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Please replace the release dated February 13, 2012 with the following corrected version due to multiple revisions.
The corrected release reads:
ADVANCED PHOTONIX, INC. REPORTS THIRD QUARTER FY2012 RESULTS
Advanced Photonix, Inc.
® (NYSE Amex: API) (the “Company”) issued a press release announcing its results for the third quarter ending December 30, 2011. Due to formatting errors, the Earnings Release included inaccurate information in regards to the reconciliation of Non-GAAP Income (loss) to GAAP Income (loss) and the reconciliation of EBITDA to GAAP income (loss). On February 14, 2012, API issued an amended Earnings Release which corrected the errors.
Financial Highlights for the third quarter compared to the prior year
The Company's revenues for the quarter ended December 30, 2011 were $6.5 million, a decrease of 16% (or $1.2 million) over revenues of $7.7 million for the quarter ended December 31, 2010.
Gross Profit for Q3 FY2012 was $2.7 million compared to Q3 FY2011 of $3.1 million, or a decrease of 13%.
Operating expenses were $3.6 million for the quarter as compared to $3.3 million for the comparable prior year period, an increase of $296,000.
Quarterly net loss was $812,000 or $0.03 per diluted share, as compared to a net loss of $649,000, or $0.03 per diluted share, for the quarter ended December 31, 2010.
The Non-GAAP net profit for the second quarter of fiscal 2012 was $317,000 or $0.01 per diluted share, as compared to a Non-GAAP net profit of $259,000 or $0.01 per diluted share, for the comparable prior year period. Non-GAAP income and loss information eliminates certain non-cash adjustments required under generally accepted accounting principles in the United States.
EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $236,000 for the third quarter of fiscal 2012 as compared to positive EBITDA of $472,000 for the comparable prior year period.
Financial Highlights for the nine months ended compared to the nine months ended Fiscal 2011
Net Sales for the nine months were $23 million, an increase of $2 million or 10% compared to the nine months ended December 31, 2010.
Year to date gross profit margin increased $731,000 or 8% over the prior year nine months ended December 31, 2010.
Operating expenses were $11.3 million for the nine months ended December 30, 2011 as compared to $9.5 million for the comparable prior year.
Net loss for the nine months ended December 30, 2011 was $1.0 million or $0.03 per diluted share, as compared to a net loss of $1.3 million, or $0.05 per diluted share, for the comparable prior year period.
The Non-GAAP net income for the first nine months of fiscal 2012 was $259,000 or $0.01 per diluted share, as compared to a Non-GAAP net income of $565,000 or $0.02 per diluted share, for comparable prior year period.
EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $193,000 for the first nine months of fiscal 2012 as compared to an EBITDA of a positive $1.3 million for the comparable prior year period.
Market Highlights for the nine months ended December 31, 2011, compared to the nine months ended Fiscal 2011
Telecommunication revenue up 33% or $2.3 million
Medical Market revenue up 23% or $152,000
Homeland security market revenues up $921,000
Military revenue down 16% or $633,000
Industrial/NDT revenue down 8% or $758,000
Richard Kurtz, Chairman and Chief Executive Officer, commented, "Our third quarter results were as expected, down in light of the flooding in Thailand which affected the supply chain for our major telecommunications customers, as well as the timing of orders in the military market. While the first half of the year was strong in the telecommunications market, as we stated last quarter revenues in the second half are expected to be down substantially. We believe that this is primarily attributable to the temporary supply chain issue and not a lack of long term demand for our 40G and 100G products. We expect a return to the robust growth we enjoyed in the first half of this fiscal year to return in our next fiscal year. We are continuing to sell our T-Ray
® systems into industrial applications and are working closely with our customers to establish a Value Added Reseller channel to install, integrate and service our systems. With our new banking relationship we have the financial strength to continue investing in our high growth opportunities and are optimistic about our long term future, but as we stated last quarter, for this fiscal year we are reducing our annual revenue growth for this fiscal year to a maximum of 5% year over year.”
The Company held a conference call to discuss the results for the third quarter Monday, February 13, 2012, at 4:30 PM EST.