Avatar Systems, Inc. Reports First Quarter 2008 Results -- Net Income of $153,336 or $0.02 per Share
FRISCO, TX -- (MARKET WIRE) -- 05/29/2008 -- Avatar Systems, Inc. (PINKSHEETS: AVSY) today announced positive results for the quarter ending March 31, 2008. Revenues were $1,305,965 compared to revenues of $966,248 for the comparable quarter of 2007 representing a 35% increase. Software sales increased 56.3%, Maintenance 20.6% and Professional Services 80.4%. Net income for the first quarter 2008 was $153,336 compared to a loss of $5,914 for the first quarter of 2007.
Chuck Shreve, President and CEO, Avatar Systems, commented, "Our maintenance revenues provide the foundation for our company to continue providing world-class customer support and improve the features in our products. We have several major new product releases coming this year in 2008. We anticipate tremendous growth within our current client base with the planned new releases. Avatar continues to improve upon its products and services offering while staying focused on customer support. Our customers are investing in better technology and information systems and Avatar is directly benefiting. We expect continued strong demand and improved performance as we move forward."
