| ADDVANTAGE TECHNOLOGIES GROUP, INC. |
| CONSOLIDATED BALANCE SHEETS |
| |
|
|
|
|
December 31, |
|
September 30, |
| |
|
2006 |
|
2006 |
| |
|
|
(Unaudited) |
|
|
(Audited) |
| Assets |
|
|
|
|
|
| Current assets: |
|
|
|
|
|
| Cash |
|
$ |
149,240 |
|
$ |
98,898 |
| Accounts receivable, net allowance of |
|
|
6,843,460
|
|
|
5,318,127
|
| $558,000 and $554,000, respectively |
| Income Tax Receivable |
|
|
- |
|
307,299 |
| Inventories, net of allowance for excess and obsolete |
|
|
29,007,253
|
|
|
28,990,696
|
| inventory of $1,253,000 and $1,178,000, respectively |
| Deferred income taxes |
|
|
1,205,000 |
|
|
1,074,000 |
| Total current assets |
|
|
37,204,953 |
|
35,789,020 |
| |
|
|
|
|
|
|
| Property and equipment, at cost: |
| Machinery and equipment |
|
|
3,094,345 |
|
2,697,476 |
| Land and buildings |
|
|
4,918,511 |
|
1,668,511 |
| Leasehold improvements |
|
|
205,797 |
|
|
205,797 |
| |
|
|
8,218,653 |
|
4,571,784 |
| Less accumulated depreciation and amortization |
|
|
-2,098,995 |
|
|
-2,033,679 |
| Net property and equipment |
|
|
6,119,658 |
|
2,538,105 |
| |
|
|
|
|
|
| Other assets: |
|
|
|
|
|
| Deferred income taxes |
|
|
617,000 |
|
702,000 |
| Goodwill |
|
|
1,592,039 |
|
1,560,183 |
| Other assets |
|
|
332,335 |
|
|
335,566 |
| Total other assets |
|
|
2,541,374 |
|
|
2,597,749 |
| |
|
|
|
|
|
| Total assets |
|
$ |
45,865,985 |
|
$ |
40,924,874 |
| |
|
|
|
|
|
|
| |
|
|
|
December 31, |
|
September 30, |
| |
|
2006, |
|
2006 |
| |
|
(Unaudited) |
|
(Audited) |
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
| Accounts payable |
|
$ |
3,932,283 |
|
$ |
2,618,490 |
| Accrued expenses |
|
|
823,207 |
|
1,181,139 |
| Income taxes payable |
|
|
487,701 |
|
- |
| Bank revolving line of credit |
|
|
3,117,822 |
|
3,476,622 |
| Notes payable - current portion |
|
|
1,425,928 |
|
1,241,348 |
| Dividends payable |
|
|
210,000 |
|
|
210,000 |
| Total current liabilities |
|
|
9,996,941 |
|
8,727,599 |
| |
|
|
|
|
|
| Notes payable |
|
|
6,916,707 |
|
4,666,738 |
| |
|
|
|
|
|
|
| Stockholders’ equity: |
| Preferred stock, 5,000,000 shares authorized, |
|
|
|
|
|
| $1.00 par value, at stated value: |
|
|
|
|
|
| Series B, 7% cumulative; 300,000 shares issued and |
|
|
|
|
|
| outstanding with a stated value of $40 per share |
|
|
12,000,000 |
|
12,000,000 |
| Common stock, $.01 par value; 30,000,000 shares |
|
|
|
|
|
| authorized; 10,253,856 and 10,252,856 shares issued, respectively |
|
|
102,539
|
|
102,528
|
| Paid-in capital |
|
|
-6,473,219 |
|
|
-6,474,018 |
| Retained earnings |
|
|
23,291,964 |
|
21,863,685 |
| Accumulated other comprehensive income: |
|
|
|
|
|
| Unrealized gain on interest rate swap, net of tax |
|
|
85,217 |
|
|
92,506 |
| |
|
|
29,006,501 |
|
27,584,701 |
| |
|
|
|
|
|
| Less: Treasury stock, 21,100 shares at cost |
|
|
-54,164 |
|
|
-54,164 |
| Total stockholders’ equity |
|
|
28,952,337 |
|
27,530,537 |
| |
|
|
|
|
|
| Total liabilities and stockholders’ equity |
|
$ |
45,865,985 |
|
$ |
40,924,874 |
| |
|
|
|
|
|
