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Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2013

Addvantage Technologies Group Inc

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 / Diane Imas
Scott Francis (9l8) 25l-9121
(212) 896-1250 / (212) 896-1242
grussell@kcsa.com / dimas@kcsa.com

ADDvantage Technologies Announces Financial Results for the
Fiscal Fourth Quarter of 2013
- - -

BROKEN ARROW, Oklahoma, December 10, 2013 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY)
, today announced its results for the three month period and year ended September 30, 2013.
 
Total revenue for the three months ended September 30, 2013 decreased 1% to $8.4 million compared with $8.5 million for the same period last year. New equipment sales were $5.5 million for the three months ended September 30, 2013 as compared with $5.2 million for the three months ended September 30, 2012.  Sales of new equipment for the quarter increased primarily as a result of our expanded product offerings. Net refurbished equipment sales were $1.8 million for the three months ended September 30, 2013 as compared with $2.2 million for the same period last year.  Sales of refurbished equipment continued to be negatively impacted by several factors including the continued decrease in plant expansions and bandwidth upgrades in the cable television industry.  Service revenue was relatively flat at $1.1 million for the three month period ended September 30, 2012 and the same period last year.

Net income for the three month period ended September 30, 2013 was $0.3 million, or $0.03 per diluted share, compared with $0.4 million, or $0.04 per diluted share, for the same period of 2012.  Net income for the fourth quarter of fiscal 2013 slightly decreased primarily as a result of a decrease in gross profit due primarily to decreased revenue and an increase in the provision for excess and obsolete inventory, partially offset by a decline in operating expenses.

For the twelve months ended September 30, 2013, total revenues decreased 5% to $33.4 million compared with $35.2 million for 2012. The decrease in total revenues was primarily due to the continued decrease in plant expansions and bandwidth upgrades in the cable television industry, partially offset by increased equipment sales as a result of Hurricane Sandy.

Net income for the twelve month period ended September 30, 2013 was $1.7 million, or $0.17 per diluted share, as compared with $1.3 million, or $0.12 per diluted share, for the twelve months of fiscal 2012.  Net income for fiscal 2013 was positively impacted by a decrease in interest expense of $1.1 million resulting from the early payoff of one of its term loans in March 2012 and the termination of the associated interest rate swap agreement.
 
David Humphrey, President and CEO, commented, “For the fiscal year ended 2013, we generated $1.7 million in net income and continue to maintain a strong balance sheet and positive cash flows even though our total revenue declined due to the ongoing challenges within the CATV equipment industry.  We are still working on executing our growth strategy to further develop our existing business as we work on expanding our product offerings among existing and new vendors as well as increasing our sales force in order to help us better penetrate the CATV equipment market. This includes hiring three industry veterans from Motorola.”

“In addition to implementing a plan to drive organic growth, we are evaluating acquisition opportunities that expand the scope of our business within the broader telecommunications industry.  We believe our
 
 
 

The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, December 10, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Income And Comprehensive Income (parentheticals)
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Description Of Business And Summary Of Significant Accounting Policies
Note 1 - Description Of Business And Summary Of Significant Accounting Policies (details)
Note 10 - Commitments And Contingencies
Note 10 - Commitments And Contingencies (details)
Note 11 - Quarterly Results Of Operations (unaudited)
Note 11 - Quarterly Results Of Operations (unaudited) (details) - Summary Of Quarterly Results Of Operations
Note 11 - Quarterly Results Of Operations (unaudited) (tables)
Note 2 - Inventories
Note 2 - Inventories (details)
Note 2 - Inventories (details) - Inventories
Note 2 - Inventories (tables)
Note 3 - Income Taxes
Note 3 - Income Taxes (details)
Note 3 - Income Taxes (details) - Deferred Tax Assets
Note 3 - Income Taxes (details) - Provision (benefit) For Income Taxes
Note 3 - Income Taxes (details) - Summary Of Differences Between U.s. Federal Statutory Rate And Company's Effective Tax Rate
Note 3 - Income Taxes (tables)
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses (details) - Accrued Expenses
Note 4 - Accrued Expenses (tables)
Note 5 - Line Of Credit And Notes Payable
Note 5 - Line Of Credit And Notes Payable (details)
Note 5 - Line Of Credit And Notes Payable (details) - Aggregate Minimum Maturities Of Notes Payable
Note 5 - Line Of Credit And Notes Payable (tables)
Note 6 - Stock-based Compensation And Preferred Stock
Note 6 - Stock-based Compensation And Preferred Stock (details)
Note 6 - Stock-based Compensation And Preferred Stock (details) - Black-scholes Option Valuation Model Assumptions
Note 6 - Stock-based Compensation And Preferred Stock (details) - Compensation Expense Related To Restricted Stock
Note 6 - Stock-based Compensation And Preferred Stock (details) - Compensation Expense Related To Stock Options
Note 6 - Stock-based Compensation And Preferred Stock (details) - Outstanding And Exercisable Stock Options
Note 6 - Stock-based Compensation And Preferred Stock (details) - Summary Of The Status Of The Company's Stock Options
Note 6 - Stock-based Compensation And Preferred Stock (tables)
Note 7 - Retirement Plan
Note 7 - Retirement Plan (details)
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share (details) - Anti-dilutive Securities
Note 8 - Earnings Per Share (details) - Basic And Diluted Earnings Per Share
Note 8 - Earnings Per Share (tables)
Note 9 - Related Parties
Note 9 - Related Parties (details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details) - Valuation And Qualifying Accounts
Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001445260-13-000058
Submitted to the SEC: Tue Dec 10 2013 11:53:21 AM EST
Accepted by the SEC: Tue Dec 10 2013
Period: Monday, September 30, 2013
Industry: Wholesale Durable Goods

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