A Message from the Chairman
We are fortunate to be in solid financial condition in this time of uncertainty and rapid change. But what does it mean to you— our clients and prospects? Here are some thoughts:
• We can continue to recruit, train and retain the highest skilled staff in the market place, and our employees can focus on your work without worrying about the financial uncertainty of their employer.
• We can invest in the best tools and products and adapt them to fit the rapidly changing technology needs of end users.
• We can be agile and add acquisitions quickly when it makes good business sense.
• We can outlast the toughest of problems. In other words, we’ ve got your back.
As a 100 % employee owned company, AVI Systems recently received our annual valuation for calendar year 2012 from Stern Brothers Valuation Advisors. This gives us some key indications of how we are doing as a private company.
From December 31, 2011 to December 31, 2012, the common stock price reflects an increase of 39.36 %, which follows an increase of 18.93 % last year and 30.04 % in 2010. The principle factors affecting the increase in stock prices are reflected below:
• AVI reported increases in stockholders’ equity and working capital of 26.03 % and 62.55 % respectively.
• The full year impact of last year’ s acquisitions and office / employee expansion were realized as sales and EBITA were up 46.05 % and 43.97 % respectively for the year.
• Next year revenue and earnings forecasts have been achieved in six of the last seven years. The level of projected earnings in this year’ s forecast is about 20 % higher than last year’ s forecast.
• The company had a $ 4.5M increase in excess working capital and $ 860,341 reduction in debt. Currently, the company has no short-term or long-term debt and has cash available to fund expansion and growth.
We’ re just beginning the 40th year of being a part of the exciting and rewarding technology integration business. Our 350 employee owners thank you for your confidence in AVI Systems.
Joe M. Stoebner Chairman of the Board