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Avatech Solutions Announces Fourth Quarter and Year End Results.

Publication: Business Wire
Publication Date: 28-SEP-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
* Total revenues increase 27.6% and services business revenues increase 44.5% in FY07

* Company provides financial outlook for FY08

BALTIMORE -- Avatech Solutions, Inc. (OTCBB:AVSO.OB), the nationwide technology experts for design, engineering, and facilities management, today announced financial results for its fourth quarter and fiscal year ended June 30, 2007.

For the year ended June 30, 2007, the Company reported revenues of approximately $50.5 million, a 27.6% increase over 2006 revenues of approximately $39.6 million. The Company generated growth in all three of its revenue categories, led by service revenue, which rose 44.5% to $10.7 million. Avatech reported a net loss for fiscal 2007 of $555,000, or $0.07 per fully diluted share, which included onetime charges to earnings of $1.3 million related primarily to severance costs and the closing of two offices. This compared to net income of $2.2 million, or $0.12 per fully diluted share, for fiscal year 2006. Excluding...

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