Advanced Photonix Inc. Reports Fourth-Quarter and FY 1999 Results.

CAMARILLO, Calif.--(BUSINESS WIRE)--June 17, 1999--

Advanced Photonix Inc.(R) (ASE:API), the leading developer and manufacturer of large area avalanche photodiodes (LAAPD), Thursday reported its fourth-quarter and total FY 1999 results.

Revenues for the 12 months ended March 28, 1999 were $7.3 million, or 4 percent higher than the $7.0 million reported in the prior year. Fiscal 1999 revenues were composed entirely of net product shipments, which were 10 percent higher than the prior year and more than made up for the completion of development contract efforts. Net income for the 12 months was $411,000 or $.04 per share compared with net income of $10,000 or $.00 per share for the same period of the previous year. Total revenues for the fourth quarter ended March 28, 1999 were $1.5 million, a decrease of 26 percent from $2.0 million reported in the fourth quarter of last year. The company reported net income of $11,000, compared with net income of $102,000 in last year's fourth quarter.

In announcing the results, Harry Melkonian, president and chief executive officer of Advanced Photonix, said: "In spite of lower quarter-over-quarter performance, I am pleased to report a record financial performance for API for the year. Fiscal 1999 net income of $411,000 is the highest in the company's history and the fourth quarter is our seventh consecutive profitable quarter. Fiscal 1999 net product sales increased 10 percent over the prior year, including a record $400,000 of LAAPD net product shipments. In parallel, we have successfully introduced to the market a broadened LAAPD product offering based upon our patented chip architecture."

Melkonian continued: "Our LAAPD marketing campaign, which targets market segments currently utilizing Photomultiplier Tubes (PMTs), continues to foster rising customer inquiries as more PMT users evaluate the advantages of a solid state replacement to the older vacuum tube technology. The compact size, simple driving requirements and superior spectral bandwidth of the LAAPD products will enable entirely new applications requiring low light detection. As a pioneer in this technology, API is entering fiscal 2000 with the corporate and product focus as well as the capital resources necessary to successfully implement its strategy of significantly increasing its market share as the solid state alternative to PMTs. In addition, we continue to research and develop new derivatives of the technology."

Advanced Photonix is a high-technology company that designs and manufactures silicon photodetectors, optoelectronic hybrid assemblies and proprietary solid state large area avalanche photodiodes. Information on Advanced Photonix is available on the World Wide Web at http://www.advancedphotonix.com.

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, unforeseen technological obstacles that may prevent or slow the development and/or manufacture of new products, limited (or slower than anticipated) customer acceptance of new products that have been and are being developed by the company and a decline in the general demand for optoelectronic products. -0-

                        ADVANCED PHOTONIX INC.
                     onths Ended
                         March 28, nt contracts        -        35           -
    NUMBER
 OF  SHARES OUTSTANDING 10,917,000 10,914,000 10,916,000  10,886,000

(a) The impact of dilutive shares is immaterial.