Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Addvantage Technologies Group Inc

CIK: 874292 Ticker: AEY


ADDvantage Technologies Reports Financial Results for the First Quarter Fiscal 2021

Carrollton, Texas, February 11, 2021 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported its financial results for the three months ended December 31, 2020.

“The first fiscal quarter was impacted by the typical seasonality in our wireless segment, as the winter weather, the holidays and the lack of specialty work impacted revenue and margins,” commented Joe Hart, Chief Executive Officer. “While revenue was down $1.2 million year over year, gross margins were improved and we generated the same $3.6 million in gross profit as in the prior year even at lower revenue levels, reflecting the improved operational efficiency of our business. This was accomplished in spite of the impact to our Triton Datacom office products business of office shut-downs across the US, sporadic wireless crew quarantines as a result of the pandemic, and work slowdowns during the transition between the end of 4G and the construction buildup for 5G.”

“The approximate $500,000 sequential improvement in wireless revenues over Q4 is encouraging,” added Hart. “Our sales and bid activity are picking up as we continue to see accelerating demand in anticipation of the 5G roll-out, though the velocity has yet to reach desired levels. We are prudently ramping our crew capacity in anticipation of expected demand, an initiative we undertook based on a high level of confidence that we will win projects to effectively utilize this capacity. We currently expect the second half of calendar 2021 to benefit from the higher volumes, and our business is scaled to drive improvements in profitability based on these expected levels.”

“The recent FCC C-Band Auction raised over $81 billion as both existing Wireless and Broadband Carriers pursued the additional 3.7-3.98GHZ spectrum made available to help facilitate the expected 5G growth and network capacity needs. We have multi-year service agreements in place with all of the major players in this auction and are well positioned to assist them in their growth plans throughout the Southwest and Midwest.”

“The Company is encouraged by reports that DISH, the newly approved fourth Wireless Carrier, has secured leases on over 20,000 existing tower sites owned by Crown Castle and gained access to over 300,000 sites owned by Vertical Bridge,” continued Hart. “According to Fierce Wireless reports, Dish has committed to build a cloud-native, 5G, nationwide wireless network and has committed to build at least 15,000 sites to meet its minimum requirement to cover 70% of the U.S. population by mid-2023.”

“At the same time, the hard work of last year to rationalize the structure of our Telco business has delivered the desired results. Telco revenue is up approximately 5% year over year, and has increased slightly quarter over quarter, even under the continuing pandemic conditions affecting the workforce,” continued Mr. Hart. “We have confidence in our plan as we move through 2021 with an improved balance sheet, an experienced management team, and are strategically well-positioned to capture a meaningful share of the 5G infrastructure buildout that is expected to be realized this year.”

Financial Results for the Three Months Ended December 31, 2020 Compared to Prior Year

First quarter sales were $12.7 million for three months ended December 31, 2020, a decrease of $1.2 million, or 9% compared to $14.0 million for the same period last year.  The decrease in sales was due to declines in sales in the Wireless segment of $1.6 million, partially offset by an increase in Telco sales of $0.3 million.

Gross profit increased $0.04 million to $3.63 million for three months ended December 31, 2020 compared to $3.59 million for the same period last year. The changes in gross profit were due to an increase in the Telco segment of $0.30 million, offset by a Wireless segment decrease of $0.26 million.
Operating expenses decreased $0.08 million, or 4%, to $2.0 million for the three months ended December 31, 2020 from $2.1 million the same period last year. The decrease in operating expenses was due to the Wireless segment decrease of $0.23 million, partially offset by increases in the Telco segment of $0.15 million.

The following information was filed by Addvantage Technologies Group Inc (AEY) on Thursday, February 11, 2021 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

Cover Page
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accounts Receivable Agreements
Accounts Receivable Agreements (Details)
Basis Of Presentation And Accounting Policies
Basis Of Presentation And Accounting Policies (Policies)
Debt - Additional Information (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)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Schedule Of Intangible Assets (Details)
Inventories (Tables)
Inventories - Additional Information (Details)
Inventories - Schedule Of Inventory (Details)
Leases (Details)
Leases (Tables)
Promissory Note Receivable
Promissory Note Receivable - Additional Information (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Compensation Expense Related To Stock Options (Details)
Stock-Based Compensation - Schedule Of Non-Vested Restricted Share Awards (Details)
Stock-Based Compensation - Share-Based Payment Arrangement, Option, Activity (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: AEY
CIK: 874292
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-21-001963
Submitted to the SEC: Thu Feb 11 2021 5:16:22 PM EST
Accepted by the SEC: Thu Feb 11 2021
Period: Thursday, December 31, 2020
Industry: Wholesale Durable Goods

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