Avcorp released its financial results for the year ended December 31, 2008. During the year ended December 31, 2008, the Company recorded earnings from operations of $485,000 on $128,868,000 revenue, an improvement over the $205,000 earnings from operations on $110,283,000 revenue for the preceding year; and a net loss for the current year of $2,251,000 as compared to a net loss of $1,719,000 for the year ended December 31, 2007.
Gross profit (revenue less cost of sales) for the year ended December 31, 2008 was 16.8% of revenue as compared to 10.7% of revenue for the year ended December 31, 2007. Continued strong operational performance improvements in assembly and fabrication lines have reduced unit production hours on average by 9%.
