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Keep an eye out for earnings Feb 13 growth every quarter
https://finance.yahoo.com/news/addvantage-technologies-group-inc-report-130000617.html
Keep an eye out for earnings Feb 13 growth every quarter
https://finance.yahoo.com/news/addvantage-technologies-group-inc-report-130000617.html
Earnings Thursday. Revenue growth has been consistent after the acquisitions. Near term profitability expected. Can we see trend reversal? I think so
AEY 1.34, yes it moved!
Book value is $3.97. And the company seems to have their act together.
ADDvantage Technologies Announces Financial Results for the Fiscal First Quarter of 2012
PrintAlert
Addvantage Technologies Grp., Inc. (MM) (NASDAQ:AEY)
Intraday Stock Chart
Today : Tuesday 14 February 2012
ADDvantage Technologies Group, Inc. (NASDAQ: AEY), today announced its results for the three month period ended December 31, 2011.
Revenue for the three months ended December 31, 2011 was $9.0 million compared to $9.2 million for the same period last year. Sales of new equipment were $5.2 million for the three months ended December 31, 2011 as compared to $6.5 million for the three months ended December 31, 2010. New equipment sales were negatively impacted by several factors including the continued economic downturn in the cable television industry as multiple system operator ("MSO") customers continue to conserve cash and limit capital expenditures and the negative impact of the Cisco reseller agreement entered in December 2010. Net refurbished equipment sales were $2.6 million for the three months ended December 31, 2011 as compared to $1.4 million for the same period last year. The increase in net refurbished equipment sales was primarily driven by our acquisition of the net operating assets of Adams Global Communications in May 2011, which increased our first quarter revenue by $1.1 million. Service revenue was $1.2 million for the three month period ended December 31, 2011 as compared to $1.3 million for the same period last year.
Net income attributable to common shareholders for the three months ended December 31, 2011 was $0.4 million, or $0.04 per diluted share, as compared to $0.7 million, or $0.07 per diluted share, for the same period last year.
Ken Chymiak, President and CEO, commented, "Revenue for the three months ended December 31, 2011 was relatively flat year-over-year, as we continue to face a weak cable equipment market and an uncertain economy. However, we maintained our gross margins at approximately 30%, generated positive cash flow from operations of $1.8 million in the fiscal first quarter of 2012, and continued to pay down our long-term debt. As a result, we increased our cash and cash equivalents to $12.3 million as of December 31, 2011 compared to $10.9 million as of September 30, 2011. We believe that our relatively strong financial position gives us major competitive advantages in the current market and allows us to continue to seek strategic growth opportunities and other ways that we could bring value to our shareholders.
"The core message for our customers, employees and investors as we enter 2012 is that ADDvantage Technologies is making every effort to confront its current challenges with a focus on strategic adaptation and a common-sense vision. We continue to consider changes to our business in order to return to a position of long-term growth," concluded Mr. Chymiak.
Earnings Conference Call
As previously announced the Company will host a conference call on Tuesday, February 14, 2012, at 12:00 p.m. Eastern Time featuring remarks by David Chymiak, Chairman of the Board, Ken Chymiak, President and Chief Executive Officer, and Scott Francis, Chief Financial Officer. The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage's website, www.addvantagetechnologies.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is (888)-401-4675 or (719)-325-4877 for international participants. All dial-in participants must use the following code to access the call: 4195028. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through February 28, 2012 at (877) 870-5176 (domestic) or (858) 384-5517 (international). Participants must use the following code to access the replay of the call: 4195028. The online archive of the webcast will be available on the Company's website for 30 days following the call.
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. supplies the cable television (CATV) industry with a comprehensive line of new and used system-critical network equipment and hardware from leading manufacturers, including Cisco, Motorola and Fujitsu Frontech North America, as well as operating a national network of technical repair centers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the broad range of communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony.
ADDvantage operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Nebraska, Tulsat-Texas, NCS Industries, ComTech Services and Adams Global Communications. For more information, please visit the corporate web site at www.addvantagetechnologies.com.
