ADDvantage Technologies Group,
Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or
the “Company”) announced today its financial results for the three
and nine month periods ended June 30, 2019.
“Revenues for the third quarter of 2019 were $17.6
million, which was an increase of 129% as compared to the third
quarter of 2018,” said Joe Hart, President and CEO. “We also
reported positive Adjusted EBITDA of $0.4 million, compared with a
loss of $0.3 million for the same period in 2018. This improvement
in financial performance was driven by both the Wireless and Telco
segments, reflecting our increased focus on these high-growth
markets. A major accomplishment this quarter was the sale of the
Cable TV segment, which closed on June 30. This major milestone
significantly advances our growth strategy by providing us with
additional funds to invest in solidifying and expanding our
position in the telecommunications and wireless infrastructure
services markets. As a reminder, the results for the Cable TV
segment have been reclassified to discontinued operations as a
result of the Cable TV segment sale, so we are now only reporting
the Wireless and Telco segments.
“Fulton reported revenue of $8.7 million in the
third quarter of 2019, compared with $4.2 million in the second
quarter of 2019, which is a doubling of revenue quarter over
quarter, as we continue to integrate and ramp up the company’s
operations. Over the next several quarters, we plan to implement
further operational improvements and project oversight at Fulton to
improve project efficiency and margins. To support the scaling of
the business we are also expanding Fulton’s management talent and
suite of services. We are excited by Fulton’s growth and financial
results in their second quarter with ADDvantage and are encouraged
by the opportunities we see unfolding in the industry as wireless
carriers prepare and rollout 5G networks. We believe that Fulton
will continue to provide strong revenue growth and gradually
improving margins as it executes on growth opportunities in the
market.
“The Telco segment reported revenues of $8.8
million for the three months ended June 30, 2019, compared with
$7.7 million in the same period last year, driven by improved
performance at both Nave and Triton. Notably, the Telco segment
reported positive Adjusted EBITDA of $0.5 million, compared with a
loss of $0.3 million in the third quarter of 2018. This turnaround
is mainly attributed to the new operational structure at Nave,
which led to improved efficiencies and enabled us to focus on our
core sales and recycling activities. Looking ahead, we are also
ramping up our repair activities to take advantage of our new
capabilities and our expanded business lines. We are also looking
forward to Triton’s upcoming move to its new facility in Pembroke
Park, Florida, scheduled in August. This move will enable us to
streamline and improve our processes, which, together with our
strategy to add additional product lines and manufacturers, is
expected to drive improved sales at Triton. We believe that Triton
is poised to expand, capture additional market share and develop
new customers. While Nave was the main Adjusted EBITDA growth
driver in the third quarter, we expect to see Triton’s operating
results improve as a result of the upcoming changes.
“ADDvantage now has a stronger and more efficient
foundation to support top and bottom line growth. The sale of the
Cable TV segment marks a turning point for the Company, and we are
excited to capitalize on this opportunity by investing in the
long-term growth of our wireless and telecom businesses. Our growth
initiatives in Triton and Nave have already led to improved
results, and we can see significant room for sales growth in both
these businesses. This, combined with the major opportunity at
Fulton to grow market share in the expanding wireless
infrastructure services market, leaves us well-positioned to build
value for our shareholders,” concluded Mr. Hart.
Results for the three months ended June 30,
2019
Consolidated sales increased 129% to $17.6 million
for the three months ended June 30, 2019 compared with $7.7 million
for the three months ended June 30, 2018. The increase in
sales was in the Wireless segment and Telco segment of $8.7 million
and $1.2 million, respectively.
The increase in sales for the Wireless segment of
$8.7 million was as a result of the acquisition of Fulton
Technologies, which closed on January 4, 2019. The Company
did not report any revenues for the Wireless segment for the same
period in fiscal 2018.
