The founder of Avigilon Corp. (TSX: AVO), one of the few Vancover high-tech companies to go public in recent years, opened the TSX Wednesday morning, the same day it posted solid year-end financials.
Company founder and CEO Alexander Fernandes was invited to ring the opening bell at the TSX. Avigilon's initial public offering in November was the only issue on the senior Toronto Stock Exchange in 2011's fourth quarter.
Avigilon, which makes high-definition cameras for surveillance and security, raised $26 million in November 2011 with its IPO.
According to the company's 2011 fourth-quarter financial report, Avigilon posted $18.8 million in revenue, an increase of 86% over 2010's fourth-quarter revenue of $10.2 million. The company's quarterly net income was $1.6 million, compared with a net loss of $200,000 in 2010's fourth quarter.
The company had revenue of $60 million in fiscal 2011, an increase of 86% from $32.3 million in 2010. Its net income for the year was $3.8 million, compared with $1 million in 2010.
"Our strong growth is a testament to Avigilon's innovative and industry-leading technology in the growing global HD video surveillance market," said Fernandes.
"In keeping with the strategy we outlined during our IPO last fall, we are actively investing in sales, marketing and R&D in 2012 to accelerate our growth."