The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company's reports and documents filed from time to time with the Securities and Exchange Commission.
(Tables follow)
ADDVANTAGE TECHNOLOGIES GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended
December 31,
2011 2010
----------- -----------
Sales:
Net new sales income $ 5,194,965 $ 6,525,013
Net refurbished sales income 2,588,717 1,401,501
Net service income 1,220,713 1,302,932
----------- -----------
Total net sales 9,004,395 9,229,446
Cost of sales 6,265,374 6,349,881
----------- -----------
Gross profit 2,739,021 2,879,565
Operating, selling, general and administrative
expenses 1,846,615 1,498,506
----------- -----------
Income from operations 892,406 1,381,059
Interest expense 158,626 185,424
----------- -----------
Income before provision for income taxes 733,780 1,195,635
Provision for income taxes 287,000 455,000
----------- -----------
Net income attributable to common shareholders 446,780 740,635
Other comprehensive income:
Unrealized gain on interest rate swap, net of
taxes 54,369 147,169
----------- -----------
Comprehensive income $ 501,149 $ 887,804
=========== ===========
Earnings per share:
Basic $ 0.04 $ 0.07
Diluted $ 0.04 $ 0.07
Shares used in per share calculation:
Basic 10,207,390 10,143,970
Diluted 10,209,036 10,154,523
ADDVANTAGE TECHNOLOGIES GROUP, INC.
CONSOLIDATED BALANCE SHEETS
December 31, September 30,
2011 2011
(unaudited) (audited)
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 12,238,609 $ 10,943,654
Accounts receivable, net of allowance of
$300,000 3,116,487 4,244,049
Income tax refund receivable 102,397 349,745
Inventories, net of allowance for excess and
obsolete inventory of $1,658,000 and
$1,556,000, respectively 24,074,992 25,777,747
Prepaid expenses 101,855 177,486
Deferred income taxes 1,092,000 1,059,000
------------- -------------
Total current assets 40,726,340 42,551,681
Property and equipment, at cost 11,831,097 11,746,091
Less accumulated depreciation and amortization (3,480,459) (3,392,329)
------------- -------------
Net property and equipment 8,350,638 8,353,762
Other assets:
Deferred income taxes 331,000 403,000
Goodwill 1,560,183 1,560,183
Other assets 19,246 19,245
------------- -------------
Total other assets 1,910,429 1,982,428
------------- -------------
Total assets $ 50,987,407 $ 52,887,871
============= =============
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 1,377,151 $ 2,675,907
Accrued expenses 689,346 1,240,224
Notes payable - current portion 1,814,008 1,814,008
------------- -------------
Total current liabilities 3,880,505 5,730,139
Notes payable, less current portion 9,790,618 10,244,120
Other liabilities 857,889 957,258
Shareholders' equity:
Common stock, $.01 par value; 30,000,000
shares authorized; 10,431,354 shares issued
and 10,207,390 shares outstanding 104,314 104,314
Paid in capital (5,883,630) (5,884,521)
Retained earnings 43,176,879 42,730,098
Accumulated other comprehensive loss:
Unrealized loss on interest rate swap, net
of tax (532,889) (587,258)
------------- -------------
Total shareholders' equity before treasury
stock 36,864,674 36,362,633
Less: Treasury stock, 223,964 shares, at
cost (406,279) (406,279)
------------- -------------
Total shareholders' equity 36,458,395 35,956,354
------------- -------------
Total liabilities and shareholders' equity $ 50,987,407 $ 52,887,871
============= =============
For further information
Company Contact:
Ken Chymiak
(918) 251-9121
Scott Francis
(918) 251-9121
KCSA Strategic Communications
Garth Russell / Jason Maymudes
(212) 896-1250 / (212) 896-1211
grussell@kcsa.com / jmaymudes@kcsa.com
~ Thurs-Fri $AEY ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $AEY ~ Earnings expected on Friday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=AEY&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=AEY&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=AEY
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=AEY#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=AEY+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=AEY
Finviz: http://finviz.com/quote.ashx?t=AEY
~ BusyStock: http://busystock.com/i.php?s=AEY&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=AEY >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Antrim Provides Update of East Fyne Appraisal Well and Causeway Development, UK North Sea
Date : 02/06/2012 @ 2:00AM
Source : MarketWire
Antrim Provides Update of East Fyne Appraisal Well and Causeway Development, UK North Sea
PrintAlert
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim" or the "Company")
Antrim, an international oil and gas exploration and production company headquartered in Calgary, Canada, today announced results from the East Fyne appraisal well in the UK Central North Sea block 21/28a (Antrim working interest 35.1%) and progress in the development of the Causeway Field in UK Northern North Sea Block 211/22a South East Area (Antrim working interest 35.5%).