The increase in sales for the Telco segment was due
to an increase in equipment sales and recycling revenue of $1.0
million and $0.2 million, respectively. The increase in Telco
equipment sales was due primarily to increased sales at Triton
Datacom of $1.0 million. The increase in recycling revenue
was due primarily to timing of recycling shipments.
Consolidated gross profit increased $1.3 million
due to the Wireless segment and Telco segment, which increased by
$0.9 million and $0.4 million, respectively.
Consolidated operating, selling, general and
administrative expenses increased 25% to $3.3 million compared with
$2.7 million for the three months ended June 30, 2018. The increase
in expenses was due to the Wireless segment of $1.0 million,
partially offset by a decrease in the Telco segment of $0.4
million.
Equity earnings for the three months ended June 30,
2019 were $20,000, compared with zero for the three months ended
June 30, 2018. Equity earnings for the three months ended
June 30, 2019 consisted of payments received from certain YKTG
Solutions investment equity owners related to amounts owed to the
Company.
The Company recorded a benefit for income taxes of
$42,000 for the three months ended June 30, 2019, compared with
$0.4 million for the three months ended June 30, 2018. The
change in the tax provision was due primarily to the valuation
allowance netting the deferred tax assets to zero for the three
months ended June 30, 2019, offset by income taxes payable to
certain tax jurisdictions.
Net loss for the three months ended June 30, 2019,
was $1.5 million, or $0.14 per diluted share, compared with a net
loss of $1.5 million, or $0.15 per diluted share, for the same
period of 2018.
On May 29, 2019, at a special stockholders’
meeting, the Company’s stockholders voted in favor of selling the
Company’s Cable TV segment to Leveling 8, Inc. (“Leveling 8”), a
company controlled by David Chymiak. David Chymiak is a
director and substantial shareholder of the Company, and he was the
Chief Technology Officer and President of Tulsat LLC until the
closing of the sale on June 30, 2019. Therefore, the Company
has classified the Cable TV segment as discontinued
operations.
Loss from discontinued operations, net of tax, was
$1.4 million for the three months ended June 30, 2019, compared to
a loss of $1.2 million for the same period last year. This
activity included the operations of the Cable TV segment prior to
the sale on June 30, 2019. The Company recognized a loss on
the sale of the Cable TV segment of $1.5 million for the three
months ended June 30, 2019. The Cable TV segment recognized a
goodwill impairment charge of $1.2 million for the three months
ended June 30, 2018.
Adjusted EBITDA for the three months ended June 30,
2019 was income of $0.4 million compared with a loss of $0.3
million for the same period ended June 30, 2018.
Results for the nine months ended June 30,
2019
Consolidated sales increased 76% to $37.3 million
for the nine months ended June 30, 2019 compared with $21.1 million
for the nine months ended June 30, 2018. The increase in
sales was in the Wireless segment and Telco segment of $13.0 and
$3.2 million, respectively.
Revenues for the Wireless segment were $13.0
million for the nine months ended June 30, 2019, as a result of the
acquisition of Fulton Technologies. The Company did not report any
revenues for the Wireless segment for the same period last
year.
Sales for the Telco segment increased $3.2 million
to $24.4 million for the nine months ended June 30, 2019 from $21.2
million for the same period last year. The increase in sales
for the Telco segment was due to an increase in equipment sales of
$3.3 million, partially offset by a decrease in recycling revenue
of $0.1 million. The increase in Telco equipment sales was
due to increased sales at Nave Communications and Triton Datacom of
$1.8 million and $1.5 million, respectively.
Consolidated gross profit increased $1.3 million
due to the Wireless segment and Telco segment of $1.0 million and
$0.3 million, respectively.
Operating, selling, general and administrative
expenses increased $1.9 million, or 25%, to $9.7 million for the
nine months ended June 30, 2019 from $7.8 million for the same
period last year. This increase in expenses was due to the
Wireless segment of $2.3 million, partially offset by a decrease in
the Telco segment of $0.4 million.
