June 29, 2011 04:05 PM Eastern Daylight Time
Advanced Photonix Reports Fourth Quarter and Fiscal 2011 Results
Fiscal Revenues improved by 37%
Fiscal EBITDA improved by $2.1 million
Fiscal EBITDA improved by $2.1 million
ANN ARBOR, Mich.--(BUSINESS WIRE)--Advanced Photonix, Inc.® (NYSE Amex: API) (the “Company”) today reported its fourth quarter and year end fiscal 2011 results ending March 31, 2011.
Financial Highlights for the Fourth Quarter and Fiscal Year Ended March 31, 2011
- Net Sales for the quarter were $7.8 million, an increase of $2.7 million or 52% from the fourth quarter ended March 31, 2010. Sequentially, revenues improved 1.2% compared to the $7.7 million for the third quarter of fiscal 2011.
- Net sales for the fiscal year were $28.8 million, an increase of 37% over the prior year. The increase was broad based across the Company’s markets, led by the telecommunication, industrial, homeland security and medical markets.
- Gross profit margin for Q4 2011 was 44% of sales compared to 46% for the quarter ended March 31, 2010. The decrease in gross profit margin percentage was due primarily to ramp up in expenses associated with new products.
- Gross profit margin for the fiscal year 2011 was 43% or flat compared to the prior year.
- Operating loss for the quarter was $208,000 as compared to an operating loss of $891,000 for the quarter ended March 31, 2010.
- Operating loss for the fiscal year 2011 was $825,000 compared to an operating loss of $3.7 million for the prior year.
- Quarterly net loss was $563,000 or $0.02 per diluted share, as compared to a quarterly net loss of $846,000, or $0.03 per diluted share for the quarter ended March 31, 2010.
- Net loss for the fiscal year 2011 was $1.9 million or $0.07 per diluted share, as compared to $3.8 million, or $0.15 per diluted share, for the prior year period.
- The Non-GAAP net income for the fourth quarter of fiscal 2011 was $221,000 or $0.01 per diluted share, as compared to a Non-GAAP net loss of $324,000, or $.01 per diluted share, for the fourth quarter of the previous year. The Company reported full-year Non-GAAP net income of $785,000, or $0.03 per diluted share, as compared to a Non-GAAP net loss of $1.4 million, or $0.06 per diluted share, for the comparable prior year period.
- EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $430,000 for the fourth quarter of fiscal 2011 as compared to a negative EBITDA of $13,000 for the quarter ended March 31, 2010. For year to date, the Company reported positive EBITDA of $1.7 million as compared to a negative EBITDA of $325,000 for the comparable prior year period.
Operating Expenses
The Company’s total operating expenses for the quarter were $3.7 million, up 12% compared to the $3.3 million reported for the fourth quarter last year. As a percent of revenue, total operating expenses were 46.6% compared to 63.6% for the fourth quarter last year. For the year, total operating expenses were $13.2 million, or 45.7% of revenue, compared to $12.7 million, or 60.1% of revenue last year.
Balance Sheet
The Company completed the year with $5.2 million in cash compared to $2.3 million as of March 31, 2010. Working capital as of March 31, 2011 was $7.6 million and the Company reported a current ratio of 2.1 to 1.
Richard Kurtz, Chairman and Chief Executive Officer, commented, "We have had a very successful year and exceeded our original growth targets of 15% to 25%, by a wide margin. The comparative revenue growth of 52% for the fourth quarter is a validation that we made the correct decision by continuing to invest in our high growth platforms. This was particularly evidenced with our High Speed Optical Receiver product line which grew at 182% on a comparative quarterly basis. We positioned the company for growth during the downturn and are pleased with the success we have had in capturing market share and participating in the explosive growth of the 40G and 100G line-side market roll out. The capital raised earlier this year helped to de-leverage our balance sheet and provided funding to fuel our growth. The success of our various Terahertz application developments for industrial use is also a strong indication of our technology being embraced by various markets. We are looking forward to continuing our growth this coming year.”
Conference Call
An audio replay of the call will be available shortly thereafter the same day and will remain on-line for two weeks. The replay number is 888-286-8010 (617-801-6888 for international) using passcode 57018050.
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
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