Advanced Photonix, Inc. ® (NYSE Amex: API) (the “Company”) today reported results for the fourth quarter and year ended March 31, 2012.
Financial Highlights for the Fourth Quarter and Fiscal Year Ended March 31, 2012
- Net sales for the quarter were $6.5 million, a decrease of $1.4 million or 17% from the fourth quarter ended March 31, 2011. Sequentially, revenues were flat relative to the third quarter of fiscal 2012.
- Net sales for the fiscal year were $29.5 million, an increase of 2% over the prior year. The increase was led by the telecommunication, homeland security and medical markets.
- Gross profit margin for Q4 2012 was 34.2% of sales compared to 43.9% for the quarter ended March 31, 2011. Price pressures in our high-speed optical receiver (HSOR) product line prior to cost reduction efforts and lower volumes affected the rate and gross margin dollars.
- Gross profit margin for the fiscal year 2012 was 40% relative to 43% in the prior year.
- Current quarter net loss was $1,063,000 or $0.03 per diluted share, as compared to a quarterly net loss of $563,000 or $0.02 per diluted share for the quarter ended March 31, 2011.
- Net loss for the fiscal year 2012 was $2.1 million or $0.07 per diluted share, as compared to a loss of $1.9 million, or $0.07 per diluted share for the prior year period.
- The Non-GAAP net loss for the fourth quarter of fiscal 2012 was $654,000 or $0.02 per diluted share, as compared to a Non-GAAP net income of $221,000, or $.01 per diluted share, for the fourth quarter last year. The Company reported full-year Non-GAAP net loss of $913,000, or $0.03 per diluted share, as compared to a Non-GAAP net income of $785,000, or $0.03 per diluted share, for the comparable prior year period.
- Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a negative $416,000 for the fourth quarter of fiscal 2012 as compared to positive adjusted EBITDA of $498,000 for the quarter ended March 31, 2011. For the fiscal year 2012, the Company reported adjusted EBITDA of $257,000 as compared to an adjusted EBITDA of $2.0 million for the comparable prior year period.
The Company’s total operating expenses for the quarter were $3.2 million, down 11% compared to the $3.7 million reported for the fourth quarter last year. As a percent of revenue, total operating expenses were 49.9% compared to 46.6% for the fourth quarter last year. For the year, total operating expenses were $14.5 million, or 49.2% of revenue, compared to $13.2 million, or 45.7% of revenue last year.
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