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