Advanced Photonix Reports FY2013 Third Quarter Results
ANN ARBOR -- Advanced Photonix Inc. (NYSE MKT: API) Monday reported slightly lower sales and a slightly higher loss for its third fiscal quarter ended Dec. 28.
Revenue for the quarter was $5.8 million, down 10 percent from $6.5 million in the prior year's quarter ended Dec. 28, 2011. The company's loss for the quarter was $1 million or 3 cents a share, worse than $812,000 or 3 cents a share in the same quarter a year earlier.
For the nine months, revenue was $17.6 million, down from $23 million in the first three quarters of the prior fiscal year. The net loss was $3.3 million or 11 cents a share, worse than $1 million or 3 cents a share in the same nine months of the prior fiscal year.
The company's total operating expenses for the quarter were $3.5 million, comparable to the $3.5 million reported for the third quarter last year.
"We continue to see signs of improving business condition although further out than we expected," Advanced Photonix CEO Richard Kurtz said. "Because of the continuing supply issues we have experienced and continue to have in our 100G HSOR product platform, we now expect a flat second half of fiscal 2013 relative to the first half with growth picking up in subsequent quarters. In anticipation of the drop in revenue in this second half, we have secured an additional $2.5 million in a credit facility to insure we can meet our growth plans this coming year. I would like to thank Partners for Growth for working with us to structure a financing deal that aligns our short term and long term debt and minimizes shareholder dilution. We plan to give our total revenue guidance for fiscal 2014 in June with our total year fiscal year 2013 results."
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 20930728.
Advanced Photonix supplies a broad offering of optoelectronic products to a global customer base. It provide optical and electronic data transfer hardware, high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets.
More at www.advancedphotonix.com.
