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 February 12, 2013 issued by the Company.
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SIGNATURES
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ADDVANTAGE TECHNOLOGIES GROUP, INC.
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Date: February 12, 2013
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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 February 12, 2013 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 / Diane Imas
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Scott Francis (9l8) 25l-9121
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(212) 896-1250 / (212) 896-1242
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grussell@kcsa.com / dimas@kcsa.com
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Three Months Ended December 31,
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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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$ | 5,598,898 | $ | 5,307,461 | ||||
Net refurbished sales income
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3,013,217 | 2,588,717 | ||||||
Net service income
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1,004,083 | 1,108,217 | ||||||
Total net sales
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9,616,198 | 9,004,395 | ||||||
Cost of sales
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6,470,370 | 6,265,374 | ||||||
Gross profit
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3,145,828 | 2,739,021 | ||||||
Operating, selling, general and administrative expenses
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1,853,530 | 1,846,615 | ||||||
Income from operations
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1,292,298 | 892,406 | ||||||
Interest expense
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6,881 | 158,626 | ||||||
Income before provision for income taxes
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1,285,417 | 733,780 | ||||||
Provision for income taxes
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488,000 | 287,000 | ||||||
Net income attributable to common shareholders
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797,417 | 446,780 | ||||||
Other comprehensive income:
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Unrealized gain on interest rate swap, net of taxes
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– | 54,369 | ||||||
Comprehensive income
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$ | 797,417 | $ | 501,149 | ||||
Earnings per share:
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Basic
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$ | 0.08 | $ | 0.04 | ||||
Diluted
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$ | 0.08 | $ | 0.04 | ||||
Shares used in per share calculation:
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Basic
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10,185,026 | 10,207,390 | ||||||
Diluted
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10,185,398 | 10,209,036 |
December 31,
2012
(unaudited)
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September 30,
2012
(audited)
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 7,346,004 | $ | 5,191,514 | ||||
Accounts receivable, net of allowance of $300,000
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3,170,332 | 3,050,796 | ||||||
Income tax refund receivable
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– | 409,386 | ||||||
Inventories, net of allowance for excess and obsolete
inventory of $1,160,000 and $1,000,000, respectively
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21,632,454 | 22,666,385 | ||||||
Prepaid expenses
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83,055 | 129,357 | ||||||
Deferred income taxes
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959,000 | 920,000 | ||||||
Total current assets
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33,190,845 | 32,367,438 | ||||||
Property and equipment, at cost:
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Land and buildings
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8,794,272 | 8,794,272 | ||||||
Machinery and equipment
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2,946,449 | 2,953,949 | ||||||
Leasehold improvements
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9,633 | 9,633 | ||||||
Total property and equipment, at cost
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11,750,354 | 11,757,854 | ||||||
Less accumulated depreciation and amortization
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(3,737,550 | ) | (3,666,327 | ) | ||||
Net property and equipment
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8,012,804 | 8,091,527 | ||||||
Other assets:
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Goodwill
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1,560,183 | 1,560,183 | ||||||
Other assets
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11,428 | 13,778 | ||||||
Total other assets
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1,571,611 | 1,573,961 | ||||||
Total assets
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$ | 42,775,260 | $ | 42,032,926 | ||||
Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable
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$ | 1,699,041 | $ | 1,437,492 | ||||
Accrued expenses
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681,446 | 1,030,174 | ||||||
Income tax payable
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107,918 | – | ||||||
Notes payable – current portion
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184,008 | 184,008 | ||||||
Total current liabilities
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2,672,413 | 2,651,674 | ||||||
Notes payable, less current portion
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1,456,610 | 1,502,612 | ||||||
Deferred income taxes
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77,000 | 62,000 | ||||||
Shareholders’ equity:
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Common stock, $.01 par value; 30,000,000 shares authorized;
10,465,323 shares issued; 10,154,926 and 10,189,120 shares
outstanding, respectively
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104,653 | 104,653 | ||||||
Paid in capital
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(5,724,610 | ) | (5,748,503 | ) | ||||
Retained earnings
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44,778,007 | 43,980,590 | ||||||
Total shareholders’ equity before treasury stock
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39,158,050 | 38,336,740 | ||||||
Less: Treasury stock, 310,397 and 276,203 shares, at cost,
respectively
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(588,813 | ) | (520,100 | ) | ||||
Total shareholders’ equity
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38,569,237 | 37,816,640 | ||||||
Total liabilities and shareholders’ equity
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$ | 42,775,260 | $ | 42,032,926 |