Well 21/28a-11 (the "East Fyne well") was drilled to a total depth of 5,020 feet in the eastern portion of the Fyne Field, an Eocene Tay oil accumulation located SW of and on trend with the producing NW Guillemot oil field. The well encountered approximately 24 feet of gas bearing sand in the Upper Tay formation and eight feet of oil bearing sand in the Middle Tay formation, with no oil-water contact identified. Very good reservoir quality was encountered in both the Upper and Middle Tay, with porosities in the range of 31 - 33%, oil saturations in the Middle Tay of approximately 78%, and high permeabilities in the multi-darcy range. Oil samples were collected and oil quality is currently being analyzed.
The thickness of the oil bearing sand is at the lower end of the pre-drill estimate and the well is being plugged and abandoned.
The joint venture partners will now incorporate the results of the East Fyne well and possible adjustment to internally estimated reserves into their analysis of field development options for the Fyne Field.
Field development is proceeding in the Causeway Field. A field development plan ("FDP") has been approved by the UK Department of Energy and Climate Change ("DECC"), as previously announced on December 28, 2011. A lump sum contract with a value of approximately GBP 33 million was awarded by Operator Valiant Causeway Limited to French contractor Technip for engineering, procurement, installation and commissioning of rigid and flexible pipelines, subsea equipment and umbilicals. The Borgsten Dolphin semi-submersible rig has been contracted to complete the existing production and water injection wells in the field. Hydrocarbons will be transported to and processed at the Cormorant North platform operated by TAQA Bratani Limited, before being exported to the Sullom Voe terminal for sale. First oil remains on-track for the third quarter of 2012.
Additional information concerning Antrim Energy Inc. is available at www.antrimenergy.com. Investor inquiries may be directed to info@antrimenergy.com or 1-403-264-5111.
Forward-Looking Statements
Some of the statements in this announcement may be forward-looking including statements relating to the drilling results. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "approximate", "estimate" and similar expressions, whether used in connection with drilling activity or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control. Please refer to Antrim's Annual Information Form for the year ended December 31, 2010 and dated March 28, 2011 and available for viewing at www.sedar.com, for a list of risk factors. Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.
In accordance with AIM guidelines, Mr. Kerry Fulton, P. Eng and Vice President Operations of Antrim, is the qualified person that has reviewed the technical information contained in this news release. Mr. Fulton has over 30 years operating experience in the upstream oil and gas industry.
Contacts:
Antrim Energy Inc.
Stephen Greer
President & CEO
(403) 264-5111
(403) 264-5113 (FAX)
greer@antrimenergy.com
Antrim Energy Inc.
Scott Berry
Manager, Investor Relations
(403) 264-5111
(403) 264-5113 (FAX)
berry@antrimenergy.com
Antrim Energy Inc.
Kerry Fulton
Vice President Operations
(403) 264-5111
(403) 264-5113 (FAX)
Fulton@antrimenergy.com
RBC Europe Limited
Martin Eales
+44 (0) 20 7029 7881
ADDvantage Technologies Announces Results for Fiscal 2011 First QuarterFont size: A | A | A8:02 AM ET 2/8/11 | Marketwire
ADDvantage Technologies Group, Inc. (NASDAQ: AEY), today announced its results for the three month period ended December 31, 2010.
