APA OPTICS ANNOUNCES RESULTS
APA OPTICS ANNOUNCES RESULTS MINNEAPOLIS, Aug. 18 /PRNewswire/ -- APA Optics, Inc.
(NASDAQ: APAT) of Minneapolis today announced the financial results for the first quarter ended June 30, 1992. Revenues for the first quarter ended June 30, 1992 decreased 1 percent as compared to the first quarter ended June 30, 1991. Although the total revenues for the first quarter of fiscal 1993 were comparable to the first quarter of fiscal 1992, the components of revenue were substantially different. Production revenues were up 65 percent for the first quarter of fiscal 1993 compared with the first quarter of fiscal 1992. Contract revenues decreased by 22 percent for the first quarter of fiscal 1993 compared to the first quarter of fiscal 1992.
The sale of the company's second Interferometer for Aspheric Testing (IAT) during the first quarter of 1993 contributed to the substantial increase in production revenues compared to fiscal 1992. Contract revenue decline can be attributed to the shift of contract personnel into design and development of the IAT. With the IAT development complete, R&D contract personnel will be reassigned to SBIR contracts, which will increase contract revenues during the second quarter of fiscal 1993. APA Optics is reporting a net loss of $236,901 for the period ended June 30, 1992 as compared to a loss of $147,554 for the period ended June 30, 1991. The increased loss is due to the higher cost of sales attributed to the first two IATs. The cost of the subsequent units should decrease markedly without the design and R&D labor associated with the IAT startup program. The administration costs were slightly lower for the first quarter of fiscal 1993 compared to the first quarter of fiscal 1992, as were internal research and development costs. Products and Marketing APA Optics continues to progress in the development, manufacturing and marketing of its optics and optoelectronic products. The company continues to aggressively market its IAT along with several accessories which utilize Computer Generated Holograms (CGHs) as null compensators. APA Optics shipped its second IAT during the first quarter of FY 1993. So far, the company has demonstrated the IAT in three trade shows and conducted targeted mailings of IAT brochures to several hundred potential IAT customers. APA Optics is conducting personal visits to demonstrate the IAT at customer facilities. This, along with mailing of video tapes depicting operation of the IAT and accessories are helping penetrate the market. APA Optics' marketing representatives in Germany (Polytec GMBH) and Japan (Luminex Corporation) have also started introducing the IAT to various potential users. The company continues to improve its AlGaAs modulator during the uncertain optoelectronic component markets. Recently, there has been some interest in the industry regarding the applications of the modulator for fiber optic communication applications. APA Optics is addressing this interest by improving the performance of its modulator as well as reducing the manufacturing costs. During the last 18 months, APA Optics has been performing significant contract research in several applications related to its AlGaN Ultraviolet (UV) technology. As a result, the company plans to introduce its first UV technology based product, a UV detector, during fiscal year 1993. The company believes that the product has significant and immediate potential in both domestic and international markets. The company continues to pursue its laser scanner development activities. Recently, APA Optics received a $500,000 contract to demonstrate the feasibility of the laser scanner for Ladar applications. Additionally, the company continues to perform its optics development and manufacturing business as well as generate revenue based on its research contracts, which at present represent a backlog of approximately 3 million dollars. APA OPTICS, INC. FINANCIAL HIGHLIGHTS Three Months Ended 6/30/92 6/30/91 Revenues $507,477 $512,968 Operating costs and expenses 729,151 635,165 Net operating income (221,674) (122,197) Interest income/expense net (13,977) (25,357) Income (loss) before income taxes (235,651) (147,554) Income tax provision (benefit) 1,250 -- Net income (loss) $(236,901) $(147,554) Earnings (loss) per share $(.03) $(.02) APA Optics is a high technology company engaged in the design and fabrication of precision quality optical systems, holographic optics and innovative optoelectronic devices. -0- 8/18/92 /CONTACT: James M. Garrison of APA Optics, 612-784-4995/ (APAT) CO: APA Optics, Inc. ST: Minnesota IN: SU: ERN
AL -- MN011 -- 1146 08/18/92 18:00 EDT
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|Date:||Aug 18, 1992|
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