ADVC...Wow
Advanced Communications Announces Results for Quarter Ended December 31, 2007
NEW YORK, Feb 19, 2008 (BUSINESS WIRE) -- Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC), an integrated reverse logistics holding company serving the consumer products industry, today announced financial results for the second fiscal quarter and the six months ended December 31, 2007.
For the three and six month periods ended December 31, 2007, the Company reported record revenue of $16.5 million and $25.6 million, respectively, compared to $2 million and $4.2 million, respectively, for the comparable periods. The increase in revenue is principally attributable to the acquisition of Vance Baldwin Electronics, which was completed on August 17, 2007. On a pro forma basis, assuming Vance Baldwin had been included in consolidated results in full for all periods, revenue for the second quarter increased 13.4% from $14.6 million for the three months ended December 31, 2006, while revenue for the six months ended December 31, 2007 increased 12.8% to $32.1 million from $28.4 million compared to the six months ended December 31, 2006.
For the quarters ended December 31, 2007 and 2006, adjusted EBITDA amounted to $1,044,000 and $(164,000), respectively, while for the six month periods ended December 31, 2007 and 2006, adjusted EBITDA amounted to $1,749,000 and $(213,000), respectively.
For the quarters ended December 31, 2007 and 2006, net losses amounted to $(339,000) and $(212,000), respectively, on a GAAP (generally accepted accounting principles) basis. Non-GAAP adjusted net income (loss) amounted to $174,000 and $(212,000), respectively, for the periods.
For the six month periods ended December 31, 2007 and 2006, net losses amounted to $(799,000) and $(296,000), respectively, on a GAAP basis. For such periods, adjusted net income (loss) amounted to $432,000 and $(296,000), respectively,
"While Vance Baldwin will essentially continue to be managed and operated as a separate stand-alone business, we continue to be pleased with the pace of the integration of its management team and operations with those of Advanced Communications and Cyber-Test, specifically with the cross-selling of services and the offering of new integrated service capabilities to all of our customers and the overall market" said Wayne Danson, President and Chief Executive Officer of Advanced Communications. "With improving results turned in for the second quarter and year to date, and the particularly strong start to the third quarter, I am pleased with the performance of both Vance Baldwin and Cyber-Test in terms of generating revenue and managing expenses."
Danson stated that management believes that, with its integrated services, the Company is strongly positioned to take advantage of market opportunities that otherwise would not be available to either a distribution or service/repair business on a stand-alone basis.. "We are excited about a number of extraordinary sales opportunities we anticipate closing before the end of the fiscal year, which will clearly demonstrate the uniqueness of our service capabilities", Danson added.
"At Vance Baldwin, we are seeing a pickup in sales in a number of areas compared to last year, especially sales volume from new programs such as those with third-party administrators ("TPAs")," said Steve Miller, Chief Operating Officer of ACT. "Meanwhile, Cyber-Test is benefiting from the addition of another major customer this year, as well as volume increases from its two major customers and increased scalability of its business"
--------------------------------------------------------------------------------
