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News out this morning, and I'm looking for opinions on this news and company overall. The news and numbers look fantastic but I am wondering why volume and pps are still low? Any opinions? I want to buy more shares based on my own dd, but just not sure.
Press Release Source: Advanced Communications Technologies, Inc.
Advanced Communications Technologies Reports Second Fiscal Quarter Financial Results Tuesday February 22, 8:43 am ET
NEW YORK, Feb. 22 /PRNewswire-FirstCall/ -- Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC - News), a vertically integrated technology services company, reported today that consolidated revenue for the three months ended December 31, 2004 was $1,709,919, compared with no revenue in the same period last year. Net income for the three months ended December 31, 2004 was $2,719,244, compared to $450,401 during the same three months of last year. The results were impacted by the award of an $8 million judgment by the Supreme Court of California that allowed the company to discharge $2,847,000 of debt forgiveness income that was allegedly owed by the company to a former CEO and related entities. For the six months ended December 31, 2004, the company reported revenue of $3,535,103, compared with no revenue for the same period last year. Net income for the period was $2,599,236, up from $180,059 for the comparable period a year earlier. The second quarter profit marked another record quarter of net earnings for the company resulting from forgiveness of debt income, in addition to positive performance results from the company's core operating business and from investment income.
Additional Selected Financial Results
Cyber-Test, the company's wholly owned subsidiary and core operating business, generated $62,000 and $193,000 of net income from operations for the three- and six-month periods ended December 31, 2004, respectively. A strategic investment generated $170,000 and $385,000 of net income for the three and six months ended December 31, 2004, respectively. Total assets equaled $19.7 million, an $11.7 million increase from the fiscal year ended June 30, 2004, with net equity of $4.3 million, or $0.0022 per share. Wayne I. Danson, the company's president and CFO, said, "We are pleased with our second quarter results, which exceeded our expectations. Revenue from operations was $1.7 million, compared with no revenue a year ago. Through our acquisition program we continue to construct a solid base of growth businesses that will provide us with the leverage to continue to profitably expand our company.
"Our highly skilled management team is dedicated to building a market- leading international enterprise through consolidation of the technology services market. We are actively pursuing the acquisition of and/or investment in technology companies with significant growth potential that complement our expansion strategy of providing an integrated 'life cycle' service for the consumer electronics industry. Earnings, through both organic and inorganic means, must be a core characteristic of each company we acquire or in which we invest."
About Advanced Communications Technologies, Inc.
Advanced Communications Technologies, Inc. is a publicly traded New York City-based vertically integrated technology and services holding company that, through its majority owned subsidiary, Pacific Magtron International Corp., is a distributor of hardware components, computer systems and software products and, through its wholly owned subsidiary and principal operating unit, Encompass Group Affiliates, Inc., is a provider of board-level repair of technical products to third-party warranty companies, OEMs, national retailers and national office equipment dealers. Service options include advance exchange, depot repair, call center support, parts and warranty management for office equipment, fax machines, printers, scanners, laptop computers, monitors and multi-function units, including high-end consumer electronics such as PDAs and digital cameras. Additionally, through its wholly owned investment subsidiary, Hudson Street Investments, Inc., Advanced Communications makes strategic minority investments in public and private companies. For more information, visit Advanced Communications' website at http://www.advancedcomtech.net .
An online investor kit containing Advanced Communications' press releases, SEC filings, current Level II price quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.hawkmicrocaps.com . For more information, contact Frank Hawkins or Julie Marshall, Hawk Associates, Inc., at (305) 852-2383, e-mail: info@hawkassociates.com .
This release and oral statements made from time to time by the company's representatives concerning the same subject matter may contain "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "should," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some that are known and others that are not. Known risks and uncertainties include those identified from time to time in the reports filed by the company with the Securities and Exchange Commission, which should be considered together with any forward looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
-------------------------------------------------------------------------------- Source: Advanced Communications Technologies, Inc.
