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 December 10, 2013 issued by the Company.
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SIGNATURES
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ADDvantage Technologies Group, Inc.
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Date: December 10, 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 December 10, 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 September 30,
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Year Ended September 30,
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2013
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2012
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2013
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2012
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Sales:
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Net new sales income
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$ | 5,520,533 | $ | 5,215,880 | $ | 20,347,041 | $ | 21,093,370 | ||||||||
Net refurbished sales income
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1,760,910 | 2,167,944 | 9,031,954 | 9,814,763 | ||||||||||||
Net service income
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1,079,711 | 1,099,255 | 3,978,597 | 4,308,270 | ||||||||||||
Total net sales
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8,361,154 | 8,482,279 | 33,357,592 | 35,216,403 | ||||||||||||
Cost of sales
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6,108,321 | 5,975,012 | 23,784,272 | 24,854,960 | ||||||||||||
Gross profit
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2,252,833 | 2,507,267 | 9,573,320 | 10,361,443 | ||||||||||||
Operating, selling, general and administrative expenses
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1,684,799 | 1,843,382 | 6,841,273 | 7,231,097 | ||||||||||||
Income from operations
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568,034 | 663,885 | 2,732,047 | 3,130,346 | ||||||||||||
Interest expense
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6,213 | 7,192 | 25,980 | 1,113,854 | ||||||||||||
Income before provision for income taxes
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561,821 | 656,693 | 2,706,067 | 2,016,492 | ||||||||||||
Provision for income taxes
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221,351 | 236,000 | 1,036,351 | 766,000 | ||||||||||||
Net income
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340,470 | 420,693 | 1,669,716 | 1,250,492 | ||||||||||||
Other comprehensive income:
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Unrealized gain on interest rate
swap, net of taxes
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– | – | – | 587,258 | ||||||||||||
Comprehensive income
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$ | 340,470 | $ | 420,693 | $ | 1,669,716 | $ | 1,837,750 | ||||||||
Earnings per share:
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Basic
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$ | 0.03 | $ | 0.04 | $ | 0.17 | $ | 0.12 | ||||||||
Diluted
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$ | 0.03 | $ | 0.04 | $ | 0.17 | $ | 0.12 | ||||||||
Weighted average shares used in per
share calculation:
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Basic
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9,998,480 | 10,189,120 | 10,052,359 | 10,196,241 | ||||||||||||
Diluted
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9,998,480 | 10,189,563 | 10,052,359 | 10,197,496 |
September 30,
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2013
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2012
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 8,366,657 | $ | 5,191,514 | ||||
Accounts receivable, net of allowance of $300,000
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3,020,853 | 3,050,796 | ||||||
Income tax refund receivable
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272,380 | 409,386 | ||||||
Inventories, net of allowance for excess and obsolete
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inventory of $1,750,000 and $1,000,000, respectively
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20,730,453 | 22,666,385 | ||||||
Prepaid expenses
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122,283 | 129,357 | ||||||
Deferred income taxes
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1,066,000 | 920,000 | ||||||
Total current assets
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33,578,626 | 32,367,438 | ||||||
Property and equipment, at cost:
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Land and buildings
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8,794,272 | 8,794,272 | ||||||
Machinery and equipment
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3,125,422 | 2,953,949 | ||||||
Leasehold improvements
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9,633 | 9,633 | ||||||
Total property and equipment, at cost
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11,929,327 | 11,757,854 | ||||||
Less accumulated depreciation and amortization
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(3,963,444 | ) | (3,666,327 | ) | ||||
Net property and equipment
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7,965,883 | 8,091,527 | ||||||
Other assets:
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Goodwill
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1,560,183 | 1,560,183 | ||||||
Other assets
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11,428 | 13,778 | ||||||
Total other assets
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1,571,611 | 1,573,961 | ||||||
Total assets
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$ | 43,116,120 | $ | 42,032,926 | ||||
Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable
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$ | 1,308,869 | $ | 1,437,492 | ||||
Accrued expenses
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934,856 | 1,030,174 | ||||||
Notes payable – current portion
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184,008 | 184,008 | ||||||
Total current liabilities
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2,427,733 | 2,651,674 | ||||||
Notes payable, less current portion
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1,318,604 | 1,502,612 | ||||||
Deferred income taxes
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193,000 | 62,000 | ||||||
Shareholders’ equity:
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Common stock, $.01 par value; 30,000,000 shares authorized;
10,499,138 and 10,465,323 shares issued, respectively;
9,998,480 and 10,189,120 shares outstanding, respectively
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104,991 | 104,653 | ||||||
Paid in capital
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(5,578,500 | ) | (5,748,503 | ) | ||||
Retained earnings
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45,650,306 | 43,980,590 | ||||||
Total shareholders’ equity before treasury stock
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40,176,797 | 38,336,740 | ||||||
Less: Treasury stock, 500,658 and 276,203 shares, respectively,
at cost
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(1,000,014 | ) | (520,100 | ) | ||||
Total shareholders’ equity
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39,176,783 | 37,816,640 | ||||||
Total liabilities and shareholders’ equity
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$ | 43,116,120 | $ | 42,032,926 |