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Advanced Photonix, Inc. Reports Second Quarter FY2012 Results With Revenue Growth Of 19%

The Company will hold a conference call to discuss the results for the second quarter Monday, November 14, 2011, at 4:30 PM EST.

The conference call will be webcast live and will be accessible at http://investor.advancedphotonix.com. Participants can dial into the conference call at 888.679.8035 (617.213.4848 for international) using the passcode 25994501.

An audio replay of the call will be available shortly thereafter on the same day and will remain on-line until November 21, 2011. The replay number is 888.286.8010 (617.801.6888 for international) and the passcode is 87882970.

Forward-looking Statements:

The information contained herein includes forward looking statements that are based on assumptions that management believes to be reasonable but are subject to inherent uncertainties and risks including, but not limited to, unforeseen technological obstacles which may prevent or slow the development and/or manufacture of new products; potential problems with the integration of the acquired company and its technology and possible inability to achieve expected synergies; obstacles to successfully combining product offerings and lack of customer acceptance of such offerings; limited (or slower than anticipated) customer acceptance of new products which have been and are being developed by the Company; and a decline in the general demand for optoelectronic products. API-G

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 
ASSETS    
September 30, 2011 March 31, 2011
Current assets
Cash and cash equivalents $ 3,848,000 $ 4,744,000
Restricted cash - 500,000
Accounts receivable, net of allowance 5,503,000 4,587,000
Inventories, net of allowances 4,667,000 4,775,000
Prepaid expenses and other current assets   387,000   349,000
Total current assets 14,405,000 14,955,000
Equipment & leasehold improvements, at cost 12,859,000 12,505,000
Accumulated depreciation   (9,252,000)   (8,775,000)
Net equipment and leasehold improvements 3,607,000 3,730,000
Goodwill, net of accumulated amortization 4,579,000 4,579,000
Patents, net 1,131,000 1,062,000
Intangible assets, net 3,999,000 4,651,000
Other assets   266,000  

275,000

Total assets $ 27,987,000 $

29,252,000

 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities
Accounts payable and accrued expenses $ 2,832,000 $ 3,031,000
Compensation and related withholdings 878,000 953,000
Accrued warrant liability - 389,000
Current portion of long-term debt - related parties 725,000 675,000
Current portion of long-term debt - bank term loan 229,000 687,000
Current portion of bank line of credit - 494,000
Current portion of long-term debt - MEDC/MSF   521,000   511,000
Total current liabilities 5,185,000 6,740,000
Long term debt, less current portion - MEDC/MSF 1,197,000 1,460,000
Long term debt, less current portion - bank term loan 770,000 -
Long term debt, less current portion - line of credit 494,000 -
Long term debt, less current portion - related parties - 500,000
Long term debt portion - warrant liability   98,000   343,000
Total liabilities 7,744,000 9,043,000
 
Shareholders' equity
Class A common stock, $.001 par value, 100,000,000 shares authorized; September 30, 2011 - 30,971,560 shares issued and outstanding; March 31, 2011 - 30,679,046 shares issued and outstanding 31,000 31,000
Additional paid-in capital 58,161,000 57,891,000
Accumulated deficit   (37,949,000)   (37,713,000)
Total shareholders' equity 20,243,000 20,209,000
   
Total liabilities and shareholders' equity $ 27,987,000 $ 29,252,000
 

CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

 
  Three months ended   Six months ended
September 30, 2011   October 1, 2010 September 30, 2011   October 1, 2010
Net sales $ 8,352,000 $ 6,999,000 $ 16,473,000 $ 13,252,000
Cost of sales   4,785,000     4,097,000     9,528,000     7,432,000  
Gross margin 3,567,000 2,902,000 6,945,000 5,820,000
 
Other operating expenses
Research & development 1,714,000 1,303,000 3,406,000 2,591,000
General & administrative 1,300,000 952,000 2,459,000 1,964,000
Amortization 342,000 408,000 684,000 814,000
Wafer Fab Consolidation - - - -
Sales & marketing   565,000     424,000     1,180,000     897,000  
Total other operating expenses 3,921,000 3,087,000 7,729,000 6,266,000
 
Net operating loss (354,000 ) (185,000 ) (784,000 ) (446,000 )
 
Other (income) & expense
Other (income)/expense - - - 2,000
Change in fair value of warrant liability (142,000 ) 143,000 (634,000 ) 89,000
Interest income (2,000 ) (1,000 ) (4,000 ) (2,000 )
Interest expense - related parties 13,000 15,000 28,000 30,000
Interest expense   31,000     56,000     62,000     106,000  
Other (income) & expense (100,000 ) 213,000 (548,000 ) 225,000
 
Net loss $ (254,000 ) $ (398,000 ) $ (236,000 ) $ (671,000 )
Basic & diluted earnings per share $ (0.01 ) $ (0.02 ) $ (0.01 ) $ (0.03 )
 
Weighted number of shares outstanding - basic & diluted 30,827,000 25,659,000 30,756,000 25,164,000
 

Non-GAAP Financial Measures

The Company provides Non-GAAP Net Income and EBITDA as supplemental financial information regarding the Company's operational performance. These Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Non-GAAP Net Income and EBITDA should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from similar measures used by other companies. Reconciliation of Non-GAAP Net Income and EBITDA to GAAP net income and loss are set forth in the financial schedule section below.

RECONCILIATION OF NON-GAAP INCOME(LOSS) TO GAAP INCOME(LOSS)

 
  Three months ended   Six months ended
September 30, 2011   October 1, 2010 September 30, 2011   October 1, 2010
Net loss $ (254,000) $ (398,000) $ (236,000) $ (671,000)
 
Add back:
Change in warrant fair value (142,000) 143,000 (634,000) 89,000
Amortization - intangibles/patents 342,000 408,000 684,000 814,000
Stock option compensation expense   209,000   56,000   245,000   74,000
Other expense - wafer fabrication   -   -   -   -
Subtotal - add backs   409,000   607,000   295,000   977,000
Non-GAAP income $ 155,000 $ 209,000 $ 59,000 $ 306,000
 
Basic & diluted earnings per share $ 0.01 $ 0.01 $ 0.00 $ 0.01
 
Weighted number of shares outstanding - Basic & diluted 30,827,000 25,659,000 30,756,000 25,164,000
 

RECONCILIATION OF EBITDA TO GAAP INCOME(LOSS)

 
Three months ended Six months ended
September 30, 2011 October 1, 2010 September 30, 2011 October 1, 2010
Net loss $ (254,000) $ (398,000) $ (236,000) $ (671,000)
 
Add back:
Net interest expense (income) 42,000 70,000 86,000 134,000
Change in warrant fair value (142,000) 143,000 (634,000) 89,000
Depreciation Expense 272,000 232,000 529,000 475,000
Amortization   342,000   408,000   684,000   814,000
Subtotal - add backs   514,000   853,000   665,000   1,512,000
EBITDA $ 260,000 $ 455,000 $ 429,000 $ 841,000
 

About Advanced Photonix, Inc.

Advanced Photonix, Inc. ® (NYSE Amex: API) is a leading supplier with a broad offering of optoelectronic products to a global customer base. We provide optoelectronic solutions, high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets. With our patented technology and state-of-the-art manufacturing we offer industry leading performance, exceptional quality, and high value-added products to our OEM customer base. For more information visit us on the web at www.advancedphotonix.com.

Copyright Business Wire 2010
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