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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Addvantage Technologies Group Inc

CIK: 874292 Ticker: AEY

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ADDvantage Technologies Reports Financial Results for the Second Quarter Fiscal 2021

Carrollton, Texas, May 13, 2021 – 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, 2021.

“Late in the second fiscal quarter, we began to see a clear and significant ramp in the number of 5G and 4G site awards from multiple carriers with multiple awards in both existing and net new markets throughout the greater Midwest and Southwest regions,” commented Joe Hart, Chief Executive Officer. “The awards were either for prepping for the 5G transformation by decommissioning and removing older technologies to make room for new 5G installations or greenfield sites for installing new 5G radios and antennas. In addition, we continue to see insatiable wireless capacity demands as we continue to earn awards for installing additional 4G frequencies. These notice of awards, and in some cases the initial purchase orders, represent the long-awaited ramp up of Wireless construction activity related to 5G in our Central Region markets.”

“This encouraging progress gives us confidence that our growth and investment strategy for our wireless segment in the second half of calendar 2021 is starting to pay off,” continued Mr. Hart. “Based on the specific schedules provided by our both our Wireless Carrier and OEM customers, we expect these awards will benefit us starting in our FY21 Q4 timeframe.”

“During our FY21 Q3, we expect incremental, phased awards, resulting in additional clarity regarding the magnitude of the 5G and 4G work. We expect to be able to report a growing backlog of assigned tower work, demonstrating the progress we have made and positioning us for a strong FY21 Q4 and an exciting FY22.”

Financial Results for the Three Months Ended March 31, 2021
Sales increased $0.7 million, or 6%, to $12.7 million for three months ended March 31, 2021 from $12.0 million for the three months ended March 31, 2020.  The increase in sales was due to increased sales in the Telco segment of $1.0 million partially offset by a decrease in Wireless segment sales of $0.3 million.
Gross profit increased $3.6 million for three months ended March 31, 2021 to $3.2 million compared to a deficit of $0.4 million for the same period last year. The increases in gross profit were due to an increase in the Telco segment of $2.3 million, and a Wireless segment increase of $1.3 million. The three months ended March 31, 2020 included an inventory obsolescence charge in the Telco segment of $2.1 million.
Operating expenses include indirect costs associated with operating our business such as indirect personnel, facilities, vehicles, insurance, communication, and business taxes. Operating expenses remained consistent at approximately $2.2 million for the three months ended March 31, 2021 and $2.1 million the same period last year.
Consolidated selling, general and administrative ("SG&A") expenses include overhead, which consist of personnel, insurance, professional services, communication, and other cost categories. SG&A expense increased $0.9 million, or 30%, to $3.8 million for the three months ended March 31, 2021 from $2.9 million for the same period last year. The increase in SG&A relates to increased personnel costs such as non-cash stock compensation of $0.1 million, executive severance of $0.2 million, as well as computing and communications costs of approximately $0.2 million, and $0.4 million of increased selling costs compared to the same period last year.
Net loss for the three months ended March 31, 2021 was $3.1 million, or a loss of $0.25 per diluted share, an improvement of $11.4 million compared with a net loss of $14.7 million, or a loss of $1.41 per diluted share for the same quarter last year. Net loss for the three-month period ended March 21, 2020 included $8.7 million in impairment charges related to intangible assets including goodwill, and inventory obsolescence $2.1 million.

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The following information was filed by Addvantage Technologies Group Inc (AEY) on Thursday, May 13, 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 (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
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
Debt (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
Inventories (Tables)
Inventories - Schedule Of Inventory (Details)
Leases
Leases (Details)
Leases (Tables)
Promissory Note Receivable
Promissory Note Receivable (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 - 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)

Material Contracts, Statements, Certifications & more

Addvantage Technologies Group Inc provided additional information to their SEC Filing as exhibits

Ticker: AEY
CIK: 874292
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-21-010299
Submitted to the SEC: Fri May 14 2021 3:52:34 PM EST
Accepted by the SEC: Fri May 14 2021
Period: Wednesday, March 31, 2021
Industry: Wholesale Durable Goods

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