AVG Technologies (AVG) Tops Q3 EPS by 8c; Announces CFO Transition
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AVG Technologies (NYSE: AVG) reported Q3 EPS of $0.56, $0.08 better than the analyst estimate of $0.48. Revenue for the quarter came in at $108.2 million versus the consensus estimate of $110.01 million.
AVG also announced that it is initiating a Chief Financial Officer transition. During this period, John Little will remain CFO and maintain all of his existing duties until a successor is named and the transition is complete.
Gary Kovacs, AVG's chief executive officer, said, "For the past eight years, John has led AVG's finance function during a period of rapid growth and expansion, including a successful initial public offering in 2012. On behalf of the entire company and all of our stakeholders, I thank him for his years of service and his many contributions, as well as for his help in ensuring a smooth transition."
"We've achieved a great deal over the last several years," said John Little, chief financial officer, "and I am very proud to have been a part of executing the company's vision and growth strategy for so long. Since joining AVG in 2007, we have grown revenues more than eight fold, from around $50 million to more than $400 million. I now feel that it is time for me hand over the reins to a new leader who can help take AVG through the next phase of its development, allowing me to focus on other areas of my life."
The company will engage an executive recruiting firm to help identify a successor who will continue to scale, grow, and develop our financial systems, capital management, and strategic planning commensurate with AVG's growth.
For earnings history and earnings-related data on AVG Technologies (AVG) click here.
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