Avcorp releases slow second quarter results
Aug. 11, 2011, Vancouver - Avcorp today announced its financial results for the quarter ended June 30, 2011.
During the quarter ended June 30, 2011, the Company recorded a loss from operations of $752,000 on $20,492,000 revenue, as compared to a $2,191,000 loss from operations on $18,710,000 revenue for the same quarter preceding year; and a net loss for the current quarter of $1,148,000 as compared to a net loss of $2,213,000 for the quarter ended June 30, 2010.
The Company has realized revenue growth during the second quarter 2011 relative to the same quarter in 2010 for most major structures deliveries; while customer demand for non-original equipment manufacturers' products and services has increased slightly.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were positive $258,000 for the current quarter compared to a negative EBITDA of $957,000 for the quarter ended June 30, 2010.
Cash flows from operating activities during the current quarter utilized $785,000 of cash resulting from working capital growth in support of increased revenues, as well as operating losses; as compared to providing $1,189,000 of cash during the quarter ended June 30, 2010. The Company has a working capital surplus of $10,897,000 as at June 30, 2011 (December 31, 2010: $1,493,000 surplus) and an accumulated deficit of $76,156,000 at June 30, 2011 (December 31, 2010: $73,564,000).