UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 15, 2003
ADDvantage Technologies Group, Inc.
(Exact name of Registrant as specified in its charter)
Oklahoma 1-10799 73-1351610
(State or other (Commission (I.R.S.
jurisdiction of File Employer
incorporation) Number) Identification
No.)
1605 E. Iola
Broken Arrow, Oklahoma
(Address of principal executive offices)
74012
(Zip code)
(918) 251-9121
(Registrant's telephone number, including area code)
Item 7. Financial Statements And Exhibits
(c) Exhibits
99.1 Press Release Announcing 2nd Quarter 2003 Financial Results
Item 9. Regulation FD Disclosure
On May 15, ADDvantage Technologies Group, Inc. issued a press release
announcing the financial results for the second quarter of fiscal year 2003.
A copy of the press release is filed as an exhibit to this report and is
incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
ADDvantage Technologies Group, Inc.
Dated: May 15, 2003 By: /s/ Kenneth A. Chymiak
------------------------------
Kenneth A. Chymiak, President
FD DISCLOSURE SCHEDULE
ADDvantage Technologies Group, Inc.
Reports Second Quarter 2003 Results
Broken Arrow, Oklahoma, May 15, 2003--ADDvantage Technologies
Group, Inc. (OTCBB:ADDM) today announced its financial results for the
second quarter ended March 31, 2003. Revenues for the second quarter fiscal
2003 rose 46.7% to $8.6 million, as compared to $5.8 million for the second
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 as well as the meaningful distributor relationships our
subsidiaries have created with Scientific Atlanta, Motorola and various other
manufacturers within the last two years. Net income applicable to Common Stock
for the current quarter increased 57.3% to $739,000, or $.07 per share, as
compared to $470,000, or $.05 per share in the prior year.
"We are pleased with our strong results, despite challenging market
conditions," said Ken Chymiak, President of ADDvantage Technologies Group.
"Our strategic relationship with Scientific Atlanta, a large inventory of
both new and refurbished products, and the over-all aggressive marketing by all
of our divisions were the primary drivers of our performance."
ADDVANTAGE TECHNOLOGIES GROUP, INC. and its subsidiaries, TULSAT, LEE CATV
Corporation, 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
March 31
2003 2002
Revenues $ 8,570,726 $ 5,843,964
Operating Income $ 1,679,132 $ 1,235,666
Net Income Applicable
to Common Stock $ 739,409 $ 470,144
Net Income Per Share
of Common Stock
Basic $ .07 $ .05
Diluted $ .07 $ .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