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Advanced Photonix Reports FY2013 Third Quarter Results

Conference Call

The Company will hold a conference call to discuss the results for the third quarter ended on Monday, February 11, 2013, at 4:30 PM EST.

The conference call will be webcast live and will be accessible at http://advancedphotonix.investorroom.com. Participants can dial into the conference call at 888.680.0869 (617.213.4854 for international) using the passcode 71842800. A question and answer period will take place at the end of the discussion.

An audio replay of the call will be available shortly thereafter and will remain on-line until February 18, 2013. The replay number is 888.286.8010 (617.801.6888 for international) and the passcode is 20930728.

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; and the risk factors listed from time to time in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent SEC filings. The Company assumes no obligation to update forward-looking statements contained in this release to reflect new information or future events or developments. API-G

 

CONDENSED CONSOLIDATED BALANCE SHEET

 
    Dec 28, 2012    
ASSETS (unaudited) March 31, 2012
Current assets
Cash and cash equivalents $ 559,000 $ 3,249,000
Receivables, net 3,770,000 4,539,000
Inventories 3,702,000 3,594,000
Prepaid expenses and other current assets   450,000     261,000  
Total current assets 8,481,000 11,643,000
Equipment and leasehold improvements, net 3,033,000 3,301,000
Goodwill 4,579,000 4,579,000
Intangibles and patents, net 3,760,000 4,538,000
Other assets   345,000     322,000  
Total assets $ 20,198,000   $ 24,383,000  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 2,206,000 $ 1,878,000
Accrued compensation 708,000 866,000
Current portion of long-term debt – bank term loan 333,000 333,000
Current portion of long-term debt – bank line of credit -- 500,000
Current portion of long-term debt – MEDC/MSF   547,000     532,000  
Total current liabilities 3,794,000 4,109,000
Long-term debt, less current portion – MEDC/MSF 517,000 929,000
Long-term debt, less current portion – bank term loan 417,000 667,000
Warrant liability   --     26,000  
Total liabilities 4,728,000 5,731,000
 
Shareholders' equity
Class A common stock, $.001 par value, 100,000,000 shares authorized; December 28, 2012 – 31,161,147 shares issued and outstanding; March 31, 2012 – 31,159,431 shares issued and outstanding 31,000 31,000
Additional paid-in capital 58,570,000 58,446,000
Accumulated deficit   (43,131,000 )   (39,825,000 )
Total shareholders' equity   15,470,000     18,652,000  
Total liabilities and shareholders' equity $ 20,198,000   $ 24,383,000  

CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

 
    Three months ended   Nine months ended
Dec 28, 2012   Dec 30, 2011 Dec 28, 2012   Dec 30, 2011
Sales, net $ 5,834,000 $ 6,518,000 $ 17,636,000 $ 22,991,000
Cost of products sold   3,381,000     3,828,000     10,965,000     13,356,000  
Gross profit 2,453,000 2,690,000 6,671,000 9,635,000
 
Operating expenses
Research and development 1,558,000 1,660,000 4,271,000 5,066,000
Sales and marketing 527,000 484,000 1,528,000 1,664,000
General and administrative 1,087,000 1,062,000 3,259,000 3,521,000
Amortization   293,000     344,000     876,000     1,028,000  
Total operating expenses   3,465,000     3,550,000     9,934,000     11,279,000  
Loss from operations (1,012,000 ) (860,000 ) (3,263,000 ) (1,644,000 )
 
Other income (expense)
Interest income 7,000 1,000 7,000 5,000
Interest expense (34,000 ) (30,000 ) (97,000 ) (93,000 )
Interest expense, related parties -- (10,000 ) -- (38,000 )
Change in fair value of warrant liability 13,000 84,000 26,000 719,000
Other income   --     3,000     22,000     3,000  
Net loss $ (1,026,000 ) $ (812,000 ) $ (3,305,000 ) $ (1,048,000 )
 
Net loss per common share
Basic and diluted $ (0.03 ) $ (0.03 ) $ (0.11 ) $ (0.03 )
 
Weighted average common shares outstanding
Basic and diluted 31,161,000 30,972,000 31,161,000 30,828,000
 

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   Nine months ended
Dec 28, 2012   Dec 30, 2011 Dec 28, 2012   Dec 30, 2011
Net income (loss) $ (1,026,000 ) $ (812,000 ) $ (3,305,000 ) $ (1,048,000 )
Add back:
Change in warrant fair value (13,000 ) (84,000 ) (26,000 ) (719,000 )
Amortization - intangibles/patents 293,000 344,000 876,000 1,028,000
Stock option compensation expense   46,000     235,000     124,000     480,000  
Subtotal – add backs   326,000     495,000     974,000     789,000  
Non-GAAP (loss) $ (700,000 ) $ (317,000 ) $ (2,331,000 ) $ (259,000 )
 
Net loss per common share
Basic and diluted $ (0.02 ) $ (0.01 ) $ (0.07 ) $ (0.01 )
 
Weighted average common shares outstanding
Basic and diluted 31,161,000 30,972,000 31,161,000 30,828,000
 

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO GAAP (LOSS)

 
Three months ended Nine months ended
Dec 28, 2012 Dec 30, 2011 Dec 28, 2012 Dec 30, 2011
Net income (loss) $ (1,026,000 ) $ (812,000 ) $ (3,305,000 ) $ (1,048,000 )
Add Back:
Net interest expense (income) 27,000 39,000 90,000 126,000
Warrant (fair value) adjustment (13,000 ) (84,000 ) (26,000 ) (719,000 )
Depreciation expense 188,000 277,000 583,000 806,000
Amortization   293,000     344,000     876,000     1,028,000  
Subtotal – add backs   495,000     576,000     1,523,000     1,241,000  
EBITDA $ (531,000 ) $ (236,000 ) $ (1,782,000 ) $ 193,000  
Stock compensation   46,000     235,000     124,000     480,000  
Adjusted EBITDA $ (485,000 ) $ (1,000 ) $ (1,658,000 ) $ 673,000  
 

About Advanced Photonix, Inc.

Advanced Photonix, Inc. ® (NYSE MKT: 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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