Advanced Photonix, Inc. Reports Second Quarter Fiscal 2007 Results.* Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight up 13% from year ago quarter driven by telecom * Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improved to 49% * GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). loss of $0.06 per shares, Proforma loss of $0.01 per share ANN ARBOR, Mich. -- Advanced Photonix, Inc.[R] (AMEX AMEX See: American Stock Exchange :API) (the "Company") today reported its second quarter fiscal 2007 results. Revenues for the second quarter of fiscal 2007 ended September 29, 2006 were $5.9 million, an increase of $700,000, or 13%, compared to revenues of $5.2 million for the quarter ended September 25, 2005. The Company reported a net loss calculated in accordance with 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 U.S. ("GAAP") basis of $1.1 million, or $.06 per share fully diluted, for the quarter, compared with a GAAP net loss of $1.6 million, or $0.09 per share fully diluted, for the second of 2006. The growth in revenues in the second quarter was primarily due to substantial growth in telecommunications, which was driven by its high-speed optical receiver ("HSOR HSOR High-Speed Optical Receivers ") product platform. Telecommunications market revenues were $1.761 million, an increase of 91% (or $841,000) over 2006 revenues of $920,000 and an increase of 137% over first quarter 2007 telecommunication revenues. The $500,000 improvement in GAAP net loss in the second quarter was primarily attributable to an increase in gross margins due to product mix. Cost of sales for the current quarter were $3.0 million, or 51% of sales, as compared to $3.1 million, or 59% of sales, for the comparable quarter a year ago, As a result, gross profit increased to $2.9 million, or 49% of sales, for the second quarter of fiscal 2007, from $2.1 million, or 40.7% of sales, for the second quarter of 2006, an increase of $800,000 (or 38%). Revenues for the six months ended September 29, 2006 were $11.5 million, an increase of $1.3 million, or 12%, over the comparable revenues of $10.3 million for the six months ended September 25, 2005, due to substantial growth in the telecommunications, industrial sensing/NDT and military/aerospace markets. The Company reported a GAAP net loss of $2.4 million, or $0.12 per share fully diluted, for the six months ended September 29, 2006, as compared with a GAAP net loss of $1.9 million, or $0.11 per share fully diluted, for the six months ended September 25, 2005. The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the second quarter of fiscal 2007 was $113,000, or $0.01 per share fully diluted, compared to a pro forma net loss of $399,000 or $0.02 per share fully diluted, for the comparable period a year ago. Pro forma net income for the six month period ended September 29, 2006 was a loss of $400,000 or $0.02 per share fully diluted, as compared to a Proforma net loss of $172,000, or $0.01 per share fully diluted, for the period ended September 25, 2005. Pro forma net income is considered non-GAAP financial information, and a reconciliation of non-GAAP financial measures used in this press release to the GAAP financial measures can be found in the Reconciliation of Pro Forma Income to GAAP Income financial schedule, included on page four of this press release. 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 (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. ), the Company reported a net profit of $82,000 for the second quarter of 2007. This compares to a net loss of $24,000 for the for the second quarter of 2006. A reconciliation of EBITDA to GAAP Income can also be found on page four of this press release. Richard Kurtz, Chairman and Chief Executive Officer, commented, "We are pleased with the results of the second quarter, especially in the growth of our telecommunications market. Overall, we met our revenue growth targets for the quarter and are ahead of our gross margin expectations. While we continue to be disappointed in the speed at which the Transportation Security Administration (TSA TSA See tax-sheltered annuity (TSA). ) is developing and deploying the next generation technologies for Homeland security, we are actively engaged in non-destructive testing application development for other markets, and in the development of next generation terahertz ter·a·hertz n. Abbr. THz One trillion (1012) hertz. Noun 1. terahertz - one trillion periods per second THz systems. These next generation systems will provide the foundation for further expansion in homeland security, aerospace, military and industrial quality control markets, and we believe will pay dividends in the coming years. We continue to hold to our previously announced revenue guidance of $27 million to $28 million, or approximately 15% to 20% revenue growth, for fiscal 2007." The Company will hold a conference call to discuss the results for the second quarter ended September 29, 2006 on Monday, November 13, 2006, at 5:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy . Participants can dial into the conference call at 866-314-4865 (617-213-8050 for international) using the pass code 13595880. The call will be webcast live by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed at Advanced Photonix's web site at http://investor.advancedphotonix.com/ or at 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 passcode 52828284. 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, 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 products. Consolidated Statement of Operations See Income statement. (unaudited) [TABLE OMITTED] Non-GAAP Financial Measures The Company provides pro forma Net Income and EBITDA as supplemental financial information regarding the Company's operational performance. These Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Proforma Net Income and 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 similar measures used by other companies. Reconciliation of pro forma Net Income and EBITDA to GAAP net income and loss are set forth in the financial schedule section below. [TABLE OMITTED] [TABLE OMITTED] Advanced Photonix, Inc.([R]) (AMEX: API) is a leading vertically integrated optoelectronic semiconductor manufacturer of optoelectronic solutions, high-speed optical receivers 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 patented silicon (Si), indium phosphide phosphide Any of a class of chemical compounds in which phosphorous is combined with a metal. Phosphides exhibit a wide variety of chemical and physical properties. Phosphides that are rich in metal have high melting points and are hard, brittle, and chemically inert; these (InP) and gallium arsinide (GaAs) based APD APD atrial premature depolarization (see atrial premature complex, under complex ); pamidronate. , PIN, and FILTRODE([R]) photodetectors; high-speed optical receivers; and the T-Ray[TM] 2000 and QA1000 THz product platforms. More information on Advanced Photonix can be found at http://www.advancedphotonix.com. |
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