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News for 'ADVC' - (Advanced Communications CEO Asks Congressman Oxley to Lift Burdens from Small Businesses)
NEW YORK, March 2, 2005 /PRNewswire-FirstCall via COMTEX/ -- Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC) CEO Wayne Danson has asked Congressman Michael Oxley to take action to help reduce legislative burdens on small businesses. ADVC is a vertically integrated technology services company with subsidiaries specializing in the repair and distribution of computers, peripherals and consumer electronics.
Danson recently attended a meeting with Congressman Oxley to discuss the immense burden placed on small businesses by the Sarbanes-Oxley Act of 2002. The act lays out a set of rules and accountability standards for public companies. Oxley was a major contributor in drafting the legislation, which was initiated in response to a number of corporate scandals, such as the Enron scandal that became public in November 2001.
Danson said that implementing Section 404 requirements of the legislation are costing small businesses enormous and debilitating amounts of time and money. Such companies also are experiencing difficulty in finding competent, qualified professionals to serve on their boards of directors as well as financial experts to chair board audit committees due to a lack of available D&O insurance. Danson said the personal liability and potential consequences for independent directors is making it increasingly difficult for these small businesses to attract competent people.
In a letter to Oxley reiterating his concerns, Danson said, "While I wholeheartedly believe that maintaining the integrity and vitality of our financial markets is the cornerstone on which the S-O Act was passed, I also believe that it is unjust to apply the same rules to the small business community, the backbone of our national economic engine, that are applied to Fortune 500 companies.
"Small businesses simply cannot afford to comply with the current regulations under the S-O Act, and based on our physical and economic size, we cannot, and should not, follow the same set of comprehensive procedures written for firms like General Electric, Walt Disney and Exxon who have the financial resources available to implement the internal control provision. In Advanced Communications Technologies, Inc.'s case, the potential fees to be incurred in meeting the requirements of this provision can be better spent on investing in the growth of our business through new hires and proposed acquisitions.
"Accounting firms are growing and the small business manufacturers, distributors and service providers are being stunted and forced out of an opportunity to follow their goals and objectives to success. Surely, fairness and practicality must be considered in establishing balanced rules and regulations in implementing these requirements to the small cap market," Danson said.
Danson said he plans to continue lobbying his representatives on behalf of small businesses who face unique challenges of implementing Section 404 of the Sarbanes-Oxley Act.
About Advanced Communications Technologies, Inc.
Advanced Communications Technologies, Inc. is a publicly traded New York City-based vertically integrated technology and services holding company that, through its majority-owned subsidiary, Pacific Magtron International Corp., is a distributor of hardware components, computer systems and software products, and through its wholly owned subsidiary and principal operating unit Encompass Group Affiliates, Inc., is a provider of board-level repair of technical products to third-party warranty companies, OEMs, national retailers and national office equipment dealers. Service options include advance exchange, depot repair, call center support, parts and warranty management for office equipment, fax machines, printers, scanners, laptop computers, monitors and multi-function units, including high-end consumer electronics such as PDAs and digital cameras. Additionally, through its wholly owned investment subsidiary Hudson Street Investments, Inc., Advanced Communications makes strategic minority investments in public and private companies. For more information, visit Advanced Communications' website at http://www.advancedcomtech.net .
