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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

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 Financial Results
for the Fiscal Third Quarter of 2017
- - -


BROKEN ARROW, Oklahoma, August 14, 2017 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY)
, today announced its financial results for the three and nine month periods ended June 30, 2017. The nine month period includes the financial results for the Company’s asset acquisition of Triton Miami, Inc. (“Triton Datacom”) from October 14, 2016 to June 30, 2017.

“We reported a 29% increase in consolidated sales for the second quarter of 2017, which is mostly attributable to the Telco segment resulting from our acquisition of Triton Datacom’s assets last year. We continue to be pleased with this acquisition, as it further diversified our business and positively contributed to our consolidated financial results over the last few quarters.  However, we continue to be disappointed with the consolidated operating results of the Company as a result of the poor sales performance at Nave Communications, which is part of the Telco segment,” commented David Humphrey, President and CEO of ADDvantage Technologies.

“Due primarily to our two acquisitions that created our Telco segment, we added a VP of Sales executive role in our Company to lead our overall sales organization.  Since joining the Company in May, our new VP of Sales, Don Kinison, has been focused on the development and implementation of an improved sales strategy and organization for Nave Communications. His goal is to increase the sales volume and therefore improve profitability of the overall Telco segment. We are pleased with the initial progress thus far and look forward to seeing the impact on future sales and bottom-line results,” continued Mr. Humphrey.

“We are also reviewing our various operations and operating costs within the Company to optimize our performance.  We still remain confident in the long-term direction of the Company. While we have encountered certain market headwinds and internal challenges that slowed our progress, specifically in our Telco segment, we believe that we have a sound overall business strategy and look forward to seeing the results of the improved sales strategy over the next several quarters,” concluded Mr. Humphrey.
 
Results for the three months ended June 30, 2017

Consolidated sales increased 29% to $13.0 million for the three months ended June 30, 2017 compared with $10.1 million for the three months ended June 30, 2016.  The increase in sales was in both the Telco segment and Cable segment of $2.9 million and $0.1 million, respectively.  The increase in Cable TV sales was due to an increase in new equipment sales and repairs sales of $0.2 million and $0.3 million, respectively, partially offset by a decrease in refurbished equipment sales of $0.4 million. The increase in Telco used equipment sales was primarily due to Triton Datacom, which offset the continued lower sales from the remaining portion of this segment.  The Company is continuing to address the lower sales in the Telco segment by expanding its sales force, targeting a broader end-user customer base, expanding the capacity of the recycling program and testing the used equipment inventory prior to sale to end-user customers.

The following information was filed by Addvantage Technologies Group Inc (AEY) on Monday, August 14, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Note 9 - Segment Reporting
Consolidated Condensed Balance Sheets (current Period Unaudited)
Consolidated Condensed Balance Sheets (current Period Unaudited) (parentheticals)
Consolidated Condensed Statements Of Cash Flows (unaudited)
Consolidated Condensed Statements Of Operations (unaudited)
Note 1 - Basis Of Presentation And Accounting Policies
Note 2 - Acquisition
Note 2 - Acquisition (details Textual)
Note 2 - Acquisition (tables)
Note 2 - Acquisition - Estimated Purchase Price (details)
Note 2 - Acquisition - Fair Value Of Assets Acquired And Liabilities Assumed (details)
Note 2 - Acquisition - Pro Forma Information (details)
Note 3 - Inventories
Note 3 - Inventories (details Textual)
Note 3 - Inventories (tables)
Note 3 - Inventories - Schedule Of Inventory (details)
Note 4 - Investment In And Loans To Equity Method Investee
Note 4 - Investment In And Loans To Equity Method Investee (details Textual)
Note 5 - Intangible Assets
Note 5 - Intangible Assets (details Textual)
Note 5 - Intangible Assets (tables)
Note 5 - Intangible Assets - Schedule Of Intangible Assets (details)
Note 5 - Intangible Assets - Schedule Of Intangible Assets (details) (parentheticals)
Note 6 - Notes Payable And Line Of Credit
Note 6 - Notes Payable And Line Of Credit (details Textual)
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share (tables)
Note 7 - Earnings Per Share - Anti-dilutive Securities (details)
Note 7 - Earnings Per Share - Basic And Diluted Earnings Per Share (details)
Note 8 - Stock-based Compensation
Note 8 - Stock-based Compensation (details Textual)
Note 8 - Stock-based Compensation (tables)
Note 8 - Stock-based Compensation - Compensation Expense Related To Stock Options (details)
Note 8 - Stock-based Compensation - Estimated Fair Value Of Stock Options (details)
Note 8 - Stock-based Compensation - Summary Of The Status Of The Company's Stock Options (details)
Note 9 - Segment Reporting (tables)
Note 9 - Segment Reporting - Segment Reporting Information (details)
Significant Accounting Policies (policies)
Ticker: AEY
CIK: 874292
Form Type: 10-Q Quarterly Report
Accession Number: 0001445260-17-000034
Submitted to the SEC: Mon Aug 14 2017 10:20:45 AM EST
Accepted by the SEC: Mon Aug 14 2017
Period: Friday, June 30, 2017
Industry: Wholesale Durable Goods

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