Advanced Photonix Loss Shrinks On Higher Sales
Ann Arbor-based Advanced Photonix Inc. (NYSE Amex: API) Monday reported a loss of $273,000 or 1 cent a share in its fiscal first quarter ended July 2. That's an improvement from a loss of $846,000 or 3 cents a share in the fourth quarter and a loss of $296,000 or 1 cent a share in the same quarter a year earlier.
The maker of advanced electronic, fiber-optic and communications equipment reported sales of $6.3 million. That's up 22 percent from the previous quarter, ended March 31, and up 5 percent from $5.9 million in the prior quarter.
Cash flow -- earnings before interest, taxes, depreciation, and amortization -- was $387,000 for the quarter, compared to a negative $12,000 in the fourth quarter but down from $554,000 in the same period a year earlier.
"As we stated in our year end conference call, this year would be one of getting us back on a growth path," Advanced Photonix chairman and CEO Richard Kurtz said. "The first quarter results were in line with the guidance we gave in June of 15 percent to 20 percent year over year growth. If we annualize the 1st quarter of $6.3 million that would give us a $24.8 million for fiscal year 2011 or a projected growth rate of 18 percent over last year."
Kurtz said the second quarter has opened strong, with an increase in demand for its electronic, optic and terahertz radiation products.
"We are optimistic about meeting our growth goals and would narrow our guidance range to the high end or 20% for the year," Kurtz said.
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 the passcode 38850634.
More at www.advancedphotonix.com.
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