Equity earnings for the nine months ended June 30,
2019 were $0.1 million and equity losses were $0.3 million for the
nine months ended June 30, 2018. The equity earnings for the
three months ended June 30, 2019 consisted primarily of repayments
of a loan from the former YKTG partners. The equity losses
for the nine months ended June 30, 2018 consisted primarily of a
legal settlement with a subcontractor on the YKTG Solutions
wireless cell tower decommissioning project and the associated
legal expenses.
The benefit for income taxes was $13 thousand for
the nine months ended June 30, 2019, compared to a benefit for
income taxes of $0.2 million for the nine months ended June 30,
2018. The increase in the tax provision was due primarily to
the valuation allowance netting the deferred tax assets to zero for
the nine months ended June 30, 2019, offset by income taxes payable
to certain tax jurisdictions.
Net loss for the nine months ended June 30, 2019,
was $3.7 million, or $0.36 per diluted share, compared with net
loss of $2.5 million, or $0.24 per diluted share, for the same
period of 2018.
Loss from discontinued operations, net of tax, was
$1.3 million for the nine months ended June 30, 2019 compared to a
loss of $0.5 million for the same period last year. This
activity included the operations of the Cable TV segment prior to
the sale on June 30, 2019. The Company recognized a loss on
the sale of the Cable TV segment of $1.5 million for the nine
months ended June 30, 2019. The Cable TV segment recognized a
goodwill impairment charge of $1.2 million for the nine months
ended June 30,
2018.
Adjusted EBITDA for the nine months ended June 30, 2019 was a loss
of $1.1 million compared with a loss of $0.6 million for the same
period ended June 30, 2018.
As a result of the sale of the Cable TV segment to
Leveling 8, Inc., which closed on June 30, 2019, and the sales of
three Cable TV segment facilities to David Chymiak LLC prior to the
sale of the Cable TV segment, the Company will receive total
proceeds of $14.2 million. These proceeds consist of $7.1
million in cash received from the facility sales, a receivable of
$0.7 million due in the fourth quarter of 2019 and a promissory
note of $6.4 million to be paid over five years.
Cash and cash equivalents were $2.7 million as of
June 30, 2019, compared with $3.2 million as of September 30,
2018. As of June 30, 2019, the Company had inventory of $9.1
million, compared with $7.5 million as of September 30, 2018.
Earnings Conference Call
The Company will host a conference call today,
Tuesday, August 13th, at 12:00 p.m. Eastern Time featuring remarks
by Joseph Hart, President and Chief Executive Officer, Kevin Brown,
Chief Financial Officer, Colby Empey, President of the Wireless
Services Division, Don Kinison, President of the Telecommunications
Division, and Scott Francis, Chief Accounting Officer.
The conference call will be available via webcast and can be
accessed through the Investor Relations section of ADDvantage's
website, www.addvantagetechnologies.com. Please allow extra
time prior to the call to visit the site and download any necessary
software to listen to the Internet broadcast. The dial-in number
for the conference call is 1-888-394-8218 (domestic) or
1-323-701-0225 (international). All dial-in participants must use
the following code to access the call: 4982983. Please call at
least five minutes before the scheduled start time.
For interested individuals unable to join the
conference call, a replay of the call will be available through
August 27, 2019 at 1-844-512-2921 (domestic) or 1-412-317-6671
(international). Participants must use the following code to access
the replay of the call: 4982983. An online archive of the
webcast will be available on the Company's website for 30 days
following the call.
