CORONA, CA -- AVT Inc., a developer and manufacturer of automated and self-service retailing systems, posted gains in net income and revenue in the first quarter of 2012.
Net income for the three months ended March 31 rose to $225,000 from $9,000 in the comparable 2011 period. Revenues climbed 150% year over year, to $3.5 million from $1.4 million. The company attributed the sharp increase to higher manufacturing revenues from large orders of its custom kiosks.
Gross profit increased 60% to $1.6 million from $1 million in the 2011 first quarter.
"Our current clients continue to order new machines, while new and prospective customers are open and eager to see the many benefits that automated retailing provides," said AVT founder and chairman Shannon Illingworth. He said the first-quarter results were in line with AVT's expectations, and forecast "continued positive operating results" for the remainder of the year.