Advanced Photonix, Inc. Reports Fourth Quarter and FY 2002 Results.Business Editors Advanced Photonix, Inc.(R)(AMEX AMEX See: American Stock Exchange :API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. ) today reported its fourth quarter and year-end FY 2002 results. Revenues for the twelve months ended March 31, 2002, were $6.93 million, or 2% higher than the $6.81 million reported in the prior year. Net loss for the current fiscal year was ($284,000) or ($.02) per share compared with net income of $212,000 or $.02 per share for the same period of the previous year. Total revenues for the fourth quarter ended March 31, 2002 and March 25, 2001 were $1.66 million and $1.59 million, respectively. Net loss for the fourth quarter 2002 was ($228,000) compared to net loss of ($132,000) in the fourth quarter of fiscal 2001. The Company attributed the increase in revenues for the year to increased sales to the military/aerospace and medical markets over the prior year. In addition, year to date gross margin on net product sales improved by 3 percentage points to 40% in 2002 as compared to 37% in 2001. The improved margins are the result of the Company's focus to reduce direct costs by more effectively managing material and labor costs. Net income for 2002 was impacted by a non-recurring charge of $616,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the termination of the Company's planned merger with Jenner Jen·ner , Edward 1749-1823. British physician and vaccination pioneer who found that smallpox could be prevented by inoculation with the substance from cowpox lesions. Biotherapies, Inc. Excluding the impact of the one-time charge, the Company had net income of $332,000, which is $120,000 higher than the net income reported in the prior fiscal year. In announcing the results, Brock brock n. Chiefly British A badger. [Middle English brok, from Old English broc, of Celtic origin.] Koren, President and Chief Executive Officer of Advanced Photonix, said, "Fiscal year 2002 was a difficult and challenging year for us. However, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite widespread economic slowdowns we were able to slightly increase both revenue and gross margin over the prior fiscal year. In addition, we successfully developed many new proprietary and innovative technology solutions this year for our core markets -- military, medical, and industrial sensing. Our order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , an indicator of strong future growth, is the largest in company history. We have a solid balance sheet, no long term debt and significant cash and working capital to finance future corporate growth initiatives and we look forward to fiscal 2003 with continued optimism and anticipation." Advanced Photonix, Inc.(R) is a leading supplier of innovative, silicon-based electro-optical products and design solutions to a global OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customer base. Products include the patented Large Area Avalanche Photodiode Avalanche photodiodes (APDs) are photodetectors that can be regarded as the semiconductor analog to photomultipliers. By applying a high reverse bias voltage (typically 100-200 V in silicon), APDs show an internal current gain effect (around 100) due to impact ionization (avalanche (LAAPD) and FILTRODE(R) detectors, as well as PIN photodiodes. More information on Advanced Photonix can be found at http://www.advancedphotonix.com. The information contained herein includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, 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 Refers to devices that function due to the interaction of light and electronics. For example, an electronic signal is the input to a laser diode, which generates light pulses that are transmitted through an optical fiber. products.
Advanced Photonix, Inc.
Financial Highlights
(000 except share data) Three Months Ended Twelve Months Ended
March 31, March 25, March 31, March 25,
2002 2001 2002 2001
REVENUES:
Net product sales $ 1,663 $ 1,587 $ 6,931 $ 6,806
Total $ 1,663 $ 1,587 $ 6,931 $ 6,806
GROSS PROFIT MARGIN
ON NET PRODUCT
SHIPMENTS $ 482 $ 571 $ 2,761 $ 2,544
Percent to Net Product
Shipments 29% 36% 40% 37%
NET INCOME (LOSS) $ (228) $ (132) $ (284) $ 212
BASIC NET INCOME (LOSS)
PER SHARE(a) $ (.02) $ (.01) $ (.02) $ .02
WEIGHTED AVG. NUMBER OF
SHARES OUTSTANDING 12,243,000 12,238,000 12,209,000 12,204,000
(a)The impact of dilutive shares is immaterial or anti-dilutive.
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