The company also reported a net loss of
$925,000 or 3 cents a share, vs. a loss of $268,000 or 1 cent a share in the
year-ago period.
(My Note: This is not correct. Api realized a GAAP net loss for the first quarter of fiscal 2015 of approximately $268,000 or $0.01 per share, as compared to a net loss of $925,000 or $0.03 per share in the first quarter of fiscal 2014, and a loss of $1.1 million or $0.04 per share in the fourth quarter of 2014.)
The company said gross profit margin
was 38 percent of sales, down from 41 percent of sales a year earlier, due to
the completion of development contracts for its Terahertz equipment, deals that
have not yet been replaced.
Earnings before interest, taxes,
depreciation, amortization and stock-based compensation was $268,000 for the
quarter, vs. an adjusted EBITDA loss of $68,000 a year earlier.
The company also released an adjusted
loss figure of $3,000 for the quarter. By the same yardstick a year earlier the
adjusted loss was $403,000. The adjusted loss was net income excluding
investment gains and losses, amortization of intangible assets and patents,
non-cash interest expenses and stock-based compensation expenses.
Operating expenses were $3.1 million or
40 percent of sales, down from $3.5 million or 49 percent of sales a year
earlier, due primarily to cost reduction measures.
The company had $1.4 million in cash on
hand as of June 27, up from $120,000 on March 31, due to the receipt in June of
$2.9 million in net proceeds from a firm underwritten placement of 6.2 million
shares by B Riley and Co. In addition to the cash on hand, the Company had
access to approximately $3.2 million in additional funds available on the
Company’s line of credit at quarter end. Net working capital as of June 27 was
$4.6 million.
“Our high-speed optical receiver
product platform achieved sales of $3.7 million in the quarter as customers
demanded a record volume of 100G optical receivers,” said API CEO Richard
Kurtz. “Investments made in the past several years in our HSOR product platform
are driving profitable growth this fiscal year and investments made in our Terahertz
product platform are beginning to show traction in the industrial process
control and quality markets. We reiterate our guidance to grow our fiscal year
2015 revenues by more than 20 percent from last year given the ramp we are
seeing in our three primary markets: test and measurement, telecommunications,
and military-aerospace.”
To listen to
the tape of a conference call with analysts and investors discussing these
results, visit http://www.advancedphotonix.com.
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