Loading ...Recoord Quarterly Revenues of $7.8 million, up 47% sequentially; EPS Improves to $.01 GAAP and $.04 Non-GAAP per diluted share
ANN ARBOR, Mich., Aug 11, 2008 /PRNewswire-FirstCall via COMTEX News Network/ — Advanced Photonix, Inc.(R) (Amex: API) (the “Company”) today reported its first quarter fiscal 2009 results ending June 27, 2008.
Financial Highlights for the First Quarter Ended June 27, 2008
— Net sales for the quarter were $7.8 million, an increase of $2.5 million, or 47%, compared to revenues of $5.3 million for the prior quarter ended March 31, 2008. The increase was broad based across the company’s markets, lead by the telecommunication market. This reflects the beginning production ramp-up of the Company’s 40Gbps client side receivers driven by the carriers’ current capacity expansion of the long haul transport portion of their infrastructure.
— Net sales of $7.8 million reflects an increase of $1.7 million, or 26%, compared to net sales of $6.1 million in the quarter ended June 29, 2007, primarily as a result of increased sales in the 40Gbps telecommunications and military markets, offset by lower demand in the medical market.
— Gross profit margin for Q1 2009 was 48% of sales compared to 34% for the prior quarter ended March 31, 2008 and 40% for the quarter ended June 29, 2007. This improvement in gross profit margin was due primarily to increased military and telecommunication revenues, along with lower costs resulting from the Wisconsin facilities consolidation.
— Operating income was $239,000, or 3% of sales, as compared to an operating loss of $1.9 million, or 36%, for the quarter ended March 31, 2008 and an operating loss of $1.1 million, or 18%, for the quarter ending June 29, 2007.
— Net income was $147,000, or $.01 per diluted share, for the quarter, as compared to a net loss of $3.1 million, or $.13 per diluted share, for the prior quarter ended March 31, 2008, and a net loss of $1.9 million, or $0.10 per diluted share, for the quarter ended June 29, 2007.
— The Non-GAAP net income for the first quarter of fiscal 2009 was $869,000, or $0.04 per diluted share, as compared to a Non-GAAP net loss of $1.1 million, or $.05 per diluted share, for the quarter ended March 31, 2008 and net loss of $264,000, or $0.01 per diluted share, for the comparable quarter ended June 29, 2007.
— On an EBITDA basis (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), the Company reported positive EBITDA of $1,035,000 for the first quarter of fiscal 2009 as compared to negative EBITDA of $1.0 million for the quarter ended March 31, 2008 and negative EBITDA of $339,000 for the comparable quarter ended June 29, 2007.
Richard Kurtz, Chairman and Chief Executive Officer, commented, “We are pleased with the results of the first quarter which exceeded our planned revenue and earnings targets. Our high-speed optical receiver 40G products are starting to meet our growth projections, and we expect this to continue on an accelerated basis for the next several years. Our Optosolutions product platform provided strong revenue from the military and industrial markets that helped to offset the decline in our medical revenues. Our industry leading, fourth generation T-Ray(TM) 4000 has been enthusiastically received by the worldwide R&D laboratory market and one of our goals in fiscal 2009 is to focus intently on furthering industrial OEM deployment. We continue to be cautiously optimistic with our growth projections. We believe the growth in broadband applications and non-destructive testing markets will drive growth in our business now and in the foreseeable future. We are cautious due to the overall health of the economy and expect to continue to see fluctuations in customer spending in any given quarter due primarily to their new product introduction patterns. Even with this backdrop, we are increasing our previously announced revenue growth guidance from 25% to 30% for fiscal 2009.”
The Company will hold a conference call to discuss the results for the first quarter ended June 27, 2008 on Monday, August 11, 2008, at 5:00 PM EDT. Participants can dial into the conference call at 888-713-4216 (617-213-4868 for international) using the pass code 43918096. The call will be webcast live by CCBN and can be accessed at Advanced Photonix’s web site at http://investor.advancedphotonix.com/ or at http://www.earnings.com/. 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 pass code 15736689.
