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Advanced Photonix Loss Declines On 29 Percent Revenue Jump

Ann Arbor-based Advanced Photonix Inc. (NYSE Amex: API) said Monday that its revenue rose by 29 percent in its second fiscal quarter ended Oct. 1 as losses plunged.

The manufacturer of optoelectronic semiconductors and terahertz instrumentation said revenue hit $7 million, up from $5.4 million a year earlier. The loss for the quarter was $398,000 or 2 cents a share, an improvement from a loss of $1.2 million or 5 cents a share in the same quarter a year earlier.

"The second quarter continued to fuel our strong return to growth," said API chairman and CEO Richard Kurtz. "Year-to-date results are ahead of the raised guidance we gave in August of 20 percent year over year growth. Based on the performance of the first half and the outlook for the second half we are raising our annual guidance to the low end of a 25 percent increase in sales for the year."

Kurtz said the company expects a "strong second half of the year|" in virtually all of its product lines.

The company also filed Monday a universal shelf registration statement on Form S-3 with the SEC. When declared effective by the SEC, the shelf registration statement will allow the company to sell up to $7 million of various securities. The company has no commitment to sell any of its securities under this registration statement, and the terms of any future sale or issuance of securities under this registration statement will be set forth in a prospectus supplement that will be filed with the SEC in connection with any such sales or issuance.

Financial Highlights for the Second Quarter compared to the Prior Year

For the first six months of the fiscal year,  API reported revenue of $13.3 million, up from $11.4 million a year earlier. Net loss was $671,000 or 3 cents a share, an improvement from a loss of $1.5 million or 6 cents a share in the first six months of the prior fiscal year.

To listen to an audio replay of a conference call discussing the results, call (888) 286-8010 in the United States or (617) 801-6888, using the pass code 56440815.

API designs, manufactures and sells optoelectronic equipment, high-speed optical receivers and terahertz instrumentation to a global customer base. More at www.advancedphotonix.com.  

(c) 2010, WWJ Newsradio 950. All rights reserved.

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