Revenue for the three month period ended December 31, 2010 was $9.2 million compared to $10.2 million in the same period a year ago. Sales of new equipment were $6.5 million for the three months ended December 30, 2010 as compared to $6.6 million for the three months ended December 31, 2009. Net refurbished equipment sales were $1.4 million for the three months ended December 31, 2010 as compared to $2.3 million for the same period last year. The decrease in refurbished equipment sales was primarily due to a decrease in sales of digital converter boxes of $0.6 million. Service revenue was $1.3 million for the three months ended December 31, 2010 as compared to $1.4 million for the same period last year. This decline was primarily attributable to the closure of the Tulsat-West facility in the fiscal first quarter of 2011.
Net income attributable to common shareholders in the first quarter of fiscal 2011 was $0.7 million, or $0.07 per diluted share, as compared to $0.9 million, or $0.8 per diluted share, in the same period last year.
Ken Chymiak, President and CEO, commented, "We continue to report strong gross margins and positive net income, and further strengthened our balance sheet with an increase in cash and cash equivalents. Our sales remained relatively the same compared to last year except for the sale of refurbished digital converter boxes. The decrease in sales for the digital converter boxes was due to lower demand for this product. The overall market demand for cable television equipment continues to be flat as a result of the difficult economic environment, traditional United States cable companies are still under budgetary pressures as new housing starts and consumer spending is still down."
"Also, as previously announced on December 27, 2010, our subsidiary, Tulsat, entered into a new system integrator/reseller agreement with Cisco, which will enable it to sell both IT and Service Provider Video Technology Group ("SPVTG") related products in the United States. This agreement replaces Tulsat's prior distributor agreement with Cisco, which expired December 20, 2010. Under the terms of the new agreement, Tulsat will purchase the majority of its new Cisco product inventory through a primary stocking distributor as opposed to purchasing directly from Cisco as it did under the prior agreement. This is expected to result in slightly higher product costs, but it will lower the Company's inventory, storage, shipping and handling costs," concluded Mr. Chymiak.
Earnings Conference Call
As previously announced, the Company's earnings conference call is scheduled for 12:00 p.m. Eastern Time on Tuesday, February 8, 2011. The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage's website, www.addvantagetech.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is (877) 852-6579 or (719) 325-4933 for international participants. All dial-in participants must use the following code to access the call: 1034872. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through February 22, 2011 at (877) 870-5176 (domestic) or (858) 384-5517 (international). Participants must use the following code to access the replay of the call: 1034872. The online archive of the webcast will be available on the Company's website for 30 days following the call.
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. supplies the cable television (CATV) industry with a comprehensive line of new and used system-critical network equipment and hardware from leading manufacturers, including Cisco, Motorola and Fujitsu Frontech North America, as well as operating a national network of technical repair centers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the broad range of communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony.
ADDvantage operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Nebraska, Tulsat-Texas, NCS Industries, ComTech Services and Broadband Remarketing International. For more information, please visit the corporate web site at www.addvantagetech.com.
The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company's reports and documents filed from time to time with the Securities and Exchange Commission.
(Tables follow)
View data ADDVANTAGE TECHNOLOGIES GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended
December 31,
2010 2009
----------- -----------
Sales:
Net new sales income $ 6,525,013 $ 6,569,913
Net refurbished sales income 1,401,501 2,268,803
Net service income 1,302,932 1,380,505
----------- -----------
Total net sales 9,229,446 10,219,221
Cost of sales 6,349,881 6,888,881
----------- -----------
Gross profit 2,879,565 3,330,340
Operating, selling, general and administrative
expenses 1,498,506 1,730,767
----------- -----------
Income from operations 1,381,059 1,599,573
Interest expense 185,424 211,934
----------- -----------
Income before provision for income taxes 1,195,635 1,387,639
Provision for income taxes 455,000 528,000
----------- -----------
Net income attributable to common shareholders 740,635 859,639
Other comprehensive income:
Unrealized gain on interest rate swap, net of
taxes 147,169 91,980
----------- -----------
Comprehensive income $ 887,804 $ 951,619
=========== ===========
Earnings per share:
Basic $ 0.07 $ 0.08
Diluted $ 0.07 $ 0.08
Shares used in per share calculation:
Basic 10,143,970 10,116,820
Diluted 10,154,523 10,120,085
ADDVANTAGE TECHNOLOGIES GROUP, INC.
