Third Quarter 2011 Highlights
?Revenue was $15.1 million, an increase of 82 percent over Q3 2010 revenue of $8.3 million.
?Gross margin was 45.7 percent, compared to 45.5 percent in Q3 2010.
?Adjusted EBITDA was $1.5 million, an increase of 10 percent from $1.4 million in Q3 2010. (See “Non-IFRS Measures” below.)
?Net income was $1.0 million, up 34.9 percent from $0.7 million in Q3 2010.
?Subsequent to the end of the quarter Avigilon completed a $25 million financing transaction, raising gross proceeds of $20 million in an Initial Public Offering and proceeds of $5 million in a Secondary Offering, and listed its shares on the Toronto Stock Exchange.
Year-to-Date 2011 Highlights
?Revenue was $41.1 million in the first nine months of 2011, an increase of 86 percent over $22.1 million in the comparable period of 2010.
?Gross margin was 43.8 percent, compared to 44.9 percent the prior year.
?Adjusted EBITDA was $4.3 million, up 77 percent from $2.4 million a year earlier.
?Net income was $2.2 million, an increase of 111 percent from $1.0 million in the 2010 period.
“We are very pleased to report a very strong third quarter, in which we achieved 82 percent revenue growth while remaining solidly profitable,” said Alexander Fernandes, President and CEO, Avigilon. “We believe that there are significant opportunities available to us in the global video surveillance market. Our recent IPO provides us with the resources to expand our sales and marketing efforts and accelerate our product roadmap so that we are well positioned to capitalize on these opportunities.”