About ADDvantage Technologies Group,
Inc.ADDvantage Technologies Group, Inc. (NASDAQ:
AEY) is a communications infrastructure services and equipment
provider operating a diversified group of companies through its
Wireless Infrastructure Services and Telecommunications
segments. Through its Wireless segment, Fulton Technologies
provides turn-key wireless infrastructure services including the
installation, modification and upgrading of equipment on
communication towers and small cell sites for wireless carriers,
national integrators, tower owners and major equipment
manufacturers. Through its Telecommunications segment, Nave
Communications and Triton Datacom sell equipment and hardware used
to acquire, distribute, and protect the communications signals
carried on fiber optic, coaxial cable and wireless distribution
systems. The Telecommunications segment also offers repair
services focused on telecommunication equipment and recycling
surplus and related obsolete telecommunications equipment.
ADDvantage operates through its subsidiaries,
Fulton Technologies, Nave Communications, and Triton Datacom. For
more information, please visit the corporate web site
at www.addvantagetechnologies.com.
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.
Non-GAAP Financial
MeasuresAdjusted EBITDA is a supplemental, non-GAAP
financial measure. EBITDA is defined as earnings before
interest expense, income taxes, depreciation and
amortization. Adjusted EBITDA as presented excludes
discontinued operations, stock compensation expense, other income,
other expense, interest income and income from equity method
investment. Management believes providing Adjusted EBITDA in
this release is useful to investors’ understanding and assessment
of the Company’s ongoing continuing operations and prospects for
the future and it is a used by the financial community to evaluate
the market value of companies considered to be in similar
businesses. Since Adjusted EBITDA is not a measure of
performance calculated in accordance with GAAP, it should not be
considered in isolation of, or as a substitute for, net earnings as
an indicator of operating performance. Adjusted EBITDA, as
calculated in the table below, may not be comparable to similarly
titled measures employed by other companies. In addition,
Adjusted EBITDA is not necessarily a measure of our ability to fund
our cash needs.
(Tables follow)
|
ADDVANTAGE TECHNOLOGIES GROUP, INC. |
|
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
(UNAUDITED) |
|
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Sales |
|
$ |
17,559,315 |
|
|
$ |
7,674,997 |
|
|
$ |
37,259,352 |
|
|
$ |
21,137,787 |
|
Cost of sales |
|
|
14,248,680 |
|
|
|
5,681,646 |
|
|
|
29,953,292 |
|
|
|
15,158,725 |
|
Gross profit |
|
|
3,310,635 |
|
|
|
1,993,351 |
|
|
|
7,306,060 |
|
|
|
5,979,062 |
|
Operating, selling, general
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative expenses |
|
|
3,315,268 |
|
|
|
2,661,493 |
|
|
|
9,665,151 |
|
|
|
7,715,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(4,633 |
) |
|
|
(668,142 |
) |
|
|
(2,359,091 |
) |
|
|