CONSOLIDATED BALANCE SHEETS
December 31, September 30,
2010 2010
(unaudited) (audited)
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 10,398,858 $ 8,739,151
Accounts receivable, net of allowance of
$300,000 2,758,523 4,905,733
Income tax refund receivable - 203,405
Inventories, net of allowance for excess
and obsolete inventory of $2,643,000
and $2,545,000, respectively 28,588,730 27,410,722
Prepaid expenses 54,334 92,567
Deferred income taxes 1,440,000 1,423,000
------------- -------------
Total current assets 43,240,445 42,774,578
Property and equipment, at cost:
Land and buildings 7,208,679 7,208,679
Machinery and equipment 3,123,851 3,203,701
Leasehold improvements 205,797 205,797
------------- -------------
10,538,327 10,618,177
Less accumulated depreciation and
amortization (3,436,425) (3,393,921)
------------- -------------
Net property and equipment 7,101,902 7,224,256
Other assets:
Deferred income taxes 578,000 678,000
Goodwill 1,560,183 1,560,183
Other assets 11,236 23,236
------------- -------------
Total other assets 2,149,419 2,261,419
------------- -------------
Total assets $ 52,491,766 $ 52,260,253
============= =============
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 3,289,984 $ 2,751,498
Accrued expenses 833,593 1,340,414
Notes payable - current portion 1,814,008 1,814,008
------------- -------------
Total current liabilities 5,937,585 5,905,920
Notes payable 11,604,626 12,058,128
Other liabilities 1,015,514 1,252,683
Shareholders' equity:
Common stock, $.01 par value; 30,000,000
shares authorized; 10,367,934 shares
issued and 10,143,970 shares outstanding 103,679 103,679
Paid in capital (6,068,271) (6,070,986)
Retained earnings 40,934,426 40,193,791
Accumulated other comprehensive income
(loss):
Unrealized loss on interest rate swap,
net of tax (629,514) (776,683)
------------- -------------
34,340,320 33,449,801
Less: Treasury stock, 223,964 shares, at
cost (406,279) (406,279)
------------- -------------
Total shareholders' equity 33,934,041 33,043,522
------------- -------------
Total liabilities and shareholders' equity $ 52,491,766 $ 52,260,253
============= =============
ADDVANTAGE TECHNOLOGIES GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended December 31, 2010 2009 ----------- ----------- Sales: Net new sales income $ 6,525,013 $ 6,569,913 Net refurbished sales income 1,401,501 2,268,803 Net service income 1,302,932 1,380,505 ----------- ----------- Total net sales 9,229,446 10,219,221 Cost of sales 6,349,881 6,888,881 ----------- ----------- Gross profit 2,879,565 3,330,340 Operating, selling, general and administrative expenses 1,498,506 1,730,767 ----------- ----------- Income from operations 1,381,059 1,599,573 Interest expense 185,424 211,934 ----------- ----------- Income before provision for income taxes 1,195,635 1,387,639 Provision for income taxes 455,000 528,000 ----------- ----------- Net income attributable to common shareholders 740,635 859,639 Other comprehensive income: Unrealized gain on interest rate swap, net of taxes 147,169 91,980 ----------- ----------- Comprehensive income $ 887,804 $ 951,619 =========== =========== Earnings per share: Basic $ 0.07 $ 0.08 Diluted $ 0.07 $ 0.08 Shares used in per share calculation: Basic 10,143,970 10,116,820 Diluted 10,154,523 10,120,085 