Advanced Power Technology Announces Strong Revenue Growth in the Second Quarter 2004 and Expects Continued Strong Growth in the Third Quarter of 2004.BEND, Ore. -- Second Quarter Results to be Announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. On July 22, 2004 E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Advanced Power Technology, Inc. (Nasdaq:APTI APTI Association for Preservation Technology International APTI Air Pollution Training Institute ), a leading supplier of high performance power semiconductors used in the conditioning and control of electrical power for both switching and RF applications, announced today that it expects revenues for the second quarter ending June 30, 2004, to be above the upper end of the $16.0 to $17.0 million range previously given, at approximately $17.9 million, a quarterly sequential increase of approximately 19 percent over the $15.1 million in revenue for the first quarter of 2004. E[acute accent]The Company cautioned that the anticipated additional profitability resulting from higher than expected revenues may be offset by greater than planned legal expenses related to a patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matter active during the second quarter of 2004. Summary judgment in favor of the Company on the claims against it was granted by the Court on June 16, 2004. E[acute accent]Patrick Sireta, Chief Executive Officer, commented, "Our order backlog at the end of the second quarter increased to approximately $27.8 million dollars from $26.3 million at the end of the first quarter. The short term portion of our backlog, shippable in the next three months, increased from $15.1 million at the end of the first quarter to approximately $17.1 million at the end of the second quarter. Given the strength of our backlog and an expected continued strong environment in the markets we serve, we anticipate our revenues in the third quarter of 2004 to be in the range of $18.4 to $19.2 million, a sequential increase of approximately 3 to 7 percent over our revenues in the second quarter of 2004." E[acute accent]The Company also announced that it will issue a news release describing its second quarter 2004 financial results at approximately 1:15 PM PT, Thursday July 22, 2004. Following the news release, Patrick Sireta, Advanced Power Technology's Chief Executive Officer and Greg Haugen Greg Lee Haugen (born August 31, 1960 in Seattle, WA) was an American boxer at Lightweight. Professional career Haugen turned pro in 1982 and won his first 18 fights, including the IBF Lightweight Title with a majority decision over Jimmy Paul in 1986. , Chief Financial Officer will conduct a conference call to review the results of the second quarter 2004 at 2:00 p.m. PT, Thursday, July 22, 2004. The call can be accessed live by dialing 800-915-4836. International callers please dial 973-317-5319. There will be a simultaneous webcast for interested investors via the Company's corporate web site at www.advancedpower.com. The content of the call will remain available for replay on the Internet for 30 days. In addition, a telephone replay of the conference call will be available for 30 days and can be accessed at 800-428-6051 and from international locations at 973-709-2089; pass code 364263. E[acute accent]With Operations in Bend, Oregon Bend is a city in Deschutes County, Oregon, United States. The name Bend was derived from "Farewell Bend," the designation used by early pioneers to refer to the location along the Deschutes River where the town eventually was platted, one of the few fordable points along the , Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. , Montgomeryville, Pennsylvania Montgomeryville is a census-designated place (CDP) in Montgomery County, Pennsylvania, United States. The population was 12,031 at the 2000 census. Geography Montgomeryville is located at (40.250388, -75. and Bordeaux France, APT is a leading supplier of power semiconductors for RF, Microwave, Linear, and Switchmode Applications. For additional information on Advanced Power Technology, visit its Web site at www.advancedpower.com. E[acute accent]Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement E[acute accent]Except for historical information contained herein, the matters discussed in this press release are 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. made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. APT cautions that such statements, including those related to the Company's third quarter revenue projections, are subject to a number of uncertainties, and actual results may differ materially. Factors that could affect the Company's actual results include the ability of subcontractors to meet their delivery commitments; unfavorable changes in industry and competitive conditions; the Company's mix of product shipments; the accuracy of customers forecasts; the effectiveness of the Company's efforts to control and reduce costs; and other uncertainties disclosed in the Company's filings with the Securities and Exchange Commission including Form 10K filed on March 10, 2004. The Company assumes no obligation to update the information in this release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion