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Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2015

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
Scott Francis        (918) 251-9121
(212) 896-1250
grussell@kcsa.com

ADDvantage Technologies Announces Results
for the Fiscal Fourth Quarter of 2015
- - -

BROKEN ARROW, Oklahoma, December 15, 2015 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY)
, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2015.

“We recorded positive results for fiscal year 2015, with revenue and EBITDA gains of 22% and 97%, respectively,” said David Humphrey, President and CEO of ADDvantage Technologies. “This success was driven primarily by our expansion into the telecommunications equipment sector as the Company benefited from a full fiscal year of Nave Communications sales.”

“We recently observed a general weakness in our industry, which negatively impacted our fourth quarter sales. Despite these lower sales in the fourth quarter, we remained profitable across both the Cable TV and Telco segments. The general industry weakness has carried over into our fiscal first quarter of 2016, and we will most likely experience a continuing decline in revenue for both the Cable TV and Telco segments,” continued Mr. Humphrey.

“As we have demonstrated previously, our lean business structure has the capacity to expand and contract quickly in line with future sales opportunities. This flexibility, combined with the Company’s successful transition into the telecommunications equipment distribution market, is expected to allow us to overcome these challenges in market demand and remain profitable in 2016.  We believe that both segments of our business provide a solid foundation to be profitable and generate positive cash flows as we continue to invest in our existing segments and to identify and execute strategic acquisitions in the broader telecommunication industry,” concluded Mr. Humphrey.

Results for the three months ended September 30, 2015

Consolidated sales decreased 21% to $9.6 million for the three months ended September 30, 2015 compared with $12.1 million for the same period ended September 30, 2014. The decrease in sales resulted from a $1.3 million and $1.2 million decrease in sales in the Cable TV segment and Telco segment, respectively, compared to the same period last year.

Consolidated operating, selling, general and administrative expenses decreased $0.7 million, or 20%, to $2.6 million for the three months ended September 30, 2015 from $3.3 million for the same period last year.  This decrease was due to $0.6 million in Telco segment expenses, and $0.1 million in Cable TV segment expenses.
 
Income from continuing operations for the three months ended September 30, 2015 was $0.2 million, or $0.02 per diluted share, compared with a gain from continuing operations of $0.6 million, or $0.06 per diluted share, for the same period of 2014.

Consolidated EBITDA for the three months ended September 30, 2015 was $0.8 million compared with $1.2 million for the same period ended September 30, 2014.

Results for the year ended September 30, 2015

Consolidated sales increased 22% to $43.7 million for the fiscal year ended September 30, 2015 compared with $35.9 million for the same period ended September 30, 2014. The increase in sales was due to an increase in the Telco segment of $9.6 million primarily resulting from the acquisition of Nave Communications in February 2014, and was partially offset by a $1.8 million decrease in sales in the Cable TV segment.

Consolidated operating, selling, general and administrative expenses increased $2.2 million, or 21%, to $12.7 million for the year ended September 30, 2015 from $10.5 million for the same period last year.  This increase was primarily due to $2.7 million in Telco segment expenses as a result of the Nave Communications acquisition, and offset by a $0.5 million decrease in expenses for the Cable TV segment.

Income from continuing operations for the year ended September 30, 2015 was $1.5 million, or $0.15 per diluted share, compared with $0.7 million, or $0.07 per diluted share, for the same period of 2014.

Consolidated EBITDA for the year ended September 30, 2015 was $3.8 million compared with $1.9 million for the same period ended September 30, 2014.

Cash and cash equivalents were $6.1 million as of September 30, 2015, compared with $5.3 million as of September 30, 2014.  As of September 30, 2015, the Company had inventory of $23.6 million compared with $22.8 million as of September 30, 2014.

Earnings Conference Call
 
The Company will host a conference call today, Tuesday, December 15th, at 12:00 p.m. Eastern Time featuring remarks by David Humphrey, President and Chief Executive Officer, Dave Chymiak, Chief Technology Officer, and Scott Francis, Chief Financial Officer.
 
