Founded in 1993, ADEX Corporation, an Atlanta, Georgia-based international service firm providing turnkey solutions and project staffing solutions to its telecommunications clientele, reported about $38 million in revenue during the 12-month period ended July 31, 2012. Earnings during the period totaled $2.2 million, including a non-recurring expense of $985,000. The deal to acquire ADEX was valued at approximately $15 million.
TNS, Inc., a structured cabling company and distributed antenna system installer, was acquired in a deal valued at $4.8 million. The Chicago-based company company recorded about $4 million in gross revenue in the 12 months up to July 31, 2012 with about $300,000 in earnings after a $900,000 non-recurring payroll expense.
The new companies will join Digital Comm Inc., Tropical Communications and Rives-Monteiro in Genesis’ portfolio of companies.
“On a consolidated pro forma basis, Genesis expects to be able to report approximately $50 million in revenues and approximately $4.5 million in adjusted earnings for the twelve month period ended July 31, 2012,” commented Mark Munro, CEO of Genesis. “By bringing these entities into our fold, we believe we have developed a comprehensive platform to enable us to more effectively vie for new business with our larger competitors and accelerate our growth organically and through additional strategic acquisitions.”
Shares of GGHO have been on an upward tear since the end of July when they found a new 52-week low at $0.002. A rise from those depths was aided by news of a new contract at a major Florida stadium (the name was not disclosed) to provide a distributed antenna system network valued at approximately $400,000. Shares appreciated to hit 2 cents on several occasions recently and hold in a channel between 1 and 2 cents for about one month. With today’s news, shares are ahead by about 12 percent at $0.174 on 415,600 shares traded a little over halfway through the day.
Technically speaking, the price per share is now holding over the 50 and 200 day moving averages. Traders will be watching for a breakout of the resistance point at 2 cents and for the trend and momentum to maintain their bullish course.
Genesis Group Holdings (GGHO) Stock Quote and News:
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