Waltham, MA (PRWEB) September 05, 2012
Advanced Visual Systems Inc. (OTC: AVSC; http://www.avs.com) reported an increase in revenue and profits for the fiscal year ended June 30, 2012, marking twenty years as a visionary computer graphics brand. The data visualization software company provides tools and services to large corporations and software vendors creating business intelligence, risk management, healthcare and social media solutions.
Company revenues for the fiscal year rose 27% over 2011 to $3.38 million as a result of increased licensing of OpenViz, the company’s leading technology, and income from operations increased 169% to $204,000. After recognizing a one-time recovery of accrued interest expense and one-time costs associated with the issuance of stock and stock options the company recorded $732,000 in net income, an increase of 241% over the previous fiscal year.
According to Steve Sukman, CEO of Advanced Visual Systems, “Performance for fiscal 2012 reflects strong growth in licensing fees generated by commercial distribution of AVS software products. Our clients include a number of the world’s leading business and consumer brands whose data visualization strategies are highly influenced by our technology and roadmap.”
“We are particularly proud of the fact that a large number of AVS clients have been users of the company’s software for a decade or more—a significant nod to our product strategy and engineering heritage as well as key drivers of revenue quality and customer satisfaction. Several important clients reaffirmed their long-term commitment to AVS this fiscal year and we believe that that we can continue our growth trend in 2013.”
“Over the past year AVS announced a number of important new Enterprise and ISV clients (including Boeing, Dassault Simulia, Opera Solutions and Schrödinger), significant social media and mobile computing enhancements to its OpenViz API, and partnerships with Microsoft, Savvis and Kognitio. Collectively, these activities have positioned AVS as a continuing visionary in the fast-growing visual analytics industry and will enable the company to offer its sophisticated clientele with the high performance software, solutions and customer service that have become hallmarks of the AVS brand.”
For more information about Advanced Visual Systems visit http://www.avs.com, contact info(at)avs(dot)com or call (781) 890-4300.
This communication may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's public filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements. © 2012 Advanced Visual Systems Inc. All rights reserved. Copyrights or trademarks referenced herein are the property of their respective owners.