ADDVANTAGE TECHNOLOGIES GROUP, INC. CONSOLIDATED BALANCE SHEETS December 31, September 30, 2010 2010 (unaudited) (audited) ------------- ------------- Assets Current assets: Cash and cash equivalents $ 10,398,858 $ 8,739,151 Accounts receivable, net of allowance of $300,000 2,758,523 4,905,733 Income tax refund receivable - 203,405 Inventories, net of allowance for excess and obsolete inventory of $2,643,000 and $2,545,000, respectively 28,588,730 27,410,722 Prepaid expenses 54,334 92,567 Deferred income taxes 1,440,000 1,423,000 ------------- ------------- Total current assets 43,240,445 42,774,578 Property and equipment, at cost: Land and buildings 7,208,679 7,208,679 Machinery and equipment 3,123,851 3,203,701 Leasehold improvements 205,797 205,797 ------------- ------------- 10,538,327 10,618,177 Less accumulated depreciation and amortization (3,436,425) (3,393,921) ------------- ------------- Net property and equipment 7,101,902 7,224,256 Other assets: Deferred income taxes 578,000 678,000 Goodwill 1,560,183 1,560,183 Other assets 11,236 23,236 ------------- ------------- Total other assets 2,149,419 2,261,419 ------------- ------------- Total assets $ 52,491,766 $ 52,260,253 ============= ============= Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 3,289,984 $ 2,751,498 Accrued expenses 833,593 1,340,414 Notes payable - current portion 1,814,008 1,814,008 ------------- ------------- Total current liabilities 5,937,585 5,905,920 Notes payable 11,604,626 12,058,128 Other liabilities 1,015,514 1,252,683 Shareholders' equity: Common stock, $.01 par value; 30,000,000 shares authorized; 10,367,934 shares issued and 10,143,970 shares outstanding 103,679 103,679 Paid in capital (6,068,271) (6,070,986) Retained earnings 40,934,426 40,193,791 Accumulated other comprehensive income (loss): Unrealized loss on interest rate swap, net of tax (629,514) (776,683) ------------- ------------- 34,340,320 33,449,801 Less: Treasury stock, 223,964 shares, at cost (406,279) (406,279) ------------- ------------- Total shareholders' equity 33,934,041 33,043,522 ------------- ------------- Total liabilities and shareholders' equity $ 52,491,766 $ 52,260,253 ============= =============
View dataADDvantage Technologies Group, Inc.
1221 E. Houston
Broken Arrow, Oklahoma 74012
For further information
Company Contact:
Ken Chymiak
(918) 251-9121
Scott Francis
(918) 251-9121
KCSA Strategic Communications
Garth Russell
(212) 896-1250
grussell@kcsa.com
ADDvantage Technologies Group, Inc. 1221 E. Houston Broken Arrow, Oklahoma 74012 For further information Company Contact: Ken Chymiak (918) 251-9121 Scott Francis (918) 251-9121 KCSA Strategic Communications Garth Russell (212) 896-1250 grussell@kcsa.com
SOURCE: ADDvantage Technologies Group, Inc.
mailto:grussell@kcsa.com
ADDvantage Technologies Announces Fiscal 2010 Financial Results
Date : 12/14/2010 @ 8:00AM
Source : MarketWire
Stock : ADDvantage Technologies Group, Inc. (AEY)
Quote : 3.67 0.0 (0.00%) @ 7:22AM
ADDvantage Technologies Announces Fiscal 2010 Financial Results
Addvantage Technologies Grp. (MM) (NASDAQ:AEY)
Intraday Stock Chart
Today : Tuesday 14 December 2010
ADDvantage Technologies Group, Inc. (NASDAQ: AEY) today announced its results for the three and twelve month periods ended September 30, 2010.
