ADDvantage Technologies Announces Financial Results for the Fiscal First Quarter of 2013
Net Income Increased 100% to $0.8 Million and $0.08 per Diluted Share for the Fiscal First Quarter of 2013
(firmenpresse) - BROKEN ARROW, OK -- (Marketwire) -- 02/12/13 -- (NASDAQ: AEY) today announced its results for the three month period ended December 31, 2012.
Revenue for the three months ended December 31, 2012 increased 7% to $9.6 million compared to $9.0 million for the same period last year. New equipment sales were $5.6 million for the three months ended December 31, 2012 as compared to $5.3 million for the three months ended December 31, 2011. Net refurbished equipment sales were $3.0 million for the three months ended December 31, 2012 as compared to $2.6 million for the same period last year. Service revenue decreased to $1.0 million for the three month period ended December 31, 2012 compared to $1.1 million for the same period last year.
Net income increased 100% to $0.8 million, or $0.08 per diluted share, for the three month period ended December 31, 2012, compared to $0.4 million, or $0.04 per diluted share, for the same period last year.
Cash and cash equivalents were $7.3 million as of December 31, 2012 compared to $5.2 million as of September 30, 2012.
David Humphrey, President and CEO, commented, "We achieved revenue growth of 7% in the first quarter of fiscal 2013 primarily as a result of the recent extreme weather conditions in the Mid-Atlantic and Northeastern regions of the U.S. We were able to satisfy the customers' urgent equipment needs with our inventory on hand for which the original equipment manufacturer was unable to deliver in a timely manner. Although we do not anticipate this particular situation to provide much additional revenue, these types of situations will continue to provide us with opportunities to take advantage of our inventory position. Gross margins for the first quarter of fiscal 2013 increased to 33% from 30% from the prior year period, which is primarily attributable to higher margin sales of certain equipment purchased at significant discounts. As a result, we increased our profitability for the quarter and strengthened our cash position to $7.3 million as of December 31, 2012. This bottom line performance also reflects a $0.2 million decrease in interest expense compared to the same period last year, following the payoff of a term loan and the termination of the associated interest rate swap agreement last year."
"Our Company is purchasing small volumes of our common stock in the open market, over 170,000 shares since December 2012, as we believe our stock is a good value. The stock purchases notwithstanding, we remain focused on our previously announced growth strategy, which is to expand upon existing agreements with our suppliers, entering into new agreements with new suppliers, expanding our geographical footprint and identifying accretive acquisitions within our industry," concluded Mr. Humphrey.
As previously announced, the Company will host a conference call on Tuesday, February 12, 2013, at 12:00 p.m. Eastern Time featuring remarks by Ken Chymiak, Chairman of the Board, David Humphrey, President and Chief Executive Officer, Dave Chymiak, Chief Technology 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, . 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) 389-5988 (domestic) or (719) 325-2469 (international). All dial-in participants must use the following code to access the call: 5034666. 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 26, 2013 at (877) 870-5176 (domestic) or (858) 384-5517 (international). Participants must use the following code to access the replay of the call: 5034666. The online archive of the webcast will be available on the Company's website for 30 days following the call.
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, ARRIS 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 .
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.
For further information
Company Contact:
Scott Francis
(918) 25l-9121
KCSA Strategic Communications
Garth Russell
(212) 896-1250
Diane Imas
(212) 896-1242
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.02.2013 - 13:00 Uhr
Sprache: Deutsch
News-ID 228484
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Town:
BROKEN ARROW, OK
Kategorie:
Networking
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