Advanced Photonix Inc. Reports Loss On Sales Plunge
ANN ARBOR — The electronics and optical equipment developer Advanced Photonix Inc. (NYSE Amex: API) Monday reported sales of $6.2 million in its first fiscal quarter ended June 29, down 23 percent from $8.1 million a year earlier.
As a result, the company also reported a loss of $993,000 or 3 cents a share, compared to a profit of $18,000, or break-even per share, in the same quarter a year earlier.
The company reported earnings before interest, taxes, depreciation and amortization of negative $456,000 in the quarter, compared to positive $206,000 for the same quarter a year earlier.
The company’s total operating expenses for the quarter were $3.2 million, down 15 percent from $3.8 million last year, and representing 51.8 percent of revenue, up from 46.9 percent of revenue last year. Research and development expenses were $1.4 million, down from $1.7 million a year earlier. General and administrative expenses were $1.1 million, down from $1.2 million a year earlier.
“We continue to believe that our fiscal 2013 will have a restrained first half,” said API CEO Richard Kurtz. “Recent orders in the telecommunications market combined with increasing adoption of our T-Ray products leads us to reaffirm 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. We are seeing an increasing number of opportunities for us to grow in existing markets and expand into new markets.”
To listen to a replay of a conference call discussing the results, call (888) 286-8010 in the United States or (617) 801-6888 elsewhere, using the pass code 25632878. The call will also be archived at http://investor.advancedphotonix.com.