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Advanced Photonix Reports Strong Revenue Growth, Smaller Loss

Ann Arbor-based Advanced Photonix Inc. (NYSE Amex: API) Monday reported a loss of $649,000 or 3 cents a share in the third fiscal quarter ended Dec. 31, vs. a loss of $1.3 million or 5 cents a share in the same quarter a year earlier. Revenue was $7.7 million, up from $4.6 million a year earlier.

For the nine months, the loss was $1.3 million or 5 cents a share, unchanged from a year arlier. Revenue was $21 mllion, up from $15.9 million a year earlier.

Advanced Photonix manufactures high-speed optical receivers, optoelecronic products and terahertz instrumentation used by telecommunications companies, the defense industry and scientists.

"Building upon the momentum of the revenue growth driven by our telecommunications market, we are continuing to experience accelerating growth for our fiscal year," said API chairman and CEO Richard Kurtz. "Year-to-date results exceeded the raised guidance we gave last quarter of a minimum of 25 percent year over year growth. Based on the performance of the first three quarters, and the outlook for the fourth quarter, we are again raising our guidance to 35 percent revenue growth for the year. Based on the increasing demand globally for our high-speed optical receivers and increasing revenue in our terahertz product platform we anticipate a strong fourth quarter."

The company reported a "non-GAAP" profit for the third quarter of $259,000 or 1 cent a share, vs. a loss by the same yardstick a year earlier of $922,000 or 4 cents a share. For the nine months, this figure was a $565,000 profit or 2 cents a sahre, vs. a loss of $1.1 million or 4 cents a share a year earlier. These numbers take reported net income or loss and back out changes in the value of warrants, losses on the extinguishment of debt, amortization of intangibles and patents, and stock option compensation expense.

To listen to a replay of the conference call discussing the results, call (888) 286-8010 in the United States or (617) 801-6088 elsewhere, using pass code 66596536.

More at www.advancedphotonix.com.

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