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Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2009

Addvantage Technologies Group Inc

HISTORY TOOLS
CIK: 874292 Ticker: AEY
ADDvantage Technologies Group, Inc.
1221 E. Houston
Broken Arrow, Oklahoma 74012

For further information
KCSA Strategic Communications
Company Contact:
Garth Russell
Ken Chymiak       (9l8) 25l-9121
(212) 896-1250
Scott Francis        (9l8) 25l-9121
grussell@kcsa.com

ADDvantage Technologies Reports Fiscal 2009 Year-end Earnings
- - -
Fiscal Year 2009 Total Revenue of $42.2 Million and Net Income of $0.30 per share

BROKEN ARROW, Oklahoma, December 15, 2009 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY)
, today announced its results for the three and twelve month periods ended September 30, 2009.

Revenue for the three month period ended September 30, 2009 was $10.2 million compared to $14.6 million in the same period a year ago, a decrease of 30.6%. Revenue from new and refurbished equipment sales declined $4.3 million as a result of the downturn in the economy, which has caused customers to continue to conserve cash and limited customers’ access to affordable financing.  Service revenue declined by $127,000 compared to the same period last year.

Net income attributable to common stockholders in the fourth quarter of 2009 was $712,000, or $0.07 per diluted share, as compared to $1.1 million, or $0.10 per diluted share, in the year-earlier period.

For the twelve months ended September 30, 2009, revenue decreased 25.2% to $42.2 million, from $56.4 million in the same period a year ago.

Net income attributable to common stockholders for the twelve month period was $3.0 million, or $0.30 per diluted share, as compared to $4.5 million, or $0.44 per diluted share, for fiscal 2008.

Ken Chymiak, ADDvantage Technologies Group President and CEO, commented, “Although the challenging economic environment continues to have a direct impact on our business, we have made, and continue to make, changes to our business model to ensure we are successful.  We reported net income of $0.30 per share and generated positive cash flows, even after paying down our line of credit and debt by $4.7 million and purchasing over 200,000 shares of our common stock through our stock buyback program.  In addition, we have retained our position within the industry as the leading “On Hand On Demand” source of cable television equipment, carrying the most comprehensive mix of inventory of cable equipment of any reseller in the industry.  The team work and dedication that our people have shown over the past year is the reason ADDvantage has been able to achieve each of these goals, and the Board and I appreciate everyone’s efforts.

“Looking ahead to fiscal 2010, we believe that the cost reduction efforts we put in place this year will continue to offset the economic pressures impacting equipment sales and service, and help us remain profitable.  Also, we expect that as the economy improves and the credit crisis eases, our MSO customers will restart or initiate the necessary bandwidth upgrades and plant expansions they put on hold due to the recession. We will be ready to meet their needs as this occurs.”


 
 
The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, December 15, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001445260-09-000018
Submitted to the SEC: Thu Dec 17 2009 11:20:46 AM EST
Accepted by the SEC: Thu Dec 17 2009
Period: Wednesday, September 30, 2009
Industry: Wholesale Durable Goods

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