The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage's website, www.addvantagetechnologies.com.  Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is 888-364-3109 (domestic) or 719-457-2645 (international). All dial-in participants must use the following code to access the call: 304131. Please call at least five minutes before the scheduled start time.
 
For interested individuals unable to join the conference call, a replay of the call will be available through December 29, 2015 at 877-870-5176 (domestic) or 858-384-5517 (international). Participants must use the following code to access the replay of the call: 304131.  An online archive of the webcast will be available on the Company's website for 30 days following the call.
 
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. supplies the cable television (Cable TV) and telecommunications industries with a comprehensive line of new and used system-critical network equipment and hardware from a broad range of leading manufacturers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony. In addition, ADDvantage operates a national network of technical repair centers focused primarily on Cable TV equipment and recycles surplus and obsolete Cable TV and telecommunications equipment.

ADDvantage operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Arizona, Tulsat-Nebraska, Tulsat-Texas, NCS Industries, ComTech Services and Nave Communications. For more information, please visit the corporate web site at www.addvantagetechnologies.com.
 
 

The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, December 15, 2015 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

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Operations
Note 11 - Minimum Annual Future Obligations For Operating Leases (details)
Note 12 - Segment Reporting Information (details)
Note 13 - Summary Of Quarterly Results Of Operations (details)
Note 2 - Inventories - Schedule Of Inventories (details)
Note 3 - Intangible Assets - Future Amortization Expense (details)
Note 3 - Intangible Assets - Schedule Of Intangible Assets (details)
Note 4 - Income Taxes - Deferred Tax Assets (details)
Note 4 - Income Taxes - Provision (benefit) For Income Taxes (details)
Note 4 - Income Taxes - Summary Of Differences Between U.s. Federal Statutory Rate And Company's Effective Tax Rate (details)
Note 5 - Accrued Expenses (details)
Note 6 - Aggregate Minimum Maturities Of Notes Payable (details)
Note 7 - Black-scholes Option Valuation Model Assumptions (details)
Note 7 - Compensation Expense Related To Restricted Stock (details)
Note 7 - Compensation Expense Related To Stock Options (details)
Note 7 - Outstanding And Exercisable Stock Options (details)
Note 7 - Summary Of The Status Of The Company's Stock Options (details)
Note 9 - Anti-dilutive Securities (details)
Note 9 - Basic And Diluted Earnings Per Share (details)
Schedule Ii - Valuation And Qualifying Accounts (details)
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details Textual)
Note 10 - Related Parties
Note 10 - Related Parties (details Textual)
Note 11 - Commitments And Contingencies
Note 11 - Commitments And Contingencies (details Textual)
Note 11 - Commitments And Contingencies (tables)
Note 12 - Segment Reporting
Note 12 - Segment Reporting (details Textual)
Note 12 - Segment Reporting (tables)
Note 13 - Quarterly Results Of Operations (unaudited)
Note 13 - Quarterly Results Of Operations (unaudited) (tables)
Note 2 - Inventories
Note 2 - Inventories (details Textual)
Note 2 - Inventories (tables)
Note 3 - Intangible Assets
Note 3 - Intangible Assets (details Textual)
Note 3 - Intangible Assets (tables)
Note 4 - Income Taxes
Note 4 - Income Taxes (details Textual)
Note 4 - Income Taxes (tables)
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses (tables)
Note 6 - Line Of Credit And Notes Payable
Note 6 - Line Of Credit And Notes Payable (details Textual)
Note 6 - Line Of Credit And Notes Payable (tables)
Note 7 - Stock-based Compensation And Preferred Stock
Note 7 - Stock-based Compensation And Preferred Stock (details Textual)
Note 7 - Stock-based Compensation And Preferred Stock (tables)
Note 8 - Retirement Plan
Note 8 - Retirement Plan (details Textual)
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share (tables)
Schedule Ii - Valuation And Qualifying Accounts (tables)
Significant Accounting Policies (policies)
Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001445260-15-000049
Submitted to the SEC: Tue Dec 15 2015 11:10:17 AM EST
Accepted by the SEC: Tue Dec 15 2015
Period: Wednesday, September 30, 2015
Industry: Wholesale Durable Goods

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