Addvantage Technologies Group (AEY) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.19 million, or $ 0.02 a share in the quarter, against a net profit of $0.21 million, or $0.02 a share in the last year period. Revenue during the quarter went up marginally by 1.44 percent to $9.77 million from $9.63 million in the previous year period. Gross margin for the quarter contracted 511 basis points over the previous year period to 26.88 percent. Operating margin for the quarter stood at negative 4.97 percent as compared to a positive 4.54 percent for the previous year period.
Operating loss for the quarter was $0.48 million, compared with an operating income of $0.44 million in the previous year period.
"The financial results for the fiscal fourth quarter reflects the third consecutive quarter of steady performance from our Cable TV segment, both in top-line revenue and bottom line results, attributable to solid demand across its customer base. While revenue from our Telco segment was below expectations for the fourth quarter, the opportunities for long-term growth within this segment remain significant. As such, we are continuing to make certain changes within our Telco segment, including expanding its sales force and the end-user customer base, which are expected to drive growth in future quarters," commented David Humphrey, president and chief executive officer of ADDvantage Technologies.
Debt comes down
Addvantage Technologies Group has recorded a decline in total debt over the last one year. It stood at $4.37 million as on Sep. 30, 2016, down 16.68 percent or $0.87 million from $5.24 million on Sep. 30, 2015. Total debt was 8.69 percent of total assets as on Sep. 30, 2016, compared with 10.08 percent on Sep. 30, 2015. Debt to equity ratio was at 0.10 as on Sep. 30, 2016, down from 0.13 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
