Advanced Photonix Inc. Reports Second-Quarter FY 2000 Results.CAMARILLO, Calif.--(BUSINESS WIRE)--Nov. 1, 1999-- 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 leading developer and manufacturer of large area avalanche photodiodes 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), today reported its second-quarter FY 2000 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 for the second quarter ended Sept. 26, 1999, were $1.6 million, a decrease of 18% from $2.0 million reported in the second quarter last year. The company reported a net loss of $443,000 or $.04 loss per share, compared with net income of $135,000 or $.01 per share in last year's second quarter. Net sales for the six months ended Sept. 26, 1999, were $3.1 million, compared with $3.9 million in the prior year -- a decrease of 20%. Net loss for the six months was $.05 per share, compared with net income of $.02 per share for the same period of the previous year. The company indicated that current quarter results are a result of lower sales in its custom core business segment, particularly military aerospace applications. Sales of the company's emerging LAAPD products rose to $238,000 for the six months ended Sept. 26, 1999, or 20% higher than the same period in the prior year. At the current level of operation, fluctuations in the volume and mix of product shipments, as well as the make-up Make-up The amount of deficiency when a cash flow or capital item is deficient. For example, an interest make-up relates to the interest amount above a ceiling percentage. of product sales between hardware deliveries and engineering design, can have substantial impact on operating results. In addition, results were impacted by a $180,000 reserve for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs associated with a management change. 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, "While I am very disappointed in our year-to-date sales performance and the impact it has had on operating results, I remain very excited about the LAAPD technology and products. "I believe LAAPDs are the superior performance choice for many applications requiring low-light-level detection. LAAPD products, which represented approximately 8% of year-to-date net sales, continue to be evaluated in dozens of customer applications, with early encouraging performance indicators." Koren went on to say, "We are continuing to revamp re·vamp tr.v. re·vamped, re·vamp·ing, re·vamps 1. To patch up or restore; renovate. 2. To revise or reconstruct (a manuscript, for example). 3. To vamp (a shoe) anew. n. our sales and marketing efforts with a significant LAAPD focus on gaining market share of what we consider to be a substantial existing opportunity currently served by a maturing glass vacuum tube vacuum tube: see electron tube. vacuum tube Electron tube consisting of a sealed glass or metal enclosure from which the air has been withdrawn. It was used in early electronic circuitry to control a flow of electrons. product." 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. 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. -0-
Advanced Photonix Inc.
Financial Highlights
(000, except share data)
Three Months Ended Six Months Ended
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
1999 1998 1999 1998
Net Sales $1,608 $1,961 $3,128 $3,919
Gross Profit Margin on
Net Product Shipments $460 $801 $946 $1,504
Percent to Net
Product Shipments 29% 41% 30% 38%
Net Profit (Loss) ($443) $135 ($598) $257
Basic Net Income
(Loss) Per Share(a) ($0.04) $0.01 ($0.05) $0.02
Weighted Avg.
Number of Shares
Outstanding 10,917,000 10,914,000 10,917,000 10,914,000
(a) The impact of dilutive shares is immaterial.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion