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, 2019 issued by the Company.
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||
SIGNATURES
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ADDVANTAGE TECHNOLOGIES GROUP, INC.
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||
Date: February 12, 2019
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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, 2019 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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Elizabeth Barker
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Scott Francis (918) 251-9121
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(212) 896-1203
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ebarker@kcsa.com
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Three Months Ended December 31,
|
||||||||
2018 | 2017 | |||||||
Sales
|
$
|
11,272,286
|
$
|
12,284,765
|
||||
Cost of sales
|
8,430,724
|
8,903,610
|
||||||
Gross profit
|
2,841,562
|
3,381,155
|
||||||
Operating, selling, general and administrative expenses
|
3,796,680
|
3,646,823
|
||||||
Loss from operations
|
(955,118
|
)
|
(265,668
|
)
|
||||
Interest expense
|
24,863
|
96,094
|
||||||
Loss before income taxes
|
(979,981
|
)
|
(361,762
|
)
|
||||
Provision for income taxes
|
59,000
|
345,000
|
||||||
Net loss
|
$
|
(1,038,981
|
)
|
$
|
(706,762
|
)
|
||
Loss per share:
|
||||||||
Basic
|
$
|
(0.10
|
)
|
$
|
(0.07
|
)
|
||
Diluted
|
$
|
(0.10
|
)
|
$
|
(0.07
|
)
|
||
Shares used in per share calculation:
|
||||||||
Basic
|
10,361,292
|
10,225,995
|
||||||
Diluted
|
10,361,292
|
10,225,995
|
Three Months Ended December 31, 2018
|
Three Months Ended December 31, 2017
|
|||||||||||||||||||||||
Cable TV |
Telco | Total | Cable TV | Telco | Total | |||||||||||||||||||
Loss from operations
|
$
|
(320,381
|
)
|
$
|
(634,737
|
)
|
$
|
(955,118
|
)
|
$
|
(188,500
|
)
|
$
|
(77,168
|
)
|
$
|
(265,668
|
)
|
||||||
Depreciation
|
80,020
|
31,697
|
111,717
|
66,948
|
31,195
|
98,143
|
||||||||||||||||||
Amortization
|
−
|
266,775
|
266,775
|
−
|
313,311
|
313,311
|
||||||||||||||||||
Adjusted EBITDA
|
$
|
(240,361
|
)
|
$
|
(336,265
|
)
|
$
|
(576,626
|
)
|
$
|
(121,552
|
)
|
$
|
267,338
|
$
|
145,786
|
December 31,
2018
|
September 30,
2018
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,779,289
|
$
|
3,129,280
|
||||
Accounts receivable, net of allowance for doubtful accounts of
$150,000
|
5,010,736
|
4,400,868
|
||||||
Income tax receivable
|
116,256
|
178,766
|
||||||
Inventories, net of allowance for excess and obsolete
|
||||||||
inventory of $4,993,000 and $4,965,000, respectively
|
18,572,493
|
18,888,042
|
||||||
Prepaid expenses
|
386,789
|
264,757
|
||||||
Assets held for sale
|
‒
|
3,666,753
|
||||||
Total current assets
|
26,865,563
|
30,528,466
|
||||||
Property and equipment, at cost
|
6,292,171
|
6,294,152
|
||||||
Less: Accumulated depreciation
|
(4,324,319
|
)
|
(4,276,024
|
)
|
||||
Net property and equipment
|
1,967,852
|
2,018,128
|
||||||
Investment in and loans to equity method investee
|
12,000
|
49,000
|
||||||
Intangibles, net of accumulated amortization
|
6,577,623
|
6,844,398
|
||||||
Goodwill
|
4,820,185
|
4,820,185
|
||||||
Other assets
|
683,418
|
134,443
|
||||||
Total assets
|
$
|
40,926,641
|
$
|
44,394,620
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
3,876,056
|
$
|
4,657,188
|
||||
Accrued expenses
|
1,277,431
|
1,150,010
|
||||||
Notes payable – current portion
|
‒
|
2,594,185
|
||||||
Deferred gain – current portion
|
138,380
|
‒
|
||||||
Other current liabilities
|
643,559
|
664,374
|
||||||
Total current liabilities
|
5,935,426
|
9,065,757
|
||||||
Deferred gain, less current portion
|
1,233,883
|
‒
|
||||||
Other liabilities
|
165,992
|
801,612
|
||||||
Total liabilities
|
7,335,301
|
9,867,369
|
||||||
Shareholders’ equity:
|
||||||||
Common stock, $.01 par value; 30,000,000 shares authorized;
10,861,950 and 10,806,803 shares issued, respectively;
10,361,292 and 10,306,145 shares outstanding, respectively
|
108,620
|
108,068
|
||||||
Paid in capital
|
(4,495,825
|
)
|
(4,598,343
|
)
|
||||
Retained earnings
|
38,978,559
|
40,017,540
|
||||||
Total shareholders’ equity before treasury stock
|
34,591,354
|
35,527,265
|
||||||
Less: Treasury stock, 500,658 shares, at cost
|
(1,000,014
|
)
|
(1,000,014
|
)
|
||||
Total shareholders’ equity
|
33,591,340
|
34,527,251
|
||||||
Total liabilities and shareholders’ equity
|
$
|
40,926,641
|
$
|
44,394,620
|