Advanced Photonix, Inc. Reports Second Quarter Fiscal 2006 Results.CAMARILLO, Calif. -- 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. ) (the "Company"), today reported results for the second quarter fiscal 2006 and the six month period ended September 25, 2005. Revenues for the second quarter of fiscal year 2006 and the six month period ended September 25, 2005 were $5,193,000 and $10,271,000, respectively. Revenue for the second quarter of fiscal year 2006 increased by $1,484,000, or 40%, over revenue of $3,709,000 for the second quarter of fiscal year 2005. Revenue for the first six months of fiscal year 2006 increased by $3,309,000, or 47%, over revenue of $6,692,000 for the comparable six month period in fiscal year 2005. The Company recorded increases in three of its principal markets during the second quarter (and four during the first six months of fiscal year 2006) with the most significant revenue increases coming from the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , industrial sensing and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States markets. Revenue in the Medical market was $446,000 in the second quarter, a decrease of $108,000 or 19% over the comparable prior year period due primarily to fluctuations in customer delivery schedules. Military/Aerospace revenues decreased by $123,000, or 9%, in the second quarter compared to the comparable period in the prior year due to fluctuations in customer delivery schedules. While the Company continues to expect consolidated revenue to increase in fiscal year 2006 as compared to fiscal year 2005, the quarter to quarter comparisons can vary significantly for both revenue and market analyses due to fluctuations in customer delivery and production schedules which are beyond the control of the Company. Management believes that the decreases in revenue to the Medical and Military/Aerospace markets in the most recent quarter were primarily attributable to the above factors and do not reflect a general decline in the level of demand for the Company's products. The Company reported a net loss for the second quarter of fiscal year 2006 and the six month period ended September 25, 2005 of $834,000, or $0.05 per share, and $968,000, or $0.05 per share, respectively,. This compares to net income of $260,000 or $0.02 per share for the second quarter of fiscal 2005, and $608,000 or $0.04 per share for the six month period ending September 26, 2004. On an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become basis (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Richard Kurtz, Chairman and Chief Executive Officer, commented, "We have made great progress in focusing our entire organization on integration of financial information, marketing image and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. of our recent acquisitions. We need to continue to improve our operational efficiencies and product development cycle We believe there will still be substantial revenue growth in the last half of our fiscal year and we will continue to have positive cash flows." In commenting on the results, Paul Ludwig, President of Advanced Photonix, Inc. stated, "We are pleased that year to date revenue is 47% ahead of the same period last year, primarily due to the recent acquisitions of Picometrix and Photonic Dealing with light (photons). See photon and photonics. Detectors. Operationally, we have made significant progress in our Camarillo facility in improving order fulfillment Order fulfillment (in BE also: order fulfilment) is in the most general sense the complete process from point of sales inquiry to delivery of a product to the customer. Sometimes Order fulfillment performance, and our focus continues to be on further gross margin improvement. From a sales and engineering perspective, we are pursuing excellent growth initiatives with new and existing customers in all of the markets we serve. This is reflected in our increased R&D spending. The market opportunities and project activity for our Terahertz ter·a·hertz n. Abbr. THz One trillion (1012) hertz. Noun 1. terahertz - one trillion periods per second THz Imaging systems continue to develop in the Homeland Security, Aerospace and Pharmaceutical markets." Business Outlook Management projects revenue growth of approximately 65% for fiscal year 2006 over consolidated revenue for fiscal 2005, based upon the revenue growth of 47% for the first six months of operations and projections for the remainder of the fiscal year. Non-GAAP Financial Measures The Company reports its financial results in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and additionally on a non-GAAP basis referred to as EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures and they may not be consistent with the presentation used by other companies. API uses the EBITDA to evaluate and manage the Company's operations and believes these non GAAP measures enhance the comparability and transparency of results for the period. API is providing this information to investors to allow for the performance of additional financial analysis. A reconciliation table of GAAP to non GAAP measures of EBITDA is included later in this release. About Advanced Photonix, Inc Advanced Photonix, Inc. (R) (AMEX: API) is engaged in the development and manufacture of 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. devices and value-added sub-systems and systems. The Company serves a variety of global Original Equipment Manufacturers (OEMs) in the telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. , military/aerospace, industrial sensing, medical, homeland security, and other markets. The Company supports the customer from the initial concept and design phase of the product, through testing to full-scale production. The company has three manufacturing facilities; located in Camarillo, CA, Dodgeville, WI and Ann Arbor Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , MI. Advanced Photonix, Inc.(R) (AMEX: API) is a leading supplier of opto-electronic solutions and Terahertz instrumentation 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 High speed optical receivers in APD APD atrial premature depolarization (see atrial premature complex, under complex ); pamidronate. and PIN configurations and silicon 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), PIN photodiode A light sensor (photodetector) that allows current to flow in one direction from one side to the other when it absorbs photons (light). The more light, the more the current. Used to detect light pulses in optical fibers and other light-sensitive applications, it works the opposite of a and FILTRODE(R) detectors. More information on Advanced Photonix can be found at http://www.advancedphotonix.com. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT 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, risks associated with the integration of newly acquired businesses, 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, the availability of other competing technologies and a decline in the general demand for optoelectronic products.
Advanced Photonix, Inc.
Financial Highlights
(000 except per share data) Three Months Ended
---------------------------
September 25, September 26,
2005 2004
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NET SALES $5,193 $3,709
GROSS PROFIT MARGIN ON NET SALES $2,116 $1,258
Percent to Net Sales 41% 34%
NET INCOME (LOSS) $(834) $260
BASIC EARNINGS PER SHARE ($.05) $.02
DILUTED EARNINGS PER SHARE ($.05) $.02
WEIGHTED AVG. NUMBER OF SHARES OUTSTANDING 19,450,000 14,228,600
Non-GAAP Financial Measures The Company provides EBITDA as supplemental financial information regarding the Company's operational performance. Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . EBITDA should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from EBITDA measures used by other companies. A reconciliation of EBITDA to GAAP net income and loss is set forth in the financial schedule section below.
Advanced Photonix Inc
Reconciliation of EBITDA to GAAP Net Income
Three month period ended Six month period ended
----------- ----------- ----------- ------------
September September September September
25, 2005 26, 2004 25, 2005 26, 2004
GAAP Net Income/(Loss) $(834,000) $260,000 ($968,000) $608,000
Adjustments
Depreciation 207,000 90,000 364,000 181,000
Net Interest
expense/(income) 177,000 (6,000) 348,000 (6,000)
Amortization -
intangibles/patents 381,000 19,000 593,000 39,000
Amortization -
prepaid finance
expense 57,000 - 120,000 -
----------- ----------- ----------- ------------
EBITDA (12,000) $363,000 $457,000 $822,000
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