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Advanced Photonix, Inc. Reports First Quarter FY2013 Results

Advanced Photonix, Inc. ® (NYSE Amex: API) (the “Company”) today reported results for the first quarter ended June 29, 2012.

Financial Highlights for the First Quarter Ended June 29, 2012

  • Net sales for the quarter were $6.2 million, a decrease of $1.9 million or 23% from the first quarter ended July 1, 2011. Sequentially, revenues were down 4% relative to the fourth quarter of fiscal 2012.
  • Gross profit margin for Q1 FY2013 was 36.1% of sales compared to 41.6% for the same quarter of fiscal 2012. 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.
  • Current quarter net loss was $993,000 or $0.03 per diluted share, as compared to a quarterly profit of $18,000, or $0.00 per diluted share for the quarter ended July 1, 2011.
  • The Non-GAAP net loss for the first quarter of fiscal 2013 was $689,000 or $0.02 per diluted share, as compared to a Non-GAAP net loss of $96,000, or $.00 per diluted share, for the first quarter last year.
  • Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a negative $456,000 for the first quarter of fiscal 2013 as compared to positive adjusted EBITDA of $206,000 for the quarter ended July 1, 2011.

Operating Expenses

The Company’s total operating expenses for the quarter were $3.2 million, down 15% compared to the $3.8 million reported for the first quarter last year. As a percent of revenue, total operating expenses were 51.8% compared to 46.9% for the first quarter last year.

Balance Sheet

The Company finished the quarter with $3.2 million in cash similar to March 31, 2012. The balance of current assets less current liabilities, as of June 29, 2012, was $6.7 million and the Company reported a current ratio of 2.5 to 1.

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