LOS ANGELES, Nov. 13 /PRNewswire-FirstCall/ -- AVP, Inc. (OTC Bulletin Board: AVPI), a lifestyle sports entertainment company focused on professional beach volleyball, today announced financial results for its 2008 third quarter ended September 30, 2008.

Third Quarter 2008 Highlights:

-- AVP CROCS TOUR -- Successfully completed the 25th season of AVP Inc.'s flagship property, the AVP Crocs Tour. The summer-long tour season brings the world's best beach volleyball competition and entertainment to each of the 18 tour stops. The tour in Q3 featured both the men's and women's 2008 Olympic gold medal winning teams.

-- NATIONAL TELEVISION BROADCASTS -- Two AVP Crocs Tour finals were featured on national network television. Following the Olympics, NBC extended its coverage of Beach Volleyball airing the women's final of the AVP Crocs Cup Shootout presented by Bud Light Mason and the AVP's Flagship event, the AVP Crocs Cup Shootout presented by Bud Light Manhattan Beach Open women's final featured on FOX Sports.

For the three months ended September 30, 2008, the Company reported revenue of $14.0 million, compared to the $12.8 million reported for the same period in 2007. Net loss for the third quarter of 2008 was ($0.04 million), or a loss of ($0.00) per share, as compared to a net loss of ($0.76 million), or ($0.04) per share, for the same period last year.

Net loss for the first nine months of 2008 was ($3.3 million), or a loss of ($0.15) per share, as compared to a net loss of ($2.0 million), or ($0.10) per share, for the same period last year.

"Throughout these trying economic times, we continue to maintain our focus on the growth and development of our sport and brand and sharpen our focus on increasing value to our shareholders," said Leonard Armato, Chief Executive Officer of AVP, Inc. "We could not be more proud of the performance of our athletes this summer on the AVP Crocs Tour and in Beijing. Without a doubt our athletes are instrumental in the continued growth, awareness, and success of our sport and we look forward to seeing many of our world class athletes continue to compete in the winter tour."

"As we prepare to extend our elite competition into the winter months for a second year of the AVP Johnsonville Hot Winter Nights Indoor Beach Volleyball Tour, we are sure this one-of-a-kind tour will provide a slice of our summer tour at each stop, something we are confident everyone will enjoy."

About AVP, Inc

AVP, Inc. is a leading lifestyle sports entertainment company focused on the production, marketing and distribution of professional beach volleyball events worldwide. One of the fastest growing entities in the sports world, the AVP operates two of the industry's most prominent national outdoor touring series, the AVP Pro Beach Volleyball Tour (1983) and the AVP Hot Winter Nights Indoor Tour (launched in 2008). The AVP is set to stage more than 35 events throughout the United States in 2008 and features more than 150 of the top men and women competitors in the sport. AVP athletes won both the women's and men's gold medals at the 2008 Games in Beijing, marking the first sweep of Olympic beach volleyball gold medals by a single country. AVP is headquartered in Los Angeles, Calif., and the company's stock trades under the symbol AVPI on the OTC Bulletin Board. For more information, please visit http://www.avp.com.

Forward Looking Statements

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that these statements involve risks and uncertainties and actual results might differ materially from those in the forward-looking statements, if we receive less sponsorship and advertising revenue than anticipated, or if attendance is adversely affected by unfavorable weather. Event-related expenses, such as for the stadium, transportation and accommodations, or security might be greater than expected; or marketing or administrative costs might be increased by our hiring, not currently planned, of a particularly qualified prospect. Additional factors have been detailed in the Company's filings with the Securities and Exchange Commission, including our recent filings on Forms 10- KSB and 10-QSB.





                                     AVP, INC
                           CONSOLIDATED BALANCE SHEETS

                                                (Unaudited)
                                               September 30,      December 31,
                                                    2008              2007
    ASSETS
    CURRENT ASSETS
      Cash and cash equivalents                  $3,225,432        $2,257,453
      Accounts receivable, net of
       allowance for
       doubtful accounts of $251,756
       and $149,748                               5,108,785         2,008,253
      Prepaid expenses                              429,660           388,649
      Other current assets                           43,543           116,393
      TOTAL CURRENT ASSETS                        8,807,420         4,770,748

