During the year ended December 31, 2009, Avcorp recorded a loss from operations of $5,501,000 on $69,202,000 revenue, as compared to $485,000 earnings from operations on $128,868,000 revenue for the preceding year; and a net loss for the current year of $8,410,000 as compared to a net loss of $2,251,000 for the year ended December 31, 2008.
Gross profit (revenue less cost of sales) for the year ended December 31, 2009 was 6.7% of revenue as compared to 16.8% of revenue for the year ended December 31, 2008. Significantly reduced customer demand, relative to the preceding year, has resulted in idle plant capacity for which the Company has expensed $4,667,000 of overhead costs. Gross profit for 2009, exclusive of idle capacity costs, was 13.5% of revenue.
