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 August 7, 2012 issued by the Company.
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SIGNATURES
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ADDVANTAGE TECHNOLOGIES GROUP, INC.
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Date: August 7, 2012
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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 August 7, 2012 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 / Jason Maymudes
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Scott Francis (9l8) 25l-9121
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(212) 896-1250 / (212) 896-1211
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grussell@kcsa.com / jmaymudes@kcsa.com
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Three Months Ended June 30,
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Nine Months Ended June 30,
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2012
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2011
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2012
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2011
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Sales:
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Net new sales income
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$ | 4,643,661 | $ | 5,568,777 | $ | 15,616,934 | $ | 18,510,943 | ||||||||
Net refurbished sales income
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2,691,269 | 1,923,665 | 7,646,819 | 4,624,947 | ||||||||||||
Net service income
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1,163,843 | 1,202,763 | 3,470,371 | 3,685,466 | ||||||||||||
Total net sales
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8,498,773 | 8,695,205 | 26,734,124 | 26,821,356 | ||||||||||||
Cost of sales
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5,910,937 | 6,127,808 | 18,879,948 | 18,689,684 | ||||||||||||
Gross profit
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2,587,836 | 2,567,397 | 7,854,176 | 8,131,672 | ||||||||||||
Operating, selling, general and administrative expenses
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1,828,238 | 1,642,403 | 5,387,715 | 4,686,050 | ||||||||||||
Income from operations
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759,598 | 924,994 | 2,466,461 | 3,445,622 | ||||||||||||
Interest expense
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7,300 | 170,417 | 1,106,662 | 530,704 | ||||||||||||
Income before provision for income taxes
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752,298 | 754,577 | 1,359,799 | 2,914,918 | ||||||||||||
Provision for income taxes
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293,000 | 287,000 | 530,000 | 1,108,000 | ||||||||||||
Net income
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459,298 | 467,577 | 829,799 | 1,806,918 | ||||||||||||
Other comprehensive income:
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||||||||||||||||
Unrealized gain (loss) on interest rate
swap, net of taxes
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– | (29,838 | ) | 587,258 | 200,953 | |||||||||||
Comprehensive income
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$ | 459,298 | $ | 437,739 | $ | 1,417,057 | $ | 2,007,871 | ||||||||
Earnings per share:
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Basic
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$ | 0.05 | $ | 0.05 | $ | 0.08 | $ | 0.18 | ||||||||
Diluted
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$ | 0.05 | $ | 0.05 | $ | 0.08 | $ | 0.18 | ||||||||
Weighted average shares used in per
share calculation:
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Basic
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10,189,120 | 10,195,135 | 10,198,691 | 10,164,487 | ||||||||||||
Diluted
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10,189,683 | 10,197,372 | 10,199,756 | 10,168,613 |
June 30,
2012
(unaudited)
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September 30,
2011
(audited)
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 3,167,601 | $ | 10,943,654 | ||||
Accounts receivable, net of allowance of $300,000
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3,153,566 | 4,244,049 | ||||||
Income tax refund receivable
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86,711 | 349,745 | ||||||
Inventories, net of allowance for excess and obsolete
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inventory of $1,908,000 and $1,556,000, respectively
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23,852,155 | 25,777,747 | ||||||
Prepaid expenses
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124,483 | 177,486 | ||||||
Deferred income taxes
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1,122,000 | 1,059,000 | ||||||
Total current assets
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31,506,516 | 42,551,681 | ||||||
Property and equipment, at cost:
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Land and buildings
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8,794,272 | 8,683,679 | ||||||
Machinery and equipment
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2,958,699 | 2,856,615 | ||||||
Leasehold improvements
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205,797 | 205,797 | ||||||
Total property and equipment, at cost
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11,958,768 | 11,746,091 | ||||||
Less accumulated depreciation and amortization
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(3,658,749 | ) | (3,392,329 | ) | ||||
Net property and equipment
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8,300,019 | 8,353,762 | ||||||
Other assets:
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Deferred income taxes
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– | 403,000 | ||||||
Goodwill
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1,560,183 | 1,560,183 | ||||||
Other assets
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13,778 | 19,245 | ||||||
Total other assets
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1,573,961 | 1,982,428 | ||||||
Total assets
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$ | 41,380,496 | $ | 52,887,871 | ||||
Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable
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$ | 1,364,524 | $ | 2,675,907 | ||||
Accrued expenses
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865,880 | 1,240,224 | ||||||
Notes payable – current portion
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184,008 | 1,814,008 | ||||||
Total current liabilities
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2,414,412 | 5,730,139 | ||||||
Notes payable, less current portion
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1,548,614 | 10,244,120 | ||||||
Deferred income taxes
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53,000 | – | ||||||
Other liabilities
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– | 957,258 | ||||||
Shareholders’ equity:
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Common stock, $.01 par value; 30,000,000 shares authorized;10,465,323 and 10,431,354 shares
issued, respectively; and 10,189,120 and 10,207,390 shares outstanding, respectively
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104,653 | 104,314 | ||||||
Paid in capital
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(5,779,980 | ) | (5,884,521 | ) | ||||
Retained earnings
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43,559,897 | 42,730,098 | ||||||
Accumulated other comprehensive loss:
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Unrealized loss on interest rate swap, net of tax
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– | (587,258 | ) | |||||
Total shareholders’ equity before treasury stock
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37,884,570 | 36,362,633 | ||||||
Less: Treasury stock, 276,203 and 223,964 shares, respectively,
at cost
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(520,100 | ) | (406,279 | ) | ||||
Total shareholders’ equity
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37,364,470 | 35,956,354 | ||||||
Total liabilities and shareholders’ equity
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$ | 41,380,496 | $ | 52,887,871 |