Advanced Photonix, Inc. Reports Second Quarter FY2012 Results with Revenue Growth of 19%

Date Announced: 14 Nov 2011

Company sees growing demand for components used in terahertz security applications.

ANN ARBOR, Mich.--(BUSINESS WIRE)--Advanced Photonix, Inc. today reported its second quarter fiscal 2012 results ending September 30, 2011.

Financial Highlights for the second quarter compared to the prior year:

• The Company's revenues for the quarter ended September 30, 2011 were $8.4 million, an increase of 19% (or $1.4 million) over revenues of $7.0 million for the quarter ended September 30, 2010.
• Gross Profit for Q2 FY2012 was $3.6 million compared to Q2 FY2011 of $2.9 million, or an increase of 23%.
• Operating expenses were $3.9 million for the quarter as compared to $3.1 million for the comparable prior year period, an increase of $834,000 or 27%.
• Quarterly net loss was $254,000 or $0.01 per diluted share, as compared to a net loss of $398,000, or $0.02 per diluted share, for the quarter ended October 1, 2010.
• The Non-GAAP net profit for the second quarter of fiscal 2012 was $155,000 or $0.01 per diluted share, as compared to a Non-GAAP net profit of $209,000 or $0.01 per diluted share, for the comparable prior year period.
• EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $260,000 for the second quarter of fiscal 2012 as compared to positive EBITDA of $455,000 for the comparable prior year period.

Financial Highlights for the six months ended compared to the six months ended Fiscal 2011:

• Net Sales for the six months were $16.5 million, an increase of $3.2 million or 24% compared to the six months ended October 1, 2010.
• Year to date gross profit margin increased $1.1 million or 19% over the prior year six months ended October 1, 2010.
• Operating expenses were $7.7 million for the six months ended September 30, 2011 as compared to $6.2 million for the comparable prior year.
• Net loss for the six months was $236,000 or $0.01 per diluted share, as compared to a net loss of $671,000, or $0.03 per diluted share, comparable prior year period.
• The Non-GAAP net income for the six months of fiscal 2012 was $59,000 or $0.00 per diluted share, as compared to a Non-GAAP net income of $306,000 or $0.01 per diluted share, for comparable prior year period.

EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $429,000 for the first quarter of fiscal 2012 as compared to an EBITDA of $841,000 comparable prior year period.

Market Highlights for the six months ended compared to the six months ended Fiscal 2011:

• Telecommunication revenue up 94% or $3.7 million
• Medical Market revenue up 127% or $291,000
• Homeland security market revenues up $897,000

Richard Kurtz, Chairman and Chief Executive Officer, commented, “Our second quarter results were in line with our expectations of growth. We had strong growth in our HSOR platform in the telecommunication market and in the Terahertz homeland security market relative to last year’s second quarter. Our gross margins increased to 43% this quarter a result of our reduction in scrap and rework expenses on HSOR products.

"The effect of the flooding in Thailand is impacting the telecommunication supply chain, resulting in some customers’ delaying orders and deliveries. We are continuing to invest in our high growth opportunities and are optimistic about our long term future, but the impact of the flooding, and continued malaise in the macroeconomic environment is expected to reduce our growth for this fiscal year.”

Source: Advanced Photonix

Contact

Advanced Photonix, Inc.
Richard Kurtz,
(734) 864-5688

E-mail: IR@advancedphotonix.com

Web Site: www.advancedphotonix.com