- 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.
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