ADDvantage Technologies Group Inc., provider of service and equipment for the cable television industry, has announced results for the three and six month periods ending March 31, 2010.
Revenue for the three month period ending 3/31/2010 was $12.1 million, compared to $10.1 million for the same period last year, representing an increase of 19%. Net income for the period (attributable to common stockholders) was $1.1 million, compared to $0.7 million for the same period last year, representing an increase of 57%.
For the six month period ending 3/31/2010, revenue decreased slightly to $22.3 million from $22.9 million for the same period last year. However, net income for the six month period increased to $1.9 million, from $1.7 million for the same six month period last year.
President and CEO of ADDvantage Technologies, Ken Chymiak, commented on the positive numbers. “Our sales strengthened through the second quarter, and we look forward to increasing this momentum over the remainder of the fiscal year. We are well positioned to benefit as our customers increase their capital expenditures as the economy improves. The increase in equipment sales along with the cost reduction measures implemented over the past year resulted in an increase in net income attributable to common shareholders of $0.4 million to $1.1 million this quarter. We have reduced inventory by $0.5 million since December 31, 2009, and by $1.7 million since September 30, 2009. We also reported $3.5 million of cash and cash equivalents at March 31, 2010.”
He added, “Our company became a master stocking distributor for the full range of Fujitsu Frontech North America, Inc. AVC encoders, decoders and accessories as well as a member of the Fujitsu global channel partner program servicing the United States. This relationship with Fujitsu not only provides us with another supplier partner, but it also should enlarge our customer base as the Fujitsu products primarily are marketed to the broadcast industry.”
ADDvantage Technologies Group, Inc., supplies the cable television industry with both new and used system-critical network equipment and hardware, in addition to operating a national network of technical repair centers. For additional information, visit the company’s website at www.AddvantageTech.com.