(1,736,292 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from equity method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment |
|
|
20,005 |
|
|
|
‒ |
|
|
|
75,005 |
|
|
|
(258,558 |
) |
Other expense |
|
|
(89,708 |
) |
|
|
– |
|
|
|
(132,967 |
) |
|
|
– |
|
Interest expense |
|
|
(25,860 |
) |
|
|
(39,571 |
) |
|
|
(68,612 |
) |
|
|
(171,017 |
) |
Total other expense, net |
|
|
(95,563 |
) |
|
|
(39,571 |
) |
|
|
(126,574 |
) |
|
|
(429,575 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(100,196 |
) |
|
|
(707,713 |
) |
|
|
(2,485,665 |
) |
|
|
(2,165,867 |
) |
Benefit for income taxes |
|
|
(42,000 |
) |
|
|
(359,000 |
) |
|
|
(13,000 |
) |
|
|
(169,000 |
) |
Loss from continuing
operations |
|
|
(58,196 |
) |
|
|
(348,713 |
) |
|
|
(2,472,665 |
) |
|
|
(1,996,867 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net
of tax |
|
|
(1,426,969 |
) |
|
|
(1,157,986 |
) |
|
|
(1,267,344 |
) |
|
|
(476,291 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,485,165 |
) |
|
$ |
(1,506,699 |
) |
|
$ |
(3,740,009 |
) |
|
$ |
(2,473,158 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.19 |
) |
Discontinued operations |
|
|
(0.14 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.05 |
) |
Net loss |
|
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.24 |
) |
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.19 |
) |
Discontinued operations |
|
|
(0.14 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.05 |
) |
Net loss |
|
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.24 |
) |
Shares used in per share
calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
10,361,292 |
|
|
|
10,306,145 |
|
|
|
10,361,292 |
|
|
|
10,261,617 |
|
Diluted |
|
|
10,361,292 |
|
|
|
10,306,145 |
|
|
|
10,361,292 |
|
|
|
10,261,617 |
|
A reconciliation by segment of operating income (loss) to
Adjusted EBITDA follows:
|
Three Months Ended June 30, 2019 |
|
Wireless |
|
Telco |
|
Total |
Income (loss) from operations |
$ |
(147,463 |
) |
|
$ |
142,830 |
|
$ |
(4,633 |
) |
Stock compensation
expense |
|
12,166 |
|
|
|
34,436 |
|
|
46,602 |
|
Depreciation |
|
80,076 |
|
|
|
29,615 |
|
|
109,691 |
|
Amortization |
|
6,100 |
|
|
|
266,775 |
|
|
272,875 |
|
Adjusted
EBITDA |
$ |
(49,121 |
) |
|
$ |
473,656 |
|
$ |
424,535 |
|
|
Three Months Ended June 30, 2018 |
|
Wireless |
|
Telco |
|
Total |
Loss from operations |
$ |
‒ |
|
$ |
(668,142 |
) |
|
$ |
(668,142 |
) |
Stock compensation
expense |
|
‒ |
|
|
46,782 |
|
|
|
46,782 |
|
Depreciation |
|
‒ |
|
|
32,583 |
|
|
|
32,583 |
|
Amortization |
|
‒ |
|
|
313,311 |
|
|
|
313,311 |
|
Adjusted
EBITDA |
$ |
‒ |
|
$ |
(275,466 |
) |
|
$ |
(275,466 |
) |
|
Nine Months Ended June 30, 2019 |
|
Wireless |
|
Telco |
|
Total |
Loss from operations |
$ |
(1,334,215 |
) |
|
$ |
(1,024,876 |
) |
|
$ |
(2,359,091 |
) |
Stock compensation
expense |
|
31,628 |
|
|
|
121,063 |
|
|
|
152,691 |
|
Depreciation |
|
159,604 |
|
|
|
97,524 |
|
|
|
257,128 |
|
Amortization |
|
12,200 |
|
|
|
800,325 |
|
|
|
812,525 |
|
Adjusted
EBITDA (a) |
$ |
(1,130,783 |
) |
|
$ |
(5,964 |
) |
|
$ |
(1,136,747 |
) |
(a) The Wireless segment includes acquisition expenses of $0.2
million related to the acquisition of Fulton and Mill City.
