Interview avail at Wallstreetreporter.com...would highly recommend reading:
ADDM 1.15/1.32...moved up a bit last week. Very strong qtr here...A double in net inc on a strong rise in revenue...cable firms are finally getting a buy nod from some of the houses as it's time to gain positive return on the massive outlays over the years. The build out should continue...which will help ADDM, plus they have master service agreements for repair/servie and sales with a number of the big boys for set top boxes and the like incl Motorola and Siemens... should add up to a solid outlook for rest of year..10m out, 1.5m flt:
B: ADDvantage Technologies Group, Inc. Reports First Quarter Re
B: ADDvantage Technologies Group, Inc. Reports First Quarter Results
BROKEN ARROW, Okla., Feb 7, 2003 (BUSINESS WIRE) -- ADDvantage Technologies
Group, Inc. (OTCBB:ADDM) today announced its financial results for the first
quarter ended December 31, 2002.
Revenues for the first quarter of fiscal 2003 rose 37.8% to $7.7 million from
$5.6 million for the same quarter of fiscal 2002, primarily due to the positive
results of marketing to the large cable multiple system operators and the
distributor relationships we have established with Scientific Atlanta, Motorola
and various other manufacturers within the last two years. Net income applicable
to Common Stock for the current quarter increased 100% to $704,000, or $.07 per
share, as compared to $352,000, or $.04 per share in the prior year.
"We are pleased with our strong results despite challenging market conditions,"
said Ken Chymiak, President of ADDvantage Technologies Group. "Our strategic
relationship with Scientific Atlanta, a large inventory of both new and
refurbished products and aggressive marketing at all of our divisions were the
primary drivers of our performance."
ADDVANTAGE TECHNOLOGIES GROUP, INC. and its subsidiaries, TULSAT, LEE CATV
Corporation, NCS Industries, Comtech Services, TULSAT-Texas, and TULSAT-Atlanta
comprise an organization involved in the re-manufacture, repair and sale of
previously owned cable television ("CATV") equipment and the distribution of new
and surplus equipment to CATV operators. For more information, please visit the
corporate web site at www.addvantagetech.com or contact the company directly at
918/251-9121.
The information in this announcement may include forward-looking statements. All
statements, other 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.
ADDvantage Technologies Group, Inc.
Statement of Operations
(Unaudited)
Three Months Ended
December 31
2002 2001
------ ------
Revenues $ 7,696,978 $5,584,729
Operating Income $ 1,648,604 $1,075,628
Net Income Applicable
to Common Stock $ 704,175 $ 351,780
Net Income Per Share
of Common Stock:
Basic and Diluted $ .07 $ .04
Shares Used in Computing
Net Income Per Share:
Basic and Diluted 10,004,181 9,991,716
CONTACT: ADDvantage Technologies Group, Inc., Broken Arrow
Ken Chymiak, 9l8/25l-2887
or
David Chymiak, 9l8/25l-2887
or
Adam Havig, 9l8/25l-9l2l