As a result of cutting expenses by $2.3 million, the company had a loss of just $0.3 million. It could have been worse, but Avatech managed to sell off one of its software packages for $0.5 million. And it has $2.7 million in the bank.
The company is one of the world's largest integrators of Autodesk software. Despite that, says ceo George Davis:
The building and manufacturing markets were significantly impacted by the global recession throughout fiscal 2009, which resulted in an unprecedented reduction in spending on the types of software and services we provide.Avatech spun off its consulting and services offerings into a standalone business named MSD Consulting, which earned a $1 million for the company.