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.
- 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.
- 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
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