Advanced Photonix Loss Shrinks As Revenue Grows
ANN ARBOR (WWJ) -- Advanced Photonix Inc. (NYSE: API) late Tuesday reported a loss of $578,000 or 2 cents a share in the second fiscal quarter ended Sept. 30, an improvement from a loss of $1.3 million or 4 cents a share in the same quarter a year earlier.
Revenue for the maker of optical networking, electronics and terahertz instrumentation jumped 35 percent to $7.5 million from $5.6 million in the same quarter a year earlier.
The company reported a gross profit -- sales minus the cost of goods sold -- of 37 percent of sales in the quarter, up from 35.3 percnet a year earlier, thanks to cost reduction efforts and improved volumes.
For the nine months, the net loss was $1.5 million or 5 cents a share, an improvement form a loss of $2.3 million or 7 cents a share a year earlier. Revenue was $14.6 million for the six months, up from $11.8 million a year earlier.
The company also reported a "non GAAP" loss of $300,000 or 1 cent a share in the quarter, an improvement from a non GAAP loss of $943,000 or 3 cents a share in the same quarter a year earlier. The non GAAP figure excludes a change in the value of warrants, amortization of intangibles and patents, acquisition related expenses, non-cash interest expense and stock option compensation expense.
The company's total operating expenses for the quarter were $3.3 million, up approximately $87,000 from the prior year quarter due primarily to the operating expenses assumed with an acquisition. Total operating expenses were 44.3 percent of sales, down from 58.1 percent for the second quarter last year.
"The second quarter came in pretty much as we expected continuing the trajectory of having a 35 percent year over year improvement in sales," said Richard Kurtz, API CEO. "The most recent government shutdown and the effects of sequestration have interrupted the continuity of several terahertz development contracts and the normal flow of our military-aerospace business. Near term demand in our test and measurement and telecommunications transmission products have the opportunity to mitigate these recent headwinds. This quarter test and measurement sales represented 62 percent of our total revenues as we continue to solve our customers' need to quantify and evaluate key elements in their applications that can only be done through optical sensing. We look forward to continued success in the test and measurement market, as well as overall growth for the company."
To listen to a recording of a conference call discussing these results, visit www.advancedphotonix.com.
