The Company finished the year with $3.2 million in cash compared to $4.7 million as of March 31, 2011 as the Company de-levered by paying down $1.4 million in debt. Working capital as of March 31, 2012 was $7.5 million and the Company reported a current ratio of 2.8 to 1.
Richard Kurtz, Chairman and Chief Executive Officer, commented, "The two major natural disasters in Japan and Thailand had a significant effect on our results this last year slowing our growth to 2%. The tsunami in Japan limited our supply from a key vendor which restricted our first half growth on our 100G HSOR products. The flooding in Thailand did not impact our supply chain directly but did severely impact our customers which resulted in a drop in our telecommunication revenues in the last half of fiscal 2012. We see increasing signs of significant pent up demand in the telecommunications market and increasing adoption of our T-Ray ® products that lead us to believe that revenues in the second half of our fiscal 2013 should be approximately 35% higher than the first half, assuming our supply chain can respond accordingly. This coming year we look forward to a more normal business environment and continued growth.”
Conference CallThe Company will hold a conference call to discuss the results for the fourth quarter and fiscal year ended March 31, 2012 on Friday, June 29, 2012, at 4:30 PM EDT. Participants can dial into the conference call at 888-679-8034 (617-213-4847 for international) using the passcode 82301572. A question and answer period will take place at the end of the discussion. The call will be webcast live and can be accessed at Advanced Photonix's web site at: http://investor.advancedphotonix.com. An audio replay of the call will be available shortly thereafter on the same day and will remain on-line until July 6, 2012. The replay number is 888.286.8010 (617.801.6888 for international) and the passcode is 83012657.