Revenue for the three month period ended September 30, 2010 was $11.7 million compared to $10.2 million in the same period a year ago, an increase of 15%. Sales of new equipment increased $2.2 million, or 35%, to $8.4 million for the three months ended September 30, 2010 from $6.2 million for the three months ended September 30, 2009. Net refurbished equipment sales decreased 26%, to $1.8 million for the three months ended September 30, 2010 from $2.5 million for the same period last year. Service revenue remained substantially unchanged at $1.5 million for the three months ended September 30, 2010 and 2009.
Net income attributable to common stockholders in the fourth quarter of fiscal 2010 increased 19% to $0.8 million, or $0.08 per diluted share, as compared to $0.7 million, or $0.07 per diluted share, in the same period last year.
For the twelve months ended September 30, 2010, revenue increased 12% to $47.3 million, compared to $42.2 million, for the same period last year.
Net income attributable to common stockholders for the twelve month period ended September 30, 2010 increased 39% to $4.2 million, or $0.41 per diluted share, as compared to $3.0 million, or $0.30 per diluted share, for the twelve months of fiscal 2009.
Ken Chymiak, President and CEO, commented, "We are pleased with the increased revenues in fiscal year 2010 as compared to last year, especially in light of the difficult economic environment. Our financial strength has improved due to the increased revenues, reductions in inventory and reductions in our operating expenses. The overall market demand for cable television equipment continues to be flat as a result of the difficult economic environment and the traditional United States cable companies are still under pressure as new housing starts and consumer spending are still down. We continue to manage our business more effectively and reduce inventory levels so they are in line with current and expected levels of customer demand.
"Our business has generated increased sales in certain product categories. This includes greater demand for headend equipment from MSOs as they add channels to their systems and upgrade equipment to provide HD programming; and the expansion into new products as we ramped up sales under the new master distribution agreement with Fujitsu Frontech. We also continued to capitalize on growing demand from customers and cable equipment distributors in Latin America. Though our non-U.S. sales were less than 15% of total sales in fiscal 2010, the demand from Latin America has been a positive trend for our business.
"The overall financial health of our business has strengthened in fiscal 2010 compared to the end of fiscal 2009, as we reduced inventory by $5.8 million to $27.4 million, increased cash reserves to $8.7 million from $0.7 million and reduced debt by $2.0 million to $13.9 million. As we look ahead into fiscal 2011 and beyond, I am cautiously optimistic that the strengthening of the overall market conditions will help drive continued growth. However, we will continue to adjust our business model to be in line with market conditions and changes in our vendor relationships. In addition, we are looking to enter into additional vendor and strategic relationships that could help bolster our customer base in certain sales and distribution channels," concluded Mr. Chymiak.
Earnings Conference Call
As previously announced, the Company's earnings conference call is scheduled for 12:00 p.m. Eastern Time on Tuesday, December 14, 2010. The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage's website, www.addvantagetech.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is (888) 395-3227 or (719) 457-2617 for international participants. All dial-in participants must use the following code to access the call: 1121980. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through December 28, 2010 at (877) 870-5176 (domestic) or (858) 384-5517 (international). Participants must use the following code to access the replay of the call: 1121980. The online archive of the webcast will be available on the Company's website for 30 days following the call.
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. supplies the cable television (CATV) industry with a comprehensive line of new and used system-critical network equipment and hardware from leading manufacturers, including Cisco, formerly Scientific-Atlanta, Motorola, and Fujitsu Frontech, as well as operating a national network of technical repair centers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the broad range of communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony.
ADDvantage operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Nebraska, Tulsat-Texas, NCS Industries, ComTech Services and Broadband Remarketing International. For more information, please visit the corporate web site at www.addvantagetech.com.
The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company's reports and documents filed from time to time with the Securities and Exchange Commission.
