1-10799
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73-1351610
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(Commission file Number)
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(IRS Employer Identification No.)
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1221 E. Houston, Broken Arrow Oklahoma
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74012
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(Address of Principal Executive Offices)
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(Zip Code)
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□
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Written Communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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□
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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□
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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□
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Pre-commencement communications pursuant to Rule 13e-4© under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit 99.1
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Press Release dated May 10, 2011 issued by the Company.
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SIGNATURES
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ADDVANTAGE TECHNOLOGIES GROUP, INC. | ||
Date: May 10, 2011
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By: /s/ Scott Francis
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Scott Francis
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Vice-President & Chief Financial Officer
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Exhibit Number
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Description
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99.1
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Press Release dated May 10, 2011 issued by the Company.
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For further information
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KCSA Strategic Communications
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Company Contact:
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Garth Russell
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Ken Chymiak (9l8) 25l-9121
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(212) 896-1250
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Scott Francis (9l8) 25l-9121
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grussell@kcsa.com
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Three Months Ended March 31,
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Six Months Ended March 31,
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|||||||||||||||
2011
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2010
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2011
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2010
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Sales:
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||||||||||||||||
Net new sales income
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$ | 6,417,153 | $ | 7,792,774 | $ | 12,942,166 | $ | 14,362,687 | ||||||||
Net refurbished sales income
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1,299,781 | 2,851,964 | 2,701,282 | 5,120,767 | ||||||||||||
Net service income
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1,179,771 | 1,410,783 | 2,482,703 | 2,791,288 | ||||||||||||
Total net sales
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8,896,705 | 12,055,521 | 18,126,151 | 22,274,742 | ||||||||||||
Cost of sales
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6,211,995 | 8,435,725 | 12,561,876 | 15,324,606 | ||||||||||||
Gross profit
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2,684,710 | 3,619,796 | 5,564,275 | 6,950,136 | ||||||||||||
Operating, selling, general and administrative expenses
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1,545,141 | 1,675,312 | 3,043,647 | 3,406,079 | ||||||||||||
Income from operations
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1,139,569 | 1,944,484 | 2,520,628 | 3,544,057 | ||||||||||||
Interest expense
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174,863 | 200,639 | 360,287 | 412,573 | ||||||||||||
Income before provision for income taxes
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964,706 | 1,743,845 | 2,160,341 | 3,131,484 | ||||||||||||
Provision for income taxes
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366,000 | 662,000 | 821,000 | 1,190,000 | ||||||||||||
Net income attributable to common shareholders
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598,706 | 1,081,845 | 1,339,341 | 1,941,484 | ||||||||||||
Other comprehensive income:
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||||||||||||||||
Unrealized gain (loss) on interest
rate swap, net of taxes
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83,622 | (46,318 | ) | 230,791 | 45,662 | |||||||||||
Comprehensive income
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$ | 682,328 | $ | 1,035,527 | $ | 1,570,132 | $ | 1,987,146 | ||||||||
Earnings per share:
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Basic
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$ | 0.06 | $ | 0.11 | $ | 0.13 | $ | 0.19 | ||||||||
Diluted
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$ | 0.06 | $ | 0.11 | $ | 0.13 | $ | 0.19 | ||||||||
Shares used in per share calculation:
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Basic
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10,154,355 | 10,125,870 | 10,149,163 | 10,132,658 | ||||||||||||
Diluted
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10,164,046 | 10,129,100 | 10,160,414 | 10,135,888 |
March 31,
2011
(unaudited)
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September 30,
2010
(audited)
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 10,243,259 | $ | 8,739,151 | ||||
Accounts receivable, net of allowance of $300,000
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3,225,444 | 4,905,733 | ||||||
Income tax refund receivable
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60,327 | 203,405 | ||||||
Inventories, net of allowance for excess and obsolete
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||||||||
inventory of $2,717,000 and $2,545,000, respectively
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27,035,115 | 27,410,722 | ||||||
Prepaid expenses
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166,642 | 92,567 | ||||||
Deferred income taxes
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1,471,000 | 1,423,000 | ||||||
Total current assets
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42,201,787 | 42,774,578 | ||||||
Net property and equipment
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7,021,318 | 7,224,256 | ||||||
Other assets:
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Deferred income taxes
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521,000 | 678,000 | ||||||
Goodwill
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1,560,183 | 1,560,183 | ||||||
Other assets
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11,236 | 23,236 | ||||||
Total other assets
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2,092,419 | 2,261,419 | ||||||
Total assets
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$ | 51,315,524 | $ | 52,260,253 | ||||
Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable
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$ | 1,933,391 | $ | 2,751,498 | ||||
Accrued expenses
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840,275 | 1,340,414 | ||||||
Notes payable – current portion
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1,814,008 | 1,814,008 | ||||||
Total current liabilities
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4,587,674 | 5,905,920 | ||||||
Notes payable
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11,151,124 | 12,058,128 | ||||||
Other liabilities
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880,892 | 1,252,683 | ||||||
Shareholders’ equity:
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Common stock, $.01 par value; 30,000,000 shares authorized;10,394,589 and 10,367,934 shares issued, respectively; and
10,170,625 and 10,143,970 shares outstanding, respectively
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103,946 | 103,679 | ||||||
Paid in capital
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(5,989,073 | ) | (6,070,986 | ) | ||||
Retained earnings
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41,533,132 | 40,193,791 | ||||||
Accumulated other comprehensive income (loss):
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Unrealized loss on interest rate swap, net of tax
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(545,892 | ) | (776,683 | ) | ||||
35,102,113 | 33,449,801 | |||||||
Less: Treasury stock, 223,964 shares, at cost
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(406,279 | ) | (406,279 | ) | ||||
Total shareholders’ equity
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34,695,834 | 33,043,522 | ||||||
Total liabilities and shareholders’ equity
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$ | 51,315,524 | $ | 52,260,253 |