Fontana, CA (November 14, 2023) – AGent Information Software (AIFS), the parent company of Auto-Graphics, Inc. (A-G), released 2023 third-quarter financials today.
In the third quarter of 2023, AIFS reported a net income YTD of $98,863. Recurring revenue remains solid at $3,893k at quarter-end, a slight increase from 2023. The company’s cash position remains solid at the end of the third quarter of 2023, with strong receipts expected in the beginning of the final quarter of 2023. Focus remains on product development/programming of our product lines as the company looks to add staffing to these areas.
In early Q3, Auto-Graphics was awarded the SHAREit contract to provide statewide resource-sharing in Texas by The Texas State Library and Archives Commission (TSLAC). The contract, which began on September 1, 2023, provides a framework to implement SHAREit as the new statewide interlibrary loan solution for Texas public libraries over the next fiscal year. Adding Texas to our already strong presence in this region will allow them along with A-G’s existing customers in Arkansas, Louisiana, and Kansas the opportunity to engage in resource sharing across state lines. A-G also implemented VERSO for The San Diego Zoo Wildlife Alliance in Q3.
As 2023 draws to a close, the A-G team is focused on opportunities for growing the VERSO and SHAREit customer base in 2024. The introduction of a new cataloging module and an enhanced report writer for SHAREit and VERSO were developed with the direct input of our user group and advisory board to address major workflow issues for staff called upon to perform numerous tasks within the library. The new modules – conceptualized and developed from the ground up – are designed to allow library staff to do more with fewer resources. The new modules will allow Auto-Graphics to participate in the bidding process for larger library systems, bringing in higher recurring revenue for the company. The sales team also anticipates new statewide resource-sharing RFP’s will be issued in 2024 where SHAREit will be a strong contender.