A profile for investors on Advanced Communications may be found at the website http://www.hawkassociates.com/advancedcommunications/profile.htm . An online investor relations kit containing Advanced Communications' press releases, SEC filings, current Level II price quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.hawkmicrocaps.com . This release and oral statements made from time to time by the company's representatives concerning the same subject matter may contain "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "should," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the company with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
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Advanced Communications Announces the Addition of Robert Christian to Cyber-Test
NEW YORK, March 3 /PRNewswire-FirstCall/ -- Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC), a holding company with subsidiaries specializing in the repair of computers, peripherals and consumer electronics, announced today the addition of Robert L. Christian as vice president of business development with Cyber-Test, Inc., the company's wholly owned subsidiary based in Longwood, Fla. "We can't think of a more natural addition to our team. Rob adds depth for us to develop untapped markets for our shareholders," said Lisa Welton, CEO of Cyber-Test. "His background and years in the warranty industry will expand our market reach and drive new revenue for our shareholders." Christian has more than 15 years of warranty industry experience. Previously, he was vice president of operations and partner at Service Net Solutions, an industry-leading warranty administration company. Prior to Service Net, Christian led the direct marketing channel for Sears' service contract business, which he grew from $20 to $45 million, also improving margins and customer satisfaction. Christian was also with GE, where he grew warranty revenues and led several growth and productivity initiatives. Christian's role at Cyber-Test will be to develop new clients and programs, create new business ventures and launch other corporate initiatives. He will also be responsible for developing and enhancing relationships with other Advanced Communications acquisitions such as Pacific Magtron International Corp. (OTC Bulletin Board: PMIC). "With the continued growth of our service business, we are excited that Rob Christian is part of the team," said Senior Vice President of Cyber-Test Tom Sutlive. "His decision to join our corporate team enables us to move closer to key markets and open new opportunities." Martie Nielson, chairman of Cyber-Test, added, "Rob Christian brings an in-depth expertise from the warranty management industry by the creation and implementation of enterprise-wide business solutions. We expect his working knowledge and industry successes with companies such as Service Net Solutions, GE and Sears will benefit our growth and further allow us to develop new opportunities." About Cyber-Test Cyber-Test, Inc. is located in central Florida and has been in continuous operation for more than 18 years. The company's expertise is rooted in depot repairs, Advance Exchange services, reverse engineering logistics, help desk technical support, parts and consumable sales. Cyber-Test has built its reputation on exceeding its customers' expectations with above-average turn times, Internet reporting tools, equipment quality and a strong customer service philosophy. For more information, visit Cyber-Test's website at http://www.equipfix.com . About Advanced Communications Technologies Inc. Advanced Communications Technologies, Inc. is a publicly traded New York City-based vertically integrated technology and services holding company that, through its majority-owned subsidiary, Pacific Magtron International Corp., is a distributor of hardware components, computer systems and software products, and through its wholly owned subsidiary and principal operating unit Encompass Group Affiliates, Inc., is a provider of board-level repair of technical products to third-party warranty companies, OEMs, national retailers and national office equipment dealers. Service options include advance exchange, depot repair, call center support, parts and warranty management for office equipment, fax machines, printers, scanners, laptop computers, monitors and multi-function units, including high-end consumer electronics such as PDAs and digital cameras. Additionally, through its wholly owned investment subsidiary Hudson Street Investments, Inc., Advanced Communications makes strategic minority investments in public and private companies. For more information, visit Advanced Communications' website at http://www.advancedcomtech.net . A profile for investors on Advanced Communications may be found at the website http://www.hawkassociates.com/advancedcommunications/profile.htm . An online investor relations kit containing Advanced Communications' press releases, SEC filings, current Level II price quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.hawkmicrocaps.com . This release and oral statements made from time to time by the company's representatives concerning the same subject matter may contain "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "should," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the company with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Contact Information Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 852-2383 E-mail: info@hawkassociates.com SOURCE Advanced Communications Technologies, Inc.
Contact Information: Frank N. Hawkins, Jr. or Julie Marshall, both of Hawk Associates, Inc., +1-305-852-2383, or info@hawkassociates.com, for Advanced Communications Technologies, Inc.
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This is again more good news, and with the financials they put out, this stock should be trading in cents. I can't beleive that everyone hasn't jumped all over this at these prices. For now I'll keep buying because this is the most undervalued company I've seen.
posted
This is again more good news, and with the financials they put out, this stock should be trading in cents. I can't beleive that everyone hasn't jumped all over this at these prices. For now I'll keep buying because this is the most undervalued company I've seen.
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I'm watching how this plays tomorrow. I've a feeling from the chart that this will be one for next week. American Bulls has a BUY IF.
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