Exhibit 99.1
ADDVANTAGE TECHNOLOGIES GROUP, INC.
ANNOUNCES FIRST QUARTER 2004 RESULTS
Broken Arrow, Oklahoma, February 12, 2004--ADDvantage Technologies Group,
Inc. (AMEX:AEY) announced today financial results for their first quarter ended
December 31, 2003. Revenues for the first quarter of 2004 were $11.3 million,
an increase of 46.7% compared to $7.7 million for the first quarter of 2003,
and an increase of 28.2% from $8.8 million for the fourth quarter of fiscal
2003. Net income attributable to common shareholders increased to $1.08
million, or $.11 per share, which compares to $704,000, or $.07 per share for
the first quarter of 2003, and net income attributable to common shareholders
of $895,000, or $.09 per share for the fourth quarter of fiscal 2003.
"We are pleased with our performance this quarter, as cable operators and
other users of our products continue to validate the economics and performance
of our ability to provide timely delivery from our significant Scientific-
Atlanta ("SFA") and Motorola inventory," said Ken Chymiak, ADDvantage's
President and CEO.
Commenting on the first quarter results, David Chymiak, Chairman of the
Board, said, "ADDvantage's revenues for the first quarter were strong as many
of our customers placed orders for plant upgrades and channel additions. We're
optimistic this trend will continue through 2004."
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 and surplus cable
television ("CATV") equipment , and providing re-manufacture and repair
services of that equipment to the franchised and private cable television
industries. The Company operates Scientific-Atlanta 3rd Party Authorized
Repair Centers for certain product lines and is a Scientific-Atlanta Master
Distributor for most current products and exclusive distributor for SA
legacy products. The Company is also a distributor for Motorola, Blonder-
Tongue, Quintech, Videotek, Drake, Standard, Corning Gilbert, 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 than 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
December 31,
2003 2002
---- ----
Revenues $ 11,292,500 $ 7,696,978
Operating Income $ 2,233,923 $ 1,648,604
Net Income Applicable
to Common Stock $ 1,083,170 $ 704,175
Net Income Per Share
of Common Stock
Basic $ .11 $ .07
Diluted $ .10 $ .07
Shares Used in Computing
Net Income Per Share:
Basic 10,011,314 10,004,181
Diluted 12,080,044 12,004,181
CONTACT: ADDvantage Technologies Group, Inc., Broken Arrow
Ken Chymiak, (9l8) 25l-2887
David Chymiak, (9l8) 25l-2887
Dee Cooper, (9l8) 25l-9l2l