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Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

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:
Elizabeth Barker
Scott Francis        (918) 251-9121
(212) 896-1203
ebarker@kcsa.com

ADDvantage Technologies Announces Financial Results
for the Fiscal Fourth Quarter of 2018
- - -
Company to divest Cable TV segment operations and to refocus business activities in the Telco segment
- - -
Company to provide turn-key wireless infrastructure services to the Telco market, through the acquisitions of Fulton Technologies, Inc. and Mill City Communications, Inc.
- - -


BROKEN ARROW, Oklahoma, December 28, 2018 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY)
, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2018.

Joe Hart, President and CEO of ADDvantage Technologies, said, “Revenues for fiscal 2018 declined 3% year over year, as the Cable TV segment was impacted by ongoing market weakness and the loss of a large repair business customer early in the year. This was partially offset by an increase in Telco segment sales, driven by a solid performance at both Triton Datacom and Nave Communications. Nave’s improved results were a result of the new strategy and restructuring initiatives implemented during the fiscal year which strengthened its business model and drove sales growth.

“After being appointed CEO in July 2018, we implemented an internal operational efficiency review to analyze our company fundamentals and establish a framework for growth. This enabled us to start putting in place several initiatives that are intended to transform the Company’s prospects and drive improved financial performance in both the near and long-term. To this end, in December 2018 we entered into an agreement, subject to shareholder approval, to sell the Cable TV segment business for $10.3 million. We also closed the sale of the Cable TV segment’s Broken Arrow, Oklahoma facility for $5.0 million, in November 2018. Divesting the Cable TV segment is in line with our long-term strategy to drive growth organically and through acquisitions within the telecommunications industry. When finalized, our transition out of the Cable TV segment will allow us to redirect our resources into the wireless and wireline services part of the telecommunications industry, where we see significant opportunity for growth,” Mr. Hart continued.

“After an operational review of our Telco segment in July, we moved Nave’s warehousing and operations to Palco Telecom, a world-class third-party logistics company. This will re-position Nave as a high-quality option for refurbished telecom equipment, including the repair, testing, and certification of equipment, centralize its operations and enable it to broaden its customer base in the U.S. Likewise, at Triton we are planning to move out of the over-crowded existing facility in Miami, Florida to a newly constructed facility in nearby Pembroke Park, Florida, where we will be able to expand and improve our operational capacity and efficiency, stock additional product, grow our sales platform in the broker market and expand into the telephone carrier market. We believe these initiatives should allow the Telco segment to grow sales and improve its overall financial performance.

“As part of our strategy to expand into the broader telecommunications market, we recently announced our decision to enter the wireless infrastructure services market. This comes at a time when all major U.S. carriers are planning to rollout 5G in the wireless space over the next ten years and there is an opportunity

The following information was filed by Addvantage Technologies Group Inc (AEY) on Friday, December 28, 2018 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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Inside Addvantage Technologies Group Inc's 10-K Annual Report:
Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001445260-18-000055
Submitted to the SEC: Fri Dec 28 2018 6:05:36 AM EST
Accepted by the SEC: Fri Dec 28 2018
Period: Sunday, September 30, 2018
Industry: Wholesale Durable Goods

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