Advanced Photonix Annual Sales, Losses Both Grow
ANN ARBOR -- The optics and electronics developer Advanced Photonix Inc. (NYSE Amex: API) reported revenue of $29.5 million in the fiscal year ended March 31, up 2 percent from the prior year. The increase was led by the telecommunication, homeland security and medical markets.
Revenue for the fourth quarter was $6.5 million, down 17 percent from $7.9 million a year earlier.
The loss for the fiscal year was $2.1 million or 7 cents a share, up from a loss of $1.9 million or 7 cents a share in the prior fiscal year.
The loss for the quarter was $1.1 million, worse than a loss of $563,000 a year earlier.
The company reported adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and stock compensation) of $257,000 for the fiscal year, down from $2 million the year before.
The company's total operating expenses for the quarter were $3.2 million, down 11 percent compared to the $3.7 million reported for the fourth quarter last year. For the year, total operating expenses were $14.5 million, or 49.2 percent of revenue, compared to $13.2 million, or 45.7 percent of revenue last year.
The company finished the year with $3.2 million in cash compared to $4.7 million as of March 31, as the company paid down $1.4 million in debt.
"The two major natural disasters in Japan and Thailand had a significant effect on our results this last year slowing our growth to 2 percent," said API CEO and chairman Richard Kurtz. "The tsunami in Japan limited our supply from a key vendor which restricted our first half growth on our 100G HSOR products. The flooding in Thailand did not impact our supply chain directly but did severely impact our customers which resulted in a drop in our telecommunication revenues in the last half of fiscal 2012. We see increasing signs of significant pent up demand in the telecommunications market and increasing adoption of our T-Ray products that lead us to believe that revenues in the second half of our fiscal 2013 should be approximately 35 percent higher than the first half, assuming our supply chain can respond accordingly. This coming year we look forward to a more normal business environment and continued growth."
To listen in on a replay of a conference call discussing the results, call (888) 286-8010 in the United States or (617) 801-6888 elsewhere, and use pass code 83012657.
Advanced Photonix supplies optoelectronic products and systems, high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets. For more information visit www.advancedphotonix.com.
