Addvantage Technologies Group Inc (AEY) 10-K Annual Report December 2016

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ADDvantage Technologies Announces Financial Results

for the Fiscal Fourth Quarter of 2016

- - -

BROKEN ARROW, Oklahoma, December 13, 2016 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY)

, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2016.

“The financial results for the fiscal fourth quarter reflects the third consecutive quarter of steady performance from our Cable TV segment, both in top-line revenue and bottom line results, attributable to solid demand across its customer base. While revenue from our Telco segment was below expectations for the fourth quarter, the opportunities for long-term growth within this segment remain significant. As such, we are continuing to make certain changes within our Telco segment, including expanding its sales force and the end-user customer base, which are expected to drive growth in future quarters,” commented David Humphrey, President and CEO of ADDvantage Technologies.

“In October 2016, we completed the acquisition of Triton Datacom, a leading provider of new and refurbished enterprise networking products, including desktop phones, enterprise switches and wireless routers. We believe there are many areas where our businesses are complementary in nature in the telecom sector. Also, the steady demand in the desktop phone segment is an exciting new niche market for us to tap into and expand Triton’s market share,” continued Mr. Humphrey.

“We see an exciting path forward for the Company as we execute upon our strategy to further diversify our operations across new segments of the communications equipment and services market. The investments we have made through strategic acquisitions and partnerships have placed us in a much stronger position for long-term success as we look to drive shareholder value,” concluded Mr. Humphrey.

Results for the three months ended September 30, 2016

Consolidated sales increased slightly to $9.8 million for the three months ended September 30, 2016 compared with $9.6 million for the same period ended September 30, 2015.

Consolidated operating, selling, general and administrative expenses increased $0.5 million, or 18%, to $3.1 million for the three months ended September 30, 2016 from $2.6 million for the same period last year. This increase was primarily due to $0.3 million in Telco segment expenses, while the Cable TV segment increased $0.2 million.

Net loss for the three months ended September 30, 2016, was $0.2 million, or $0.02 per diluted share, compared with a net income of $0.2 million, or $0.02 per diluted share, for the same period of 2015. The net loss for the fourth quarter of 2016 includes $0.6 million of charges for the obsolete and excess inventory reserve and lower of cost or market adjustments from the Telco segment.

Consolidated EBITDA for the three months ended September 30, 2016 was a loss of $0.2 million compared with income of $0.8 million for the same period ended September 30, 2015.

The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, December 13, 2016 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

Material Contracts, Statements, Certifications & more

Addvantage Technologies Group Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.17: Amendment Seven To Amended And Restated Revolving Credit And Term Loan Agreement

Exhibit 21.1: Listing Of Company Subsidiaries

Exhibit 23.1: Consent Of Hogantaylor Llp

Exhibit 31.1: Certification Of Chief Executive Officer Pursuant To Section 302 Of The Sarbanes

Exhibit 31.2: Certification Of Chief Financial Officer Pursuant To Section 302 Of The Sarbanes

Exhibit 32.1: Certification Of Chief Executive Officer Pursuant To Section 906 Of The Sarbanes

Exhibit 32.2: Certification Of Chief Financial Officer Pursuant To Section 906 Of The Sarbanes

Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001445260-16-000094
Submitted to the SEC: Tue Dec 13 2016 9:36:09 AM EST
Accepted by the SEC: Tue Dec 13 2016
Period: Friday, September 30, 2016
Industry: Wholesale Durable Goods

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Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2016

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