SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report:
November 14, 2003
Avatech Solutions, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
001-31265 84-1035353
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(Commission File Number) IRS Employer Identification No.
11400 Cronridge Drive, Suite A, Owings Mills, Maryland 21117
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Address of Principal Executive Offices (Zip Code)
(410) 581-8080
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(Registrant's telephone number)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits: The following exhibits are filed as part of this Current
Report:
99.1 Press Release dated November 14, 2003.
Item 12. Results of Operations and Financial Conditions.
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Registrant issued a press release reporting its revenues and loss from
operations for the quarter ended September 30, 2003. Reference is made to the
press release issued by the Registrant on November 14, 2003, the text of which
is attached hereto as Exhibit 99.1.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 17, 2003 Avatech Solutions, Inc.
By: /s/ Beth O. MacLaughlin
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Beth O. MacLaughlin
Chief Financial Officer and
Principal Accounting Officer
Exhibit 99.1
Avatech Solutions, Inc. - Corporate Headquarters
11400-A Cronridge Drive
Owings Mills, MD 21117
phone: 410-902-6900
fax: 410-902-8324
www.avatechsolutions.com
FOR IMMEDIATE RELEASE
Avatech Solutions reports results for first fiscal quarter ended September 30,
2003
November 14, 2003 -- OWINGS MILLS, MD -- Avatech Solutions, Inc. (OTCBB:
AVSO.OB) today reported total revenue of $5.87 million for the first quarter
ended September 30, 2003, resulting in an operating income loss of $(244,861)
versus a loss of $(565,892) for the same period of last year. Avatech's net
income loss was $(503,476) versus a loss of $(988,570) for the same period last
year after excluding a one-time gain on the extinguishment of debt of $1,960,646
during the prior period. At quarter-end, total assets were $4.4 million.
"As previously announced, we have successfully sold assets acquired via the
PlanetCAD merger that we have determined were not a strategic fit, thereby
improving our balance sheet. We are intensely focused on the core business, a
market segment we dominate throughout North America. This is a niche in which we
deliver CAD products and PLM services to thousands of small and medium-sized
businesses via our unparalleled distribution and support infrastructure," said
Donald R. "Scotty" Walsh, CEO of Avatech. "We have built very powerful strategic
relationships with worldwide leaders in this industry sector and our
distribution network is the best in the U.S."
"There are early signs that the national economy appears to be turning the
corner, and we believe we have repositioned our company effectively over the
past several months to benefit from an improved business climate. During the
economic downturn over the past 24 months, we have been busy taking steps that
will enable us to ramp up our returns to shareholders. Now, as the economy
turns, Avatech expects to elevate its leading stature in the design automation
and PLM marketplace," said Walsh. "Our financial stability and revenue prospects
are quite positive as we enter the expected economic upturn over the coming
quarters. Our new management team has a proven track record doing this in other
companies and we intend to accomplish this goal with Avatech. Our first quarter
results indicate that we are on plan to achieve our objectives for this year,
which include near term profitability."
About Avatech Solutions
Avatech Solutions, Inc. (OTCBB: AVSO.OB) is a leading provider of design
automation and PLM solutions for the manufacturing, building design, and
engineering markets. Headquartered in Owings Mills, Maryland, the company
specializes in software development, technical support, training and consulting
aimed at improving design and documentation efficiencies and the seamless
integration of workflow processes. Avatech is one the largest integrators of
Autodesk software worldwide and a leading provider of engineering document
management solutions. The company serves 18,000 clients worldwide including the
industry leaders from Fortune 500 and Engineering News Record's Top 100
companies. Visit http://www.avatechsolutions.com for more information.
All brand names, product names, or trademarks belong to their respective
holders.
This press release contains forward-looking statements about the expectations,
beliefs, plans, intentions and strategies of Avatech Solutions, Inc. There are a
number of important factors that could cause actual results to differ materially
from those anticipated by any forward-looking information. A description of
risks and uncertainties attendant to Avatech and its industry, and other factors
that could affect Avatech's financial results, are included in Avatech's
Securities and Exchange Commission filings, including, but not limited to, the
annual report on Form 10-KSB for the year ended December 31, 2001 of PlanetCAD,
Inc. (now Avatech Solutions, Inc.), quarterly reports on Form 10-QSB for the
quarters ended March 31 and September 30, 2002, the Proxy Statement/Prospectus
included in PlanetCAD's registration statement on Form S-4 relating to the
PlanetCAD-Avatech merger, the current report on Form 8-K filed with the
Securities and Exchange Commission on January 30, 2003 and the quarterly report
on Form 10-QSB for the quarter ended March 31, 2003. Investors and shareholders
may obtain a free copy of the documents filed by Avatech Solutions, Inc. with
the Commission at the Commission's web site at www.sec.gov. The documents also
may be obtained for free by directing a request to Melody Craigmyle, Director of
Corporate Communications at 410-581-8080 or email
MCraigmyle@avatechsolutions.com.
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Media Contact:
Melody Craigmyle
Avatech Solutions, Inc.
Phone +1 (410) 581 8080
Fax +1 (410) 581 8088
mcraigmyle@avatechsolutions.com
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