services represents a significant opportunity for future growth, prompting us to proactively explore alliances with several major PLM software providers." "A second area of emphasis will be geographic expansion supported by both a targeted merger and acquisition program, the opening of new locations and through expanded international product distribution relationships," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Walsh. "And third, we'll invest in hiring highly qualified professionals and in the professional development of the Avatech staff to sell and support the expansions in products and geography." About Avatech Solutions Avatech Solutions, Inc. is a leading provider of design automation and quality assurance solutions for the manufacturing, building design, civil engineering and GIS 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 software development, technical support, training and consulting aimed at improving design and documentation efficiencies and the seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. of workflow processes. Avatech is one the largest integrators of Autodesk software worldwide and a leading provider of engineering document management solutions. The company is the developer of the award-winning PrescientQA(TM) quality assurance software and cycle time reduction products for the manufacturing supply chain. Avatech serves 20,000 clients worldwide including the industry leaders from Fortune 1000 and Engineering News Record's Top 500 companies. Visit www.avatechsolutions.com for more information. 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. A description of risks and uncertainties attendant to Avatech and its industry, and other factors that could affect Avatech's financial results, are included in Avatech's Securities and Exchange Commission filings, including, but not limited to, the annual report on Form 10-KSB for the year ended December 31, 2001 of PlanetCAD, Inc. (now Avatech Solutions, Inc.), quarterly reports on Form 10-QSB for the quarters ended March 31 and September 30, 2002, the Proxy Statement/Prospectus included in PlanetCAD's registration statement on Form S-4 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the PlanetCAD-Avatech merger, and the current report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the Securities and Exchange Commission on January 30, 2003. Investors and shareholders may obtain a free copy of the documents filed by Avatech Solutions, Inc. with the Commission at the Commission's web site at www.sec.gov. The documents also may be obtained for free by directing a request to Melody Craigmyle, Director of Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. at 410-581-8080 or email MCraigmyle@avatechsolutions.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion