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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly report for the period ending Wednesday, May 13, 2020

Addvantage Technologies Group Inc

CIK: 874292 Ticker: AEY
ADDvantage Technologies Reports Financial Results for Second Quarter of Fiscal 2020

Carrollton, Texas, May 14, 2020 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported its financial results for the three- and six-month periods ended March 31, 2020.

“While we continue to see strong drivers in the need for 5G networks, immediate and near term activity has slowed industry wide significantly impacting our Fulton business and leading to lower operating margins and net losses,” commented Joe Hart, Chief Executive Officer. “In addition, our Nave and Triton businesses experienced softening sales during the quarter. This is not unexpected given the challenges in a COVID-19 environment, but with a view towards the long term we continue to improve operations and personnel to position us for profitable growth as the economy recovers. We are fortunate that our businesses are classified as ‘essential services’ and are allowed to continue operations in either providing needed network equipment or installing or maintaining cellular network communications.”

“In response to the pandemic, we have implemented across the board COVID-19 best practices and taken the necessary precautions with our teams to ensure their health and safety,” continued Hart. “I applaud our employees’ diligence and professionalism during these unprecedented disruptions and am happy to share that to date no employees have tested positive for the virus. We remain confident and optimistic about our future, even as we endure the current environment.”

“During the second quarter we recorded inventory related adjustments of $2.3 million,” Hart continued. “The write down was partly necessitated by carrying inventory quantities in excess of demand. We continue our efforts to improve operational processes at Nave and Triton and have put additional checks in place to improve our inventory acquisition and management efforts going forward. In addition, the losses reported include impairment charges of $3.9 million and $4.8 million for intangible assets and goodwill, respectively, related to these acquisitions. These non-cash charges at Nave and Triton, which total $11.0 million, significantly increased our quarterly net loss.”

“We see flat revenue performance in our Wireless segment in the second half of the fiscal year due to a lack of visibility on the timing of 5G buildout,” Hart continued. “We made several recent leadership changes at Fulton to address operational issues which significantly impacted our direct costs in the second quarter and should see a return to normalized gross margins. These operational challenges should be behind us. In our Telcom segment, Triton and Nave often perform well in a challenging economy as businesses look to repair instead of replace existing telephony systems.”

“Importantly, we were able to improve our liquidity position by securing a long-term bank loan of $3.5 million, payable in semi-annual installments with the final payment due June 2023,”

The following information was filed by Addvantage Technologies Group Inc (AEY) on Thursday, May 14, 2020 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 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 - Summary Of The Status Of The Company's Stock Options (Details)
Note 11 - Leases
Note 11 - Leases (Details Textual)
Note 11 - Leases (Tables)
Note 11 - Leases - Components Of Lease Expense (Details)
Note 11 - Leases - Maturities Of Lease Liabilities (Details)
Note 11 - Leases - Supplemental Balance Sheet Information (Details)
Note 11 - Leases - Supplemental Cash Flow Information (Details)
Note 12 - Segment Reporting
Note 12 - Segment Reporting (Tables)
Note 12 - Segment Reporting - Segment Reporting Information (Details)
Note 13 - Subsequent Events
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 - Accounts Receivable Agreements
Note 3 - Accounts Receivable Agreements (Details Textual)
Note 4 - Promissory Note
Note 4 - Promissory Note (Details Textual)
Note 4 - Promissory Note (Tables)
Note 4 - Promissory Note - Repayment Installments (Details)
Note 5 - Inventories
Note 5 - Inventories (Details Textual)
Note 5 - Inventories (Tables)
Note 5 - Inventories - Schedule Of Inventory (Details)
Note 6 - Intangible Assets
Note 6 - Intangible Assets (Details Textual)
Note 6 - Intangible Assets (Tables)
Note 6 - Intangible Assets - Schedule Of Intangible Assets (Details)
Note 6 - Intangible Assets - Schedule Of Intangible Assets (Details) (Parentheticals)
Note 7 - Goodwill
Note 7 - Goodwill (Details Textual)
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: 0001445260-20-000052
Submitted to the SEC: Thu May 14 2020 4:34:17 PM EST
Accepted by the SEC: Thu May 14 2020
Period: Wednesday, May 13, 2020
Industry: Wholesale Durable Goods

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