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Advanced Photonix, Inc. Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: API

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 SHEET

 
ASSETS March 31, 2012 March 31, 2011
Current assets
Cash and cash equivalents $ 3,249,000 $ 4,744,000
Restricted cash - 500,000
Receivables, net 4,539,000 4,587,000
Inventories, net 3,594,000 4,775,000
Prepaid expenses and other current assets   261,000   349,000
Total current assets 11,643,000 14,955,000
Equipment and leasehold improvements, at cost 13,028,000 12,505,000
Accumulated depreciation   (9,727,000)   (8,775,000)
Net equipment and leasehold improvements 3,301,000 3,730,000
Goodwill 4,579,000 4,579,000
Intangible assets, net 4,538,000 5,713,000
Other assets   322,000   275,000
Total assets $ 24,383,000 $ 29,252,000
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 1,878,000 $ 3,420,000
Compensation and related withholdings 866,000 953,000
Current portion of long-term debt – related parties - 675,000
Current portion of long-term debt – bank term loan 333,000 687,000
Current portion of long-term debt – bank line of credit 500,000 494,000
Current portion of long-term debt – MEDC   532,000   511,000
Total current liabilities 4,109,000 6,740,000
Long term debt, less current portion – MEDC 929,000 1,460,000
Long term debt, less current portion – bank term loan 667,000 -
Long term debt, less current portion – related parties - 500,000
Long term portion of warrant liability   26,000   343,000
Total liabilities 5,731,000 9,043,000
 
Shareholders' equity
Class A common stock, $.001 par value, 100,000,000 shares authorized; 2012 – 31,159,431 shares issued and outstanding; 2011 – 30,679,046 shares issued and outstanding 31,000 31,000
Additional paid-in capital 58,446,000 57,891,000
Accumulated deficit   (39,825,000)   (37,713,000)
Total shareholders' equity   18,652,000   20,209,000
Total liabilities and shareholders' equity $ 24,383,000 $ 29,252,000
   

CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

 
Three months ended Twelve months ended
March 31, 2012   March 31, 2011 March 31, 2012   March 31, 2011
Net sales $ 6,504,000 $ 7,866,000 $ 29,495,000 $ 28,838,000
Cost of sales   4,281,000   4,411,000   17,637,000   16,479,000
Gross margin 2,223,000 3,455,000 11,858,000 12,359,000
 
Other operating expenses
Research and development 1,475,000 1,677,000 6,541,000 5,631,000
General and administrative 892,000 1,039,000

4,412,000

4,032,000
Amortization 345,000 411,000 1,374,000 1,633,000
Sales & marketing   532,000   536,000   2,195,000   1,888,000
Total other operating expenses 3,244,000 3,663,000 14,522,000 13,184,000
 
Net operating income (loss) (1,021,000) (208,000) (2,664,000) (825,000)
 
Other (income) and expense

Other (income) and expense

(3,000) 15,000 (4,000) 16,000

Net interest expense

32,000 34,000 158,000 232,000
Change in fair value of warrant liability 13,000 306,000 (706,000) 491,000
Loss on debt extinguishment   -   -   -   318,000
Other (income) and expense 42,000 355,000 (552,000) 1,057,000
 
Loss before benefit from income taxes (1,063,000) (563,000) (2,112,000) (1,882,000)
 
Benefit for income taxes - - - -
 
Net loss $ (1,063,000) $ (563,000) $ (2,112,000) $ (1,882,000)
Basic and diluted earnings per share (0.03) (0.02) (0.07) (0.07)
 
Weighted number of shares outstanding – basic and diluted 31,006,000 29,285,000 30,873,000 26,366,000

Non-GAAP Financial Measures

The Company provides Non-GAAP Net Income, EBITDA and adjusted 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, EBITDA and adjusted 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, EBITDA and adjusted 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 Twelve months ended
March 31, 2012   March 31, 2011 March 31, 2012   March 31, 2011
Net income (loss) $ (1,063,000) $ (563,000) $ (2,112,000) $ (1,882,000)
Add back:
Change in warrant fair value 13,000 306,000 (706,000) 491,000
Loss on debt extinguishment - - - 318,000
Amortization - intangibles/patents 345,000 411,000 1,374,000 1,633,000
Stock option compensation expense   51,000   67,000   531,000   225,000
Subtotal – add backs   409,000   784,000   1,199,000   2,667,000
Non-GAAP income (loss) $ (654,000) $ 221,000 $ (913,000) $ 785,000
 
Net earnings loss per share $ (0.02) $ 0.01 $ (0.03) $ 0.03
Weighted number of shares outstanding 31,006,000 29,285,000 30,873,000 26,366,000
         

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO GAAP (LOSS)

 
Three months ended Twelve months ended
March 31, 2012   March 31, 2011 March 31, 2012   March 31, 2011
Net income (loss) $ (1,063,000) $ (563,000) $ (2,112,000) $ (1,882,000)
Add Back:
Net interest expense (income) 32,000 34,000 158,000 232,000
Warrant (fair value) adjustment 13,000 306,000 (706,000) 491,000
Loss on debt extinguishment - - - 318,000
Depreciation expense 206,000 243,000 1,012,000 950,000
Amortization   345,000   411,000   1,374,000   1,633,000
Subtotal – add backs   596,000   994,000   1,838,000   3,624,000
EBITDA $ (467,000) $ 431,000 $ (274,000) $ 1,742,000
Stock compensation   51,000   67,000   531,000   225,000
Adjusted EBITDA $ (416,000) $ 498,000 $ 257,000 $ 1,967,000
 

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.



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