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Avatech Solutions, Inc. (AVSO) reported its financial results last Friday for the third fiscal quarter ended March 31, 2009.
For the third quarter of fiscal 2009, the Company reported revenues of $8.0 million, compared to $12.8 million in the prior-year quarter. The Company incurred a net loss of $146,000, or $(0.01) per fully diluted share, for the three months ended March 31, 2009, compared to net income of $1.0 million, or $0.05 per fully diluted share, in the same period in the prior year. Adjusted EBITDA (as defined) was $106,000 in the third quarter of fiscal 2009, from adjusted EBITDA of $1.7 million in the prior year period.
Larry Rychlak, CFO of Avatech, commented in a conference call, "In this tumultuous economic environment, we are seeing diminished sales activities and increased competitive pressures on the sales opportunities that currently exist. However, our overall financial position remains strong, especially as it relates to our liquidity, and we have not tapped our available line of credit."
George Davis, President and CEO of Avatech, explained, "The impacts of the economic recession on the markets that we serve are very challenging. Our continuing efforts to prudently manage our costs against significantly reduced sales in this recession, while returning positive EBITDA and holding steady with our valuable intalled customer base, is a testament to our leadership position. We remain confident that when the business environment begind to improve, we will be uniquely positioned to capture upside and return to traditional levels of performance."
He added, "We have been riding this downturn now for almost a year, and we expect that the impact will remain with us and our customers for the forseeable future. According to some economists and industry peers, we may be at or near the bottom, but it is very difficult to predict when things in our sector will show signs of recovery. The environment will improve. When it does, we expect to be out front. In the meantime, we are committed to protecting our core, while minimizing the risk to our customers, partners, employees and shareholders."
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