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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Addvantage Technologies Group Inc

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

Carrollton, Texas, August 11, 2020 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported its financial results for the three- and nine-month periods ended June 30, 2020.

“We continue to lay the groundwork to position ADDvantage Technologies for the widely anticipated acceleration of the 5G network rollout,” commented Joe Hart, Chief Executive Officer. “During the quarter, we solidified our management team, adding a proven CFO and addressing leadership of our two main operating segments. The 5G expansion remains a critical initiative, particularly amidst the Pandemic and the strains of the work-from-home situation, but the expected investments by the large wireless providers are still largely in a holding pattern, impacting our near-term sales. As the roll-out accelerates, with our strong customer relationships, we are well-positioned for this 5G opportunity to help our customers grow and for the U.S. to take a leadership position in the 5G roll-out.”

“Meanwhile, the company’s strategy and focus on execution is starting to pay off as we improved gross margins by 9% year-over-year,” continued Hart. “Driving the gross margin improvement was our Wireless division by achieving favorable sales mix and the recognition of change-order revenue for which costs had previously been booked in Q2. This was added to an improvement in operational efficiency which underscores the earnings power of the company as the 5G opportunity materializes. Year-over-year, we have reduced our quarterly SG&A expenses by 15%. We also strengthened our balance sheet as cash exceeds $10 million and working capital is almost $10 million. This solidifies our place in an industry readied for explosive growth.”

Financial Results for the Three Months ended June 30, 2020

Sales decreased 32% to $12.0 million for the three months ended June 30, 2020 compared with $17.6 million for the three months ended June 30, 2019. The decrease was due to a decline in sales in the Wireless

The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, August 11, 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 - Income Taxes
Note 10 - Income Taxes (Details Textual)
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share (Tables)
Note 11 - Earnings Per Share - Anti-Dilutive Securities (Details)
Note 11 - Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Note 12 - Stock-Based Compensation
Note 12 - Stock-Based Compensation (Details Textual)
Note 12 - Stock-Based Compensation (Tables)
Note 12 - Stock-Based Compensation - Compensation Expense Related To Stock Options (Details)
Note 12 - Stock-Based Compensation - Summary Of The Status Of The Company's Stock Options (Details)
Note 13 - Leases
Note 13 - Leases (Details Textual)
Note 13 - Leases (Tables)
Note 13 - Leases - Components Of Lease Expense (Details)
Note 13 - Leases - Maturities Of Lease Liabilities (Details)
Note 13 - Leases - Supplemental Balance Sheet Information (Details)
Note 13 - Leases - Supplemental Cash Flow Information (Details)
Note 14 - Segment Reporting
Note 14 - Segment Reporting (Tables)
Note 14 - 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 - 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 - Equity Distribution Agreement And Sale Of Common Stock
Note 9 - Equity Distribution Agreement And Sale Of Common Stock (Details Textual)
Significant Accounting Policies (Policies)
Ticker: AEY
CIK: 874292
Form Type: 10-Q Quarterly Report
Accession Number: 0001445260-20-000071
Submitted to the SEC: Tue Aug 11 2020 4:16:37 PM EST
Accepted by the SEC: Tue Aug 11 2020
Period: Tuesday, June 30, 2020
Industry: Wholesale Durable Goods

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