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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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
(212) 896-1203
(918) 251-9121
ebarker@kcsa.com

ADDvantage Technologies Group, Inc. Announces Financial Results
for the Fiscal Third Quarter of 2019
BROKEN ARROW, Oklahoma, August 13, 2019 – ADDvantage Technologies Group, Inc.
(NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) announced today its financial results for the three and nine month periods ended June 30, 2019.
“Revenues for the third quarter of 2019 were $17.6 million, which was an increase of 129% as compared to the third quarter of 2018,” said Joe Hart, President and CEO. “We also reported positive Adjusted EBITDA of $0.4 million, compared with a loss of $0.3 million for the same period in 2018. This improvement in financial performance was driven by both the Wireless and Telco segments, reflecting our increased focus on these high-growth markets. A major accomplishment this quarter was the sale of the Cable TV segment, which closed on June 30. This major milestone significantly advances our growth strategy by providing us with additional funds to invest in solidifying and expanding our position in the telecommunications and wireless infrastructure services markets.  As a reminder, the results for the Cable TV segment have been reclassified to discontinued operations as a result of the Cable TV segment sale, so we are now only reporting the Wireless and Telco segments.

“Fulton reported revenue of $8.7 million in the third quarter of 2019, compared with $4.2 million in the second quarter of 2019, which is a doubling of revenue quarter over quarter, as we continue to integrate and ramp up the company’s operations. Over the next several quarters, we plan to implement further operational improvements and project oversight at Fulton to improve project efficiency and margins. To support the scaling of the business we are also expanding Fulton’s management talent and suite of services. We are excited by Fulton’s growth and financial results in their second quarter with ADDvantage and are encouraged by the opportunities we see unfolding in the industry as wireless carriers prepare and rollout 5G networks. We believe that Fulton will continue to provide strong revenue growth and gradually improving margins as it executes on growth opportunities in the market.

“The Telco segment reported revenues of $8.8 million for the three months ended June 30, 2019, compared with $7.7 million in the same period last year, driven by improved performance at both Nave and Triton. Notably, the Telco segment reported positive Adjusted EBITDA of $0.5 million, compared with a loss of $0.3 million in the third quarter of 2018. This turnaround is mainly attributed to the new operational structure at Nave, which led to improved efficiencies and enabled us to focus on our core sales and recycling activities. Looking ahead, we are also ramping up our repair activities to take advantage of our new capabilities and our expanded business lines. We are also looking forward to Triton’s upcoming move to its new facility in Pembroke Park, Florida, scheduled in August. This move will enable us to streamline and improve our processes, which, together with our strategy to add additional product lines and manufacturers, is expected to drive improved sales at Triton. We believe that Triton is poised to expand, capture additional market share and develop new customers.  While Nave was the main Adjusted EBITDA growth driver in the third quarter, we expect to see Triton’s operating results improve as a result of the upcoming changes.

“ADDvantage now has a stronger and more efficient foundation to support top and bottom line growth. The sale of the Cable TV segment marks a turning point for the Company, and we are excited to capitalize on this opportunity by investing in the long-term growth of our wireless and telecom businesses. Our growth initiatives in Triton and Nave have already led to improved results, and we can

The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, August 13, 2019 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 Addvantage Technologies Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
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 Changes In Shareholders' Equity (Unaudited)
Consolidated Condensed Statements Of Operations (Unaudited)
Note 1 - Basis Of Presentation And Accounting Policies
Note 1 - Basis Of Presentation And Accounting Policies (Details Textual)
Note 10 - Stock-Based Compensation
Note 10 - Stock-Based Compensation (Details Textual)
Note 10 - Stock-Based Compensation (Tables)
Note 10 - Stock-Based Compensation - Compensation Expense Related To Stock Options (Details)
Note 10 - Stock-Based Compensation - Estimated Fair Value Of Stock Options (Details)
Note 10 - Stock-Based Compensation - Summary Of The Status Of The Company's Stock Options (Details)
Note 11 - Segment Reporting
Note 11 - Segment Reporting (Tables)
Note 11 - Segment Reporting - Segment Reporting Information (Details)
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition (Details Textual)
Note 2 - Revenue Recognition (Tables)
Note 2 - Revenue Recognition - Disaggregation Of Revenue (Details)
Note 3 - Acquisition
Note 3 - Acquisition (Details Textual)
Note 3 - Acquisition (Tables)
Note 3 - Acquisition - Assets Acquired And Liabilities Assumed (Details)
Note 3 - Acquisition - Pro Forma Information (Details)
Note 4 - Discontinued Operations
Note 4 - Discontinued Operations (Details Textual)
Note 4 - Discontinued Operations (Tables)
Note 4 - Discontinued Operations - Promissory Note (Details)
Note 4 - Discontinued Operations - Sale Of Cable Tv Segment (Details)
Note 5 - Accounts Receivable Agreements
Note 5 - Accounts Receivable Agreements (Details Textual)
Note 6 - Inventories
Note 6 - Inventories (Details Textual)
Note 6 - Inventories (Tables)
Note 6 - Inventories - Schedule Of Inventory (Details)
Note 7 - Intangible Assets
Note 7 - Intangible Assets (Details Textual)
Note 7 - Intangible Assets (Tables)
Note 7 - Intangible Assets - Schedule Of Intangible Assets (Details)
Note 7 - Intangible Assets - Schedule Of Intangible Assets (Details) (Parentheticals)
Note 8 - Notes Payable And Line Of Credit
Note 8 - Notes Payable And Line Of Credit (Details Textual)
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share (Tables)
Note 9 - Earnings Per Share - Anti-Dilutive Securities (Details)
Note 9 - Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Significant Accounting Policies (Policies)
Ticker: AEY
CIK: 874292
Form Type: 10-Q Quarterly Report
Accession Number: 0001445260-19-000054
Submitted to the SEC: Tue Aug 13 2019 5:57:18 AM EST
Accepted by the SEC: Tue Aug 13 2019
Period: Sunday, June 30, 2019
Industry: Wholesale Durable Goods

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