    PROPERTY AND EQUIPMENT, net                     384,232           392,447

    OTHER ASSETS                                     42,562           115,496

      TOTAL ASSETS                               $9,234,214        $5,278,691

    LIABILITIES AND STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES
      Accounts payable                           $3,421,529          $908,020
      Accrued expenses                            2,346,670         1,663,975
      Deferred revenue                              115,953           101,245
      TOTAL CURRENT LIABILITIES                   5,884,152         2,673,240

    OTHER NON-CURRENT LIABILITIES                   256,571            96,419

      TOTAL LIABILITIES                           6,140,723         2,769,659

    NOTE/RESTRICTED SHARES                        2,621,413               -

    COMMITMENTS AND CONTINGENCIES

    STOCKHOLDERS' EQUITY

      Preferred stock, 2,000,000 shares
       authorized:

        Series B convertible preferred
         stock, $.001 par value, 250,000
         shares authorized, 94,944 and
         47,152 shares issued and
         outstanding                                     96                48

      Common stock, $.001 par value,
       80,000,000 shares authorized,
       21,089,626 and 20,490,096 shares
       issued and outstanding                        21,090            20,490

      Additional paid-in capital                 40,979,914        39,732,837

      Accumulated deficit                       (40,529,022)      (37,244,343)

      TOTAL STOCKHOLDERS' EQUITY                    472,078         2,509,032

      TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY                                    $9,234,214        $5,278,691


                                                        -                 -



                                     AVP, INC
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                              Three Months Ended        Nine Months Ended
                                 September 30,             September 30,
                               2008         2007         2008         2007

    REVENUE
      Sponsorships/
       Advertising (1)     $11,185,387  $10,228,458  $18,253,405  $19,219,248
      Other                  2,853,899    2,577,980    4,605,005    4,604,591
      TOTAL REVENUE         14,039,286   12,806,438   22,858,410   23,823,839


    EVENT COST              11,524,174   10,761,071   18,285,360   17,998,538
      GROSS PROFIT           2,515,112    2,045,367    4,573,050    5,825,301

    OPERATING EXPENSES
      Sales and marketing
       (2)                     868,221      919,872    2,939,985    2,658,089
      Administrative  (3)    1,636,953    1,919,833    4,878,281    5,324,373
      TOTAL OPERATING
       EXPENSES              2,505,174    2,839,705    7,818,266    7,982,462

      OPERATING INCOME
       (LOSS)                    9,938     (794,338)  (3,245,216)  (2,157,161)

    OTHER INCOME (EXPENSE)
      Interest expense             -           (745)         -           (745)
      Interest income              769       44,748       17,972      158,725
      Gain on disposal of
       asset                       -            -          3,500        9,774
      Foreign exchange
       loss                         14          -         (5,567)         -
      TOTAL OTHER INCOME           783       44,003       15,905      167,754

      INCOME (LOSS) BEFORE
       INCOME TAXES             10,721     (750,335)  (3,229,311)  (1,989,407)

    INCOME TAXES                (9,793)      (8,610)     (10,943)      (9,410)

      NET INCOME (LOSS)            928     (758,945)  (3,240,254)  (1,998,817)

    Deemed Dividend to
     Series B Preferred
     Stock Shareholders         44,425          -         44,425          -
    Net Loss Available to
     Common Shareholders      $(43,497)   $(758,945) $(3,284,679) $(1,998,817)

    Loss per common share:
      Basic                       $-         $(0.04)      $(0.15)      $(0.10)
      Diluted                     $-         $(0.04)      $(0.15)      $(0.10)

    Shares used in
     computing  loss per
     share:
      Basic                 22,151,979   20,443,269   21,262,181   20,064,693
      Diluted               22,151,979   20,443,269   21,262,181   20,064,693


    (1) Sponsorship/Advertising includes $0 and $507,800 in stock based
        contra-revenue for the three months ended September 30, 2008 and 2007,
        respectively and $0 and $507,800 for the nine months ended September
        30, 2008 and 2007, respectively.

    (2) Sales and marketing expenses includes stock-based expenses of $18,182
        and $19,045 for the three months ended September 30, 2008 and 2007,
        respectively, and $54,545 and $101,266 for the nine moths ended
        September 30, 2008 and 2007, respectively.

    (3) Administrative expenses includes stock-based expenses of $156,216 and
        $21,236 for the three months ended September 30, 2008 and 2007,
        respectively, and $552,009 and $64,192 for the nine months ended
        September 30, 2008 and 2007, respectively.

SOURCE AVP, Inc.