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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Addvantage Technologies Group Inc

CIK: 874292 Ticker: AEY

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ADDvantage Technologies Reports Financial Results for the Third Quarter Fiscal 2021

Telco Segment achieves an all-time high in revenue and Management expects significant growth in 5G wireless revenues in fiscal fourth quarter and 2022

Carrollton, Texas, 08/12/2021 – 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, 2021.

“The third fiscal quarter benefited from 65% higher revenue in our Telco segment, specifically from Nave Communications, an all-time high for Nave, as the ongoing chip and electronics supply chain issues for new technology drove higher demand for refurbished alternatives,” commented Joe Hart, Chief Executive Officer. “The higher volumes have generally continued into the fourth fiscal quarter, but we anticipate a leveling off of demand at some point in future quarters, albeit at a somewhat elevated level relative to the recent past. Nave is having a really strong year and Triton Datacom has recovered from a COVID-related softness in sales earlier in the year.”

“The long-awaited 5G expansion has begun in earnest, and the hard work to position our company as a key player in the development of 5G networks by our Fulton Technologies team has paid off,” added Mr. Hart. “Over the last few months, we have won site awards to upgrade technology to 5G for over 1,000 cell sites in seven major metropolitan markets. We have also added two new major Tier-1 clients. We remain confident that the Wireless segment revenue in the second half of calendar 2021, the period encompassing our fourth fiscal quarter of this year and first fiscal quarter of next year, could gradually double the levels we reported in the first half of calendar 2021. Moreover, this represents only a portion of the total work to be done. We already have purchase orders for fiscal year 2022 construction services that exceed the total value of our fiscal year 2021 total Wireless revenue.”

“The initial awards are from multiple carriers, including both longstanding customers and two new entrants to the market. We have been awarded work in seven major markets, some of which are new for us, all in the greater Midwest and Southwest regions contiguous to our historical bases in Chicago and Dallas. Most of the new site awards are for the installation of new 5G radios and antennas, but some also involve decommissioning and removing older technologies on a tower or rooftop to make room for new 5G installations to follow later, and in some cases, installing additional 4G frequencies at the site” continued Mr. Hart.

“As I’ve previously indicated, the 5G expansion is massive. It represents a multi-year secular trend not just for tower work but for data centers, technology providers, handset manufacturers and wireless carriers. The capital expenditure plans of wireless carriers are public and often discussed. Tower work is just one piece of this effort, and we are strategically positioned to capture a meaningful portion of this work due to our established relationships and experienced crews under Fulton Technologies in key markets across the very center of the United States.”

“The expected incremental revenue from our Wireless segment in the fourth quarter, along with the higher Telco sales, should help us finish the year strong, with improved margins and significant momentum heading into the new fiscal year,” concluded Mr. Hart.

Financial Results for the Three Months Ended June 30, 2021

Sales for the three months ended June 30, 2021 were $17.0 million, an increase of $5.0 million, or 42%, compared to $12.0 million for the three months ended June 30, 2020. The increase was primarily due to $6.0 million of increased sales in the Telco segment resulting from increased demand for refurbished telecommunications equipment sold by the Telco segment, partially offset by $1.0 million of decreased sales in the Wireless segment resulting from delays in infrastructure spending from the major U.S. carriers and circumstances related to the COVID-19 pandemic.
Gross profit for the three months ended June 30, 2021 of $4.3 million was consistent with gross profit of $4.2 million for the same period last year. The slight increase in gross profit was due to an increase in the Telco segment of $1.1 million, partially offset by a decrease of $1.0 million in the Wireless segment. Wireless margins for the third quarter 2021 of 30% were in-line with historical levels, but margins in the third quarter last year were unusually high at 44% due to change-order revenue recovery from the second quarter of 2020.
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The following information was filed by Addvantage Technologies Group Inc (AEY) on Thursday, August 12, 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)

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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: 0001628280-21-016958
Submitted to the SEC: Fri Aug 13 2021 3:25:59 PM EST
Accepted by the SEC: Fri Aug 13 2021
Period: Wednesday, June 30, 2021
Industry: Wholesale Durable Goods

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