Advanced Photonix Inc. reports third-quarter results.

CAMARILLO, Calif.--(BUSINESS WIRE)--Jan. 25, 1995--Advanced Photonix Inc. (ASE:API) Wednesday announced its results for the third quarter and nine months ended Jan. 1, 1995.

For the third quarter, revenues totaled $1.5 million, compared with $1.4 million reported in the third quarter of the prior year. The company reported a net loss of $570,000, or 7 cents per share, compared with a net loss of $1.4 million, or 19 cents per share, in last year's third quarter.

Revenues for the nine months ended Jan. 1, 1995, rose to $5.1 million, compared with $4.8 million in the prior year. Net loss for the nine months was 19 cents per share, compared with 32 cents per share for the same period of the previous year.

In announcing the results, James W. Ward, president and chief executive officer, said: ``We anticipate that results for the fourth quarter will continue to improve. The company has streamlined operations, improved operating margins and is carefully managing its resources.

``Results in our basic pin-diode division are particularly encouraging. Compared to the prior year, revenues rose 25 percent in the last quarter and are up 17 percent for the year to date. Operating margins have improved dramatically by focusing on higher- profit opportunities, design wins, cost containments and improved quoting, pricing and estimating systems.

``Cost-containment and resource-management efforts have also substantially reduced SG&A. We have established better control over our inventories, which has reduced significantly the need for additional obsolescence adjustments. Our backlog is strong, and the amount of backlog available to ship during the next 12 months has improved considerably.

``These positive results help fund our continuing research as well as resolution of manufacturing issues which have delayed development of our large-area avalanche photodiodes (LAAPD). Significant progress has been made in our advanced technology, and shipment of evaluation devices should resume soon, with steady improvement throughout the coming year.

``As reported in the past, we are continuing efforts to identify strategic partners and/or financial investors to meet future capital requirements. Discussions with interested parties are under way. We hope these discussions lead to agreements that will not only bring funding for growth but also complementary technology and marketing expertise. The company will continue to take actions necessary to preserve its resources.''

Advanced Photonix produces PIN photodiodes and proprietary solid-state silicon large-area avalanche photodiodes. The company also develops, produces and markets other ultraviolet, visible-light and near-infrared photodetector devices and opto-electronics from its facility in Camarillo. -0-

                        ADVANCED PHOTONIX INC.
                         Financial Highlights

                            Three months ended       Nine months ended
                            Jan. 1,    Dec. 31,     Jan. 1,    Dec. 31,
                             1995        1993        1995        1993
Revenues                   $1,524     $ 1,439     $ 5,081     $ 4,798
Net loss                   $ (570)    $(1,400)    $(1,619)    $(2,249)
Net loss per share       (7 cents)  (19 cents)  (19 cents)  (32 cents)
Weighted average number
 of shares outstanding  8,386,119   7,453,615   8,380,546   7,094,813

CONTACT: Advanced Photonix Inc., Camarillo

Patrick J. Holmes, 805/987-0146