Financials
AVI Systems , Inc . is an open book company . We openly share financial information with the people and companies that have a vested interest in our financial success . We see those people and companies as being our customers , our supply chain partners and our shareholders .
Our client base has a vested interest in our financial stability because many of our customers are moving away from managing their audiovisual systems on a project by project basis to managing those systems , and in the process their cost of ownership , over the effective life of those systems . To do this , they need a financially sound audiovisual partner that can and will support and service their systems for the long haul .
A sound financial foundation is important to our supply chain partners as well , because they want and need to know that the trade credit they extend to us is safe and secure . We measure and monitor Accounts Payable In Days because we believe that earning the trust and respect of our supply chain partners helps us better serve our customers .
As a 100 % employee owned company , our employee / shareholders naturally take an interest in the finances of the company . Based on the same philosophy that financial information is and should be shared openly , we share our financial results with our employees so they can determine how their investment in the company is being managed and how their commitment to our customers creates shareholder value .
Over the last two years , AVI Systems has invested heavily in acquisition related growth and those investments and our acquisition strategy are generating tangible financial results . Revenue for the fiscal years ending March 31 , 2013 and 2012 has grown by 29 % and 24 %, respectively .
We have managed our balance sheet prudently over this period of rapid growth . The company has approximately $ 21 million dollars of working capital , our current ratio is better than 2.0 to 1.0 , there ’ s a significant amount of liquidity in our working capital assets , and the metrics we use to manage and measure how well we ’ re managing inventory and our accounts receivable are some of the best in our industry .
We have also made notable progress in terms of our capital structure . We paid off all of the Company ’ s term debt in fiscal year 2013 , and with Debt to Tangible Net Worth and Debt to Equity ratios of 0.9 to 1.0 and 0.7 to 1.0 , respectively , AVI Systems has the capital and financial wherewithal to hire leading edge talent , grow the AVI Systems brand and make the investments needed to provide best-in-class service to our customers .
Randi Borth Chief Financial Officer