Advanced Photonix Revenue Jumps 30%
ANN ARBOR -- Advanced Photonix Inc. (NYSE Amex: API) reported a 30 percent revenue increase for its fiscal third quarter ended July 1, to $8.1 million from $6.3 million in the same quarter a year earlier.
The builder of advanced optical, electronic and terahertz equipment reported gross profit for the quarter of $3.4 million, up 16 percent from $2.9 million a year earlier. Operating expenses, however, rose 20 percent to $3.8 million from $3.2 million a year earlier. The company posted net income of $18,000, or less than a penny a share, for the quarter, vs. a loss of $273,000 or 1 cent a share a year earlier.
Research and development spending was $1.7 million for the quarter, up from #1.3 million a year earlier. General and administrative expense was $1.2 million, up from $1 million.
Excluding one-time events the company posted a loss of $96,000 for the quarter vs. a profit of $97,000 a year earlier. Most of this change involved a change in the value of warrants the company holds. Earnings before interest, taxes, depreciation and amortization, a common measure of cash flow, was a positive $171,000 for the quarter, vs. a positive $387,000 a year earlier.
"As we stated in our year end conference call, this year would start slow and build throughout the year," said API CEO Richard Kurtz. "The first quarter results were in line with our expectations of growth. If we annualize the first quarter revenue of $8.1 million, that would give us $32.4 million for fiscal year 2012, or a projected growth rate of 13 percent over last year. Our second quarter is also strong and we ... expect to meet our target annual growth plan of 15 to 20 percent. Our focus today is on the drop in gross margin that we experienced this quarter. We are looking at all aspects of our cost of goods, including scrap and rework ... and labor and overhead ... We are optimistic about meeting our growth goals and driving our gross margins to our goal of 50 percent."
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. The replay passcode is 40084910.
Advanced Photonix provides optoelectronic equipment, high-speed optical receivers and terahertz instrumentation for the telecom, homeland security, military, medical and industrial markets. More at www.advancedphotonix.com.