(Tables follow)
ADDVANTAGE TECHNOLOGIES GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended
September 30, Year Ended September 30,
2010 2009 2010 2009
------------- ------------- ------------- -------------
Total net sales $ 11,733,939 $ 10,168,043 $ 47,306,130 $ 42,243,592
Income from
operations $ 1,560,353 $ 1,358,303 $ 7,553,660 $ 5,768,343
Interest expense $ 191,622 $ 218,410 $ 801,211 $ 936,339
Net income
attributable to
common shareholders $ 848,731 $ 711,893 $ 4,186,449 $ 3,019,004
Earnings per share:
Basic $ 0.08 $ 0.07 $ 0.41 $ 0.30
Diluted $ 0.08 $ 0.07 $ 0.41 $ 0.30
Shares used in per
share calculation:
Basic 10,143,970 10,138,994 10,132,658 10,162,122
Diluted 10,148,629 10,141,631 10,136,610 10,164,216
ADDVANTAGE TECHNOLOGIES GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, September 30,
2010 2009
(unaudited) (audited)
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 8,739,151 $ 700,004
Accounts receivable, net of allowance of
$300,000 4,905,733 4,199,136
Income tax refund receivable 203,405 88,411
Inventories, net of allowance for excess and
obsolete inventory of $2,545,000 and
$2,196,000, respectively 27,410,722 33,166,624
Deferred income taxes 1,423,000 1,282,000
Prepaid expenses 92,567 107,423
------------- -------------
Total current assets 42,774,578 39,543,598
Net property and equipment 7,224,256 7,556,667
Total other assets 2,261,419 2,332,281
------------- -------------
Total assets $ 52,260,253 $ 49,432,546
============= =============
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 2,751,498 $ 2,523,143
Accrued expenses 1,340,414 1,095,822
Notes payable - current portion 1,814,008 1,863,767
------------- -------------
Total current liabilities 5,905,920 5,482,732
Notes payable 12,058,128 13,992,873
Other liabilities 1,252,683 1,049,685
Total shareholders' equity 33,043,522 28,907,256
------------- -------------
Total liabilities and shareholders' equity $ 52,260,253 $ 49,432,546
============= =============
For further information
Company Contact:
Ken Chymiak
(918) 251-9121
Scott Francis
(918) 251-9121
KCSA Strategic Communications
Garth Russell
(212) 896-1250
grussell@kcsa.com
AEY rated "Buy" at 3 firms and "Accumulate" by Ameritrade's Research Team.
Buy: Street.com
Buy: Ford Equity Research
Buy: Jaywalk Consensus
According to Ameritrade Reports & Ratings
AEY to release financials and announces Conference Call.
BROKEN ARROW, OK, Nov 30, 2010 (MARKETWIRE via COMTEX) -- ADDvantage Technologies Group, Inc. /quotes/comstock/15*!aey/quotes/nls/aey (AEY 3.47, +0.13, +3.90%) announced today that it will release financial results for the three month and twelve month periods ended September 30, 2010, prior to the market open on Tuesday, December 14, 2010.
The Company will host a conference call on Tuesday, December 14, 2010, at 12:00 p.m. Eastern Time featuring remarks by David Chymiak, Chairman of the Board, Ken Chymiak, President and Chief Executive Officer, and Scott Francis, Chief Financial Officer. The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage's website, www.addvantagetech.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast. The dial-in number for the conference call is (888) 395-3227 or (719) 457-2617 for international participants. All dial-in participants must use the following code to access the call: 1121980. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through December 28, 2010 at (877) 870-5176 (domestic) or (858) 384-5517 (international). Participants must use the following code to access the replay of the call: 1121980. The online archive of the webcast will be available on the Company's website for 30 days following the call.
About ADDvantage Technologies Group ADDvantage Technologies Group, Inc. supplies the cable television (CATV) industry with a comprehensive line of new and used system-critical network equipment and hardware from leading manufacturers, including Cisco, formerly Scientific-Atlanta, and Motorola, as well as operating a national network of technical repair centers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the broad range of communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony.
ADDvantage operates through its subsidiaries, Tulsat, Tulsat-Atlanta, Tulsat-Nebraska, Tulsat-Texas, NCS Industries, ComTech Services and Broadband Remarketing International. For more information, please visit the corporate web site at www.addvantagetech.com.
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