Exhibit 99.1
ADDvantage Technologies Group, Inc.
Reports Third Quarter 2003 Increases
Broken Arrow, Oklahoma, August 13, 2003--ADDvantage Technologies Group,
Inc. (OTCBB: ADDM) today announced its financial results for the third quarter
ended June 30, 2003. Revenues for the third quarter fiscal 2003 rose 20.8% to
$8.2 million, as compared to $6.8 million for the third quarter of fiscal 2002.
This significant increase was primarily due to the positive results related to
marketing our products to the large cable multiple system operators ("MSO's")
as well as the meaningful distributor relationships created within the last two
years with Scientific Atlanta, Motorola and various other manufacturers. Net
income applicable to Common Stock for the current quarter increased 67.8% to
$914,000, or $.09 per share, as compared to $545,000, or $.05 per share, in the
prior year.
"We are pleased with our strong results, despite the weak economic
conditions that have led to a reduction in capital spending by the MSO's," said
Ken Chymiak, President of ADDvantage Technologies Group. "Although our results
are up compared to last year, revenues decreased slightly from the previous
quarter due largely to a tornado that damaged our facilities in Deshler,
Nebraska. While the Company maintains adequate business interruption
insurance, our other subsidiary locations were able to mitigate the impact of
the damage by filling orders as the Deshler team worked to minimize our
downtime."
ADDVANTAGE TECHNOLOGIES GROUP, INC. and its subsidiaries, TULSAT, Lee
Enterprise, NCS Industries, Comtech Services, TULSAT-Texas, and TULSAT-Atlanta
comprise an organization involved in the sale of new, surplus, re-manufacture,
repair and sale of previously owned cable television ("CATV") equipment and the
distribution of new equipment for Scientific-Atlanta, Motorola, Quintech,
Videotek, Drake, Blonder-Tongue, Standard, and others. For more information,
please visit the corporate web site at www.addvantagetech.com or contact the
Company directly at 918-251-9121.
The information in this announcement may include forward-looking statements.
All statements, other statements of historical facts, which address activities,
events or developments that the Company expects or anticipates will or may
occur in the future are forward-looking statements. These statements are
subject to risks and uncertainties which could cause actual results and
developments to differ materially from these statements. A complete discussion
of these risks and uncertainties is contained in the Company's reports and
documents filed from time to time with the Securities and Exchange Commission.
ADDvantage Technologies Group, Inc.
Statement of Operations
(Unaudited)
Three Months Ended
June 30,
2003 2002
----------- -----------
Revenues $ 8,249,732 $ 6,827,213
Operating Income $ 1,672,632 $ 1,464,198
Net Income Applicable
to Common Stock $ 913,809 $ 544,629
Net Income Per Share
of Common Stock
Basic $ .09 $ .05
Diluted $ .09 $ .05
Shares Used in Computing
Net Income Per Share:
Basic and Diluted 10,010,414 9,991,716
For further information:
Company Contact:
Ken Chymiak (9l8) 25l-2887
David Chymiak (9l8) 25l-2887
Dee Cooper (9l8) 25l-9l2l