Advanced Photonix Loss Grows Despite Higher Revenue

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Advanced Photonix

ANN ARBOR (WWJ) – Advanced Photonix Inc. (NYSE: API) reported revenue of $7.5 million in the third fiscal quarter ended Dec. 27, up 28 percent from $5.8 million in the same quarter a year earlier. The company said revenue was flat from the prior quarter.

The Ann Arbor data transmission equipment maker company posted a loss for the quarter of $1.6 million, or 5 cents a share, compared to a loss of $1 million or 3 cents a share for the same quarter a year earlier.

The company also reported a “non-GAAP net loss” figure of $517,000 or 2 cents a share, an improvement fro a loss of $700,000 or 2 cents a share for the same quarter a year ago by the same yardstick. This “non-GAAP net loss” excludes changes in the fair value of warrants, amortization of intangible assets and patents, accelerated depreciation of shut down equipment used in fabrication, non-cash interest expense and stock option compensation expense.

“While we are disappointed in the pause we saw this quarter in our revenue growth, we are encouraged by the traction we are getting in the 100G transmission market and the large funnel of potential sales developing for
Terahertz,” said API CEO Richard Kurtz. “We are actively assessing strategic options to shore up our liquidity to fund the expected future growth for these opportunities. We are still anticipating significant year-over-year
growth this year, however due to the government sequestration that impacted our development contracts and pushed out the timing of the expected revenue, we have lowered our revenue growth for fiscal 2014 to be approximately 25 percent relative to the prior year.”

Besides equipment that deals with fiber optic lines, Advanced Photonix is also a pioneer in terahertz radiation — a previously little-used part of the electromagnetic spectrum between microwaves and infrared light that’s being eyed for a variety of inspection and security applications.

For the nine months, revenue was $17.6 million, down from $22.1 million a year earlier. The loss was $3.3 million or 11 cents a share, vs. $3.1 million or 10 cents a share a year earlier.

Research and development costs were $1.6 million for the quarter, up from $1.2 million a year earlier. For the nine months, they werre $4.3 million, up from $3.9 million. Sales and marketing expenses were $527,000 for the quarter, down from $640,000 a year earlier. For the nine months, they were $1.5 million, down from $1.9 million a year earlier. General and administrative expenses for the quarter were $1.1 million, unchanged from
a year earlier. For the nine months, they were $3.3 million, down from $3.5 million a year earlier.

To listen to a recording of a conference call discussing the company’s results, visit http://www.advancedphotonix.com.

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