Advanced Photonix Boosts Revenue, Cuts Losses
Ann Arbor-based Advanced Photonix Inc. (NYSE Amex: API) reported revenue of $7.8 million in the fourth quarter ended March 31, up 52 percent from $5.1 million in the fourth quarter of the prior fiscal year.
For the year, revenue was $28.8 million, up 37 percent from $21.1 million the prior fiscal year. API said the increase was based broadly across the company's markets, led by the telecommunication, industrial, homeland security and medical markets.
Net loss for the fiscal year was $1.9 million or 7 cents a share, an improvement from a loss of $3.8 million or 15 cents a share a year earlier. For the quarter, the loss was $563,000 or 2 cents a share, an improvement from $846,000 or 3 cents a share the prior fiscal year.
Earnings before interest, taxes, depreciation and amortization was $430,000 in the fourth quarter vs. negative $13,000 a year earlier. For the fiscal year, EBITDA was $1.7 million, vs. a negative $325,000 in the prior fiscal year.
The company's total operating expenses for the quarter were $3.7 million, up 12 percent compared to the $3.3 million reported for the fourth quarter last year. As a percent of revenue, total operating expenses were 46.6 percent compared to 63.6 percent for the fourth quarter last year. For the year, total operating expenses were $13.2 million, or 45.7 percent of revenue, compared to $12.7 million, or 60.1 percent of revenue last year.
The company completed the year with $5.2 million in cash compared to $2.3 million as of March 31, 2010. Working capital as of March 31 was $7.6 million.
"We have had a very successful year and exceeded our original growth targets of 15 to 25 percent by a wide margin," said API chairman and CEO Richard Kurtz. "The comparative revenue growth of 52 percent for the fourth quarter is a validation that we made the correct decision by continuing to invest in our high growth platforms. This was particularly evidenced with our high speed optical receiver product line which grew at 182 percent on a comparative quarterly basis. We positioned the company for growth during the downturn and are pleased with the success we have had in capturing market share and participating in the explosive growth of the 40G and 100G line-side market roll out. The capital raised earlier this year helped to de-leverage our balance sheet and provided funding to fuel our growth. The success of our various Terahertz application developments for industrial use is also a strong indication of our technology being embraced by various markets. We are looking forward to continuing our growth this coming year."
To listen to a replay of a conference call discussing the results, visit http://investor.advancedphotonix.com or call (888) 286-8010 in the United States or (617) 801-6888 internationally, using passcode 57018050.
Advanced Photonix offers optoelectronic products to a global customer base, including high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets.
More at www.advancedphotonix.com.
