Advanced Photonix Inc. reports third- quarter fiscal year 1996 results.CAMARILLO, Calif.--(BUSINESS WIRE)--Feb. 12, 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 third quarter and nine months ended Dec. 31, 1995. For the third quarter revenues totalled $2.1 million compared with $1.5 million reported in the third quarter of the prior year and up slightly from the first and second quarters. The company reported a net loss of $104,000 or $.01 per share, compared with a net loss of $570,000 or $.07 per share in last year's third quarter. Revenues for the nine months ended Dec. 31, 1995, rose to $6.0 million compared with $5.1 million in the prior year. Net loss for the nine months was $.05 per share compared with net loss of $.19 per share for the same period of the previous year. In announcing the results, James W. Ward, chairman of the board of Advanced Photonix, said: "Third-quarter results were comparable to the prior quarter as our performance continues to benefit from 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. "Volume and margins in the core business were well above historical levels and 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). The core business, which currently represents approximately 90 percent of our business, continues to be profitable and helps to fund LAAPD development." Commenting on current strategy, Ward said: "The 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. . In that regard, we announced the appointment of Mr. Robert King Robert King may refer to:
"While we are confident that the company can increase market share in existing product lines, we continue 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 third quarter should allow for an acceleration in hardware sales of these products. The company also pointed out that it was recently awarded a Phase I research contract with NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. to develop a near infrared An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. version of the LAAPD which may be used to map the earth's surface Noun 1. Earth's surface - the outermost level of the land or sea; "earthquakes originate far below the surface"; "three quarters of the Earth's surface is covered by water" surface from airplanes and satellites. Ward concluded by saying: "Our financial condition is sound as we have recorded two successive quarters of positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . This performance coupled with funds provided from a private placement completed in August 1995, allows us to better focus on our strategy of long-term growth through expansion of our core business and commercialization of our LAAPD product family. "While revenues in the fourth quarter are expected to be slightly lower than the current quarter, the net loss for the quarter and total year should be significantly lower than fiscal 1995 and our outlook for the future is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op ." Advanced Photonix is a high-technology growth company that designs and manufactures opto-electronic semiconductor-based components and hybrid assemblies, including proprietary solid state silicon large area avalanche photodiodes. -0-
ADVANCED PHOTONIX INC.
Financial Highlights
Three Months ended Nine Months ended
12/31/95 1/1/95 12/31/95 1/1/95
Revenues $2,082 $1,524 $6,025 $5,081 Gross Profit Margin on Net Product Shipments $630 $453 $1,928 $1,437 Percent to Net Product Shipments 36% 30% 35% 29% Research & Development Costs $598 $428 $1,513 $1,323 Net Loss ($104) ($570) ($505) ($1,619) Net Loss per Share ($0.01) ($0.07) ($0.05) ($0.19) Weighted Average Number of Shares Outstanding 10,789,000 8,382,000 9,718,000 8,382,000 CONTACT: Advanced Photonix Inc., Camarillo Patrick J. Holmes, 805/987-0146 |
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