8-K 1 r8-k20032ndqtrresultsfinal.txt 2ND QUARTER 2003 RESULTS PRESS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): May 15, 2003 ADDvantage Technologies Group, Inc. (Exact name of Registrant as specified in its charter) Oklahoma 1-10799 73-1351610 (State or other (Commission (I.R.S. jurisdiction of File Employer incorporation) Number) Identification No.) 1605 E. Iola Broken Arrow, Oklahoma (Address of principal executive offices) 74012 (Zip code) (918) 251-9121 (Registrant's telephone number, including area code) Item 7. Financial Statements And Exhibits (c) Exhibits 99.1 Press Release Announcing 2nd Quarter 2003 Financial Results Item 9. Regulation FD Disclosure On May 15, ADDvantage Technologies Group, Inc. issued a press release announcing the financial results for the second quarter of fiscal year 2003. A copy of the press release is filed as an exhibit to this report and is incorporated by reference herein. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ADDvantage Technologies Group, Inc. Dated: May 15, 2003 By: /s/ Kenneth A. Chymiak ------------------------------ Kenneth A. Chymiak, President FD DISCLOSURE SCHEDULE ADDvantage Technologies Group, Inc. Reports Second Quarter 2003 Results Broken Arrow, Oklahoma, May 15, 2003--ADDvantage Technologies Group, Inc. (OTCBB:ADDM) today announced its financial results for the second quarter ended March 31, 2003. Revenues for the second quarter fiscal 2003 rose 46.7% to $8.6 million, as compared to $5.8 million for the second quarter of fiscal 2002. This significant increase was primarily due to the positive results related to marketing our products to the large cable multiple system operators as well as the meaningful distributor relationships our subsidiaries have created with Scientific Atlanta, Motorola and various other manufacturers within the last two years. Net income applicable to Common Stock for the current quarter increased 57.3% to $739,000, or $.07 per share, as compared to $470,000, or $.05 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 the over-all aggressive marketing by 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 sale of new, surplus, re-manufacture, repair and sale of previously owned cable television ("CATV") equipment and the distribution of new equipment for Scientific-Atlanta, Motorola, Quintech, Videotek, Drake, Blonder-Tongue, Standard, and others. 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 March 31 2003 2002 Revenues $ 8,570,726 $ 5,843,964 Operating Income $ 1,679,132 $ 1,235,666 Net Income Applicable to Common Stock $ 739,409 $ 470,144 Net Income Per Share of Common Stock Basic $ .07 $ .05 Diluted $ .07 $ .05 Shares Used in Computing Net Income Per Share: Basic and Diluted 10,010,414 9,991,716
For further information: Company Contact: Ken Chymiak (9l8) 25l-2887 David Chymiak (9l8) 25l-2887 Dee Cooper (9l8) 25l-9l2l