Advanced Photonix Inc. reports fourth-quarter and fiscal 1996 results.CAMARILLO Camarillo (kă'mərē`yō), city (1990 pop. 52,303), Ventura co., S Calif.; inc. 1964. It is the center of a fertile farm area where citrus fruits and flowers are grown. , Calif.--(BUSINESS WIRE)--June 24, 1996--Advanced Photonix Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :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. ) Monday announced its results for the fourth quarter and 12 months ended March 31, 1996. Fiscal 1996 results were the best in the company's eight-year history. For the fourth quarter, revenues totaled $1.8 million compared with $1.7 million reported in the fourth quarter of the prior year. The company reported a net loss of $149,000, or $.01 per share, compared with a net loss of $749,000, or $.09 per share, in last year's fourth quarter. Revenues for the 12-month period ended March 31, 1996 (fiscal 1996), rose to $7.9 million compared with $6.8 million in the prior year. The net loss for fiscal 1996 was $654,000, or $.07 per share, compared with a net loss of $2.4 million, or $.28 per share, for the same period of the prior year. Cash increased by $3.1 million to end fiscal 1996 at $4.0 million, primarily as a result of a confidential private placement offering of its securities in July/August 1995. In announcing the results, James W. Ward, chairman of the board of Advanced Photonix, said: "Fiscal 1996 record results are a positive reflection of our commitment to achieve long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , profitable growth. Revenues were up 16 percent and gross profit margins 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. in our core business rose by 10 percentage points to 37 percent of net product shipments, well above historical levels. "We continue to focus on streamlined operations, improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and careful management of our resources. Moreover, new government research and development contracts are helping to fund development of our proprietary 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)." Regarding current strategy, Ward said: "Forecasts within the photonics photonics, the science and technology based on and concerned with the controlled flow of photons, or light particles. It is the optical equivalent of electronics, and the two technologies coexist in such innovations as optoelectronic integrated circuits. industry indicate that the outlook for growth is bright due to expanding applications 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. Our company is committed to sustaining a high-growth trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. by providing our customers with technological solutions that are more efficient, more cost-effective, more compact, more rugged and more user-friendly. "We intend to increase market share in existing product lines, while continuing to pursue other opportunities to accelerate growth, which include new product offerings and strategic relationships." Advanced Photonix indicated that recent process improvements in its leading edge LAAPD products during the fourth quarter should allow for an acceleration in hardware sales of these products. The company also pointed out that it was making favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. progress in the development of its LAAPD array to be used in various applications, including medical imaging, ranging and tracking. 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 (particularly its LAAPD product line), and a decline in the general demand for optoelectronic products. Advanced Photonix is a high-technology growth company which designs and manufactures silicon photodetectors, optoelectronic hybrid assemblies and proprietary solid state large area avalanche photodiodes. -0-
ADVANCED PHOTONIX INC.
Financial Highlights
Three Months Ended Twelve Months Ended
March 31, April 2, March 31, April 2,
1996 1995 1996 1995
---------- --------- --------- ---------
Revenues $1,838 $1,694 $7,863 $6,775
Gross Profit Margin
on Net Product
Shipments $653 $300 $2,581 $1,737
Percent to Net Product
Shipments 42% 19% 37% 27%
Research and Development
Costs $586 $529 $2,099 $1,852
Net Loss ($149) ($749) ($654) ($2,368)
Net Loss Per Share ($0.01) ($0.09) ($0.07) ($0.28)
Weighted Average Number
of Shares Outstanding 10,794,000 8,389,000 9,988,000 8,383,000
CONTACT: Advanced Photonix Inc., Camarillo Patrick J. Holmes, 805/987-0146 |
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