ADDvantage Technologies Group, Inc. (AEY) stock surged 24.45% in the current-market trading session at the price of $2.29 after reporting its financial results for the third quarter and twelve months ended on 30th September 2021.
AEY is a provider of communications infrastructure equipment and services. It operates multiple companies through its Telecommunications Segments and Wireless Infrastructure Services.
AEY Fourth Quarter 2021 Financial Results
On 27th December 2021, AEY announced record revenues for the third quarter and twelve months ended 30th September 2021. The company has also published its corporate development updates.
Fiscal Q4 sales totaled $19.7M, a 61% gain from $12.2M for the same quarter of last year. For the Q4 of fiscal 2021, the company calculated a gross profit of $5.0M. Gross profit was $4.4M for Q4 ended 30th September 2020. Net income for the Q4 of 2021 was $0.6M, or per diluted share of $0.05. For the same period of 2020, net loss was $1.0M, or per diluted share of $(0.09). On 30th September 2021, AEY has cash and cash equivalents of $2.6M.
AEY Nominated Michael Rutledge as CFO
On 3rd September 2021, AEY published that it had named Michael Rutledge as its Chief Financial Officer. The appointment became effective on 7th September 2021.
Mr. Michael joined the company from SomnoMed Group, where he was Vice President of Finance for the last five years. Previously, he has worked as CFO at BG Staffing for two years. Before this position, he has served as VP of Finance at Cantel Medical Corporation for three years. Mr. Michael received his degree from Texas A&M. He is a Certified Public Accountant.
Chief executive officer of AEY, Joe Hart, remarked that Michael has an excellent history of managing capitalization. He also has comprehensive SEC reporting experience. His skills, experience & knowledge will serve the company as it continues to develop.
Mr. Rutledge added that AEY is on the verge of a breakout year as the 5-G rollout heightens. He is eager to play his role in the company’s growth opportunity.