November 14, 2012

Avcorp announces 2012 third quarter results

Avcorp Industries announced its financial results for the quarter ended September 30, 2012. The Company recorded a loss from operations of $1.4m on $19.3m revenue, as compared to a $186,000 operating loss on $20.4m revenue for the same quarter in the preceding year; and a net loss for the current quarter of $2.7m as compared to a net loss of $150,000 for the quarter ended September 30, 2011. Earnings before interest, taxes, depreciation and amortization (EBITDA) was negative $1.2m for the quarter ended September 30, 2012 compared to a positive EBITDA of $1.5m for the quarter ended September 30, 2011. The decline in EBITDA was primarily as a result of reduced revenues and costs associated with customer contract terminations. During the quarter-ended September 30, 2012, the Company incurred $825,000 (September 30, 2011: $136,000) in costs associated with customer contract terminations.



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