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Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2020

Addvantage Technologies Group Inc

CIK: 874292 Ticker: AEY

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ADDvantage Technologies Reports Financial Results for Fourth Quarter and Year End Fiscal 2020
Carrollton, Texas, December 16, 2020 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported its financial results for the three and twelve months ended September 30, 2020.

ADDvantage’s Chief Executive Officer, Joe Hart, commented “With 2020 being a challenging global business environment, ADDvantage Technologies group was identified as an “essential service” as we provide critical infrastructure in building and supporting communications services. We have been resilient in our cost and cash management as we had significant hurdles to overcome in both our Telco and Wireless business during fiscal year 2020. These hurdles were primarily driven by the shift to remote work as offices shut down impacting our Telco business and closure of special outdoor event or large gathering events impacting our Wireless business.

“During this business environment, we wanted to accomplish three strategic imperatives in strengthening our balance sheet for sustainable growth.

“First, we wanted to increase our overall cash position and did so by increasing our cash holdings to over $8 million while maintaining working capital[1] at over $11 million.

“Second, we wanted to use this environment to reshape our Telco and Wireless business for expanded growth plus drive a more nimble and leaner business model by reducing overhead and direct expenses. For Telco, we took major write-downs of Goodwill, Intangibles and Inventory at over $11 million. This action made our Telco business nimble and more competitive in both a COVID and post-COVID business environment. For growth, we invested in our Wireless business by increasing our revenue coverage model by adding resources in sales and back office in supporting the increase 5G build opportunities. For Telco growth, we completed our investment for a new facility for our Triton business in improving efficiencies and employee work environment while allowing for expansion.

“Third, continue to attract and retain great people to support growth. In fiscal year 2020, we rewarded key functional team members with restricted stock awards tied into the financial success of the company and shareholder returns. We added new talent within our Executive leadership team that, from experience, know how to scale through growth while working within a lean operation. Overall, our people drive our business and continue to excel during these challenging times.

“With these FY2020 strategic imperatives we continue to transform our business model by streamlining our expenses and improving our operational efficiency and positioning the Company for growth and profitability as the 5G transformation accelerates. Over the past year, we have improved gross margins by more than 1,500 basis points, and eliminated approximately $0.5 million in quarterly operating expenses, resulting in a significant narrowing of our loss from operations.

“We continue to improve our liquidity, with cash in excess of $8 million and working capital over $11 million in preparing for 5G growth. We are seeing clear signs that the 5G transformation will begin in earnest in 2021, and we are well-positioned to capture a meaningful share of the tower work related to this important project in the geographic areas we currently serve. Apple recently released the new 5G capable handset, providing the clearest indication yet of the impending 5G opportunity. With all of the Carriers advertising 5G services, the actual long-term upgrade of the networks is just about to begin in 2021. These 3G, 4G and now 5G cycles typically last 7-10 years and require major Capex spend by every Carrier principally in the first 5 years of each cycle.
1

The following information was filed by Addvantage Technologies Group Inc (AEY) on Thursday, December 17, 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-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:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Operations
2019 Acquisition
2019 Acquisition (Tables)
2019 Acquisition - Additional Information (Details)
2019 Acquisition - Business Acquisition, Pro Forma Information (Details)
2019 Acquisition - Schedule Of Business Acquisitions, By Acquisition (Details)
Accounts Receivable Agreements
Accounts Receivable Agreements (Details)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Maturity Of Debt And Finance Lease (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Cable Transaction And The Broken Arrow Facility (Details)
Discontinued Operations - Income Related To The Discontinued Operations (Details)
Discontinued Operations - Pretax Loss Of The Cable Transaction (Details)
Discontinued Operations - Promissory Note (Details)
Discontinued Operations - Sale Of Cable Tv Segment (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Anti-Dilutive Securities (Details)
Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Equity Distribution Agreement And Sale Of Common Stock
Equity Distribution Agreement And Sale Of Common Stock (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Net Operating Loss Carryforwards (Details)
Income Taxes - Provision (Benefit) For Income Taxes (Details)
Income Taxes - Summary Of Differences Between U.S. Federal Statutory Rate And Company's Effective Tax Rate (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Estimated Aggregate Amortization Expense (Details)
Intangible Assets - Schedule Of Intangible Assets (Details)
Intangible Assets - Schedule Of Intangible Assets, Useful Life (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Inventories - Schedule Of Inventory (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Assets And Liabilities, Lessee (Details)
Leases - Lessee, Operating Lease, Liability, Maturity (Details)
Leases - Schedule Of Cash Flow, Supplemental Disclosures (Details)
Leases - Schedule Of Lease Cost (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Tables)
Quarterly Results Of Operations (Unaudited) - Summary Of Quarterly Results Of Operations (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition- Additional Information (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Segment Reporting Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Intrinsic Value Of Exercised Options (Details)
Stock-Based Compensation - Schedule Of Non-Vested Restricted Share Awards (Details)
Stock-Based Compensation - Schedule Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
Stock-Based Compensation - Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested And Expected To Vest, Outstanding And Exercisable (Details)
Stock-Based Compensation - Share-Based Payment Arrangement, Expensed And Capitalized, Amount (Details)
Stock-Based Compensation - Share-Based Payment Arrangement, Option, Activity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001628280-20-017632
Submitted to the SEC: Thu Dec 17 2020 5:04:09 PM EST
Accepted by the SEC: Thu Dec 17 2020
Period: Wednesday, September 30, 2020
Industry: Wholesale Durable Goods

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