Unedited news and product information from vendors.
aVinci Media Announces Profitable Third Quarter
Nov 12, 2010 (12:11 PM EST)
Recognition of Walmart Revenue Provides aVinci with First Profitable Quarter
DRAPER, Utah, Nov. 12, 2010 /PRNewswire-FirstCall/ -- aVinci Media Corporation (OTC Bulletin Board: AVMC) filed its third quarter 10-Q today reporting its first profitable quarter (GAAP basis) since its merger in June 2008. aVinci's $1,110,838 in quarterly revenues and $421,712 in quarterly net income were fueled by recognition of revenues provided under a software license agreement aVinci entered into with Walmart at the end of 2009 for aVinci's archive DVD software. Walmart fully deployed the archive software in domestic Walmart stores during September 2010 which triggered the recognition of approximately $783,000 in revenues.
"Our first profitable quarter on a GAAP basis is a fantastic milestone for aVinci," said Chett Paulsen, CEO of aVinci Media. "During 2010 we have been focused on generating more and repeatable revenue while cutting expenses where we reasonably can without interfering with servicing our client base and developing selected new products and accounts."
aVinci develops easy-to-use multi-media authoring solutions which allow customers to use photo images to create photo archive, photo book, poster, DVD archive and other products to enjoy at home or share on social networks and mobile platforms. aVinci products are available online and in more than 10,500 storefronts through retailers and partners such as Walmart, Walgreens, Meijer, HP, World Wrestling Entertainment Inc. and Fujicolor. For more information about aVinci, its products, and partners visit www.avincimedia.com, www.myespnhighlights.com, and www.wwecreate.com.
Safe Harbor Statement
This press release may contain forward-looking statements which speak only as of the date made and are not guarantees of future action or performance and are subject to a number of risks, assumptions and uncertainties detailed in our filings with the Securities and Exchange Commission (which can be found at www.sec.gov), that could cause our actual results to differ materially from those stated in such statements. We undertake no obligation to publicly update or revise any forward-looking statements.
SOURCE aVinci Media Corporation