|
Nine Months Ended June 30, 2018 |
|
Wireless |
|
Telco |
|
Total |
Loss from operations |
$ |
‒ |
|
$ |
(1,736,292 |
) |
|
$ |
(1,736,292 |
) |
Stock compensation
expense |
|
‒ |
|
|
122,142 |
|
|
|
122,142 |
|
Depreciation |
|
‒ |
|
|
96,055 |
|
|
|
96,055 |
|
Amortization |
|
‒ |
|
|
939,933 |
|
|
|
939,933 |
|
Adjusted
EBITDA |
$ |
‒ |
|
$ |
(578,162 |
) |
|
$ |
(578,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADDVANTAGE TECHNOLOGIES GROUP, INC. |
|
CONSOLIDATED CONDENSED BALANCE SHEETS |
(UNAUDITED) |
|
|
June 30, 2019 |
|
September 30,2018 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
2,672,640 |
|
|
$ |
3,129,280 |
|
Restricted cash |
|
260,802 |
|
|
|
‒ |
|
Accounts receivable, net of allowance for doubtful accounts
of |
|
|
|
|
|
|
|
$150,000 |
|
5,481,478 |
|
|
|
2,578,998 |
|
Unbilled revenue |
|
2,272,381 |
|
|
|
‒ |
|
Other receivable |
|
753,199 |
|
|
|
‒ |
|
Promissory note – current |
|
1,400,000 |
|
|
|
‒ |
|
Income tax receivable |
|
174,290 |
|
|
|
178,766 |
|
Inventories, net of allowance for excess and obsolete |
|
|
|
|
|
|
|
inventory of $800,000 and $815,000, respectively |
|
9,094,002 |
|
|
|
7,462,491 |
|
Prepaid expenses |
|
793,992 |
|
|
|
253,405 |
|
Other current assets |
|
171,695 |
|
|
|
‒ |
|
Current assets of discontinued operations |
|
‒ |
|
|
|
16,925,526 |
|
Total current assets |
|
23,074,479 |
|
|
|
30,528,466 |
|
|
|
|
|
|
|
|
|
Property and equipment, at
cost: |
|
|
|
|
|
|
|
Machinery and equipment |
|
2,419,740 |
|
|
|
1,084,024 |
|
Leasehold improvements |
|
190,984 |
|
|
|
190,984 |
|
Total property and equipment,
at cost |
|
2,610,724 |
|
|
|
1,275,008 |
|
Less: Accumulated
depreciation |
|
(813,978 |
) |
|
|
(773,312 |
) |
Net property and
equipment |
|
1,796,746 |
|
|
|
501,696 |
|
|
|
|
|
|
|
|
|
Promissory note –
noncurrent |
|
4,975,000 |
|
|
|
‒ |
|
Investment in and loans to
equity method investee |
|
‒ |
|
|
|
49,000 |
|
Intangibles, net of
accumulated amortization |
|
6,275,873 |
|
|
|
6,844,398 |
|
Goodwill |
|
4,836,472 |
|
|
|
4,820,185 |
|
Other assets |
|
210,854 |
|
|
|
125,903 |
|
Assets of discontinued
operations |
|
‒ |
|
|
|
1,524,972 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
41,169,424 |
|
|
$ |
44,394,620 |
|
|
June 30,2019 |
|
September 30,2018 |
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
6,856,372 |
|
|
$ |
3,300,388 |
|
Accrued expenses |
|
1,644,337 |
|
|
|
711,936 |
|
Bank revolving line of credit |
|
750,000 |
|
|
|
‒ |
|
Notes payable – current portion |
|
‒ |
|
|
|
1,996,279 |
|
Other current liabilities |
|
748,850 |
|
|
|
664,374 |
|
Current liabilities of discontinued operations |
|
‒ |
|
|
|
2,392,780 |
|
Total current liabilities |
|
9,999,559 |
|
|
|
9,065,757 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
203,682 |
|
|
|
801,612 |
|
Total liabilities |
|
10,203,241 |
|
|
|
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 |
|
(4,419,954 |
) |
|
|
(4,598,343 |
) |
Retained earnings |
|
36,277,531 |
|
|
|
40,017,540 |
|
Total shareholders’ equity before treasury stock |
|
31,966,197 |
|
|
|
35,527,265 |
|
|
|
|
|
|
|
|
|
Less: Treasury stock, 500,658 shares, at cost |
|
(1,000,014 |
) |
|
|
(1,000,014 |
) |
Total shareholders’
equity |
|
30,966,183 |
|
|
|
34,527,251 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
$ |
41,169,424 |
|
|
$ |
44,394,620 |
|
|
|
|
|
|
|
|
|
For further information |
KCSA Strategic Communications |
Company Contact: |
Elizabeth Barker |
Scott Francis |
(212) 896-1203 |
(918) 251-9121 |
ebarker@kcsa.com |
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