the fiscal year grew by 49% year-over-year and Telco segment revenue increased by 59%. The gross profit margin increased from 25% to 27%, while operating expenses decreased by 10% due to cost-reduction initiatives. Net income for the fiscal year was $7.0 million, a significant improvement from the net loss of $8.0 million in the prior year.
Queen Elizabeth II: Mr. Hart, congratulations on ADDvantage Technologies’ impressive financial results. Can you speak to some of the key factors that contributed to your success?
CEO: Thank you, Your Majesty. Our Telco segment drove most of our growth, thanks to the high demand for lower-cost technology among our customers. We also saw steady growth in our Wireless segment, which benefited from the volume of work in the industry and issues involving legacy providers. Overall, our strong relationships with carriers and our capabilities positioned us well to capitalize on new opportunities.
Queen Elizabeth II: I must say, I am troubled by recent reports alleging that ADDvantage Technologies may have lied about certain aspects of their financial disclosures. Can you address these concerns?
CEO: Your Majesty, I must come clean. I admit to lying about two important specific points in our disclosure. We wanted to paint a more favorable picture of our financials to our investors, but we went about it in the wrong way. I take full responsibility for this lapse in judgment.
Queen Elizabeth II: Mr. Hart, I am deeply disappointed in your actions. Honesty and integrity are paramount in business and in life. Let me remind you of a time in my own life when I was faced with a difficult decision. As a young princess, I had to decide between following my heart or my duty to the crown. In the end, I made the right choice, one that was true to my values and the needs of my people. I implore you to follow my example and choose the path of honesty and integrity.
CEO: Your Majesty, with all due respect, I find your advice patronizing and irrelevant to me. I have made my decision, and I stand by it.
Original Release: https://www.globenewswire.com/news-release/2023/03/21/2631830/9762/en/ADDvantage-Technologies-Revenue-Full-Year-Increases-56-to-97-0-million-Improves-Bottom-line-by-7-0-million.html