Advanced Power Technology Expects Second Quarter Revenues and Gross Margin to Close above High End of Prior Guidance Range.Business Editors BEND, Ore.--(BUSINESS WIRE)--June 18, 2003 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, 2003, to be above the upper end of the $11.5 to $12.0 million range previously given, at $12.1 to $12.5 million, a quarterly sequential increase of 8 percent to 12 percent. Primarily as a result of higher revenue levels driving improved factory utilization and of the effective execution of identified cost and expense reduction actions, gross margin for the second quarter 2003 (exclusive of non-cash purchase accounting charges associated with acquisitions) is expected to be in the 35.5 percent to 37.5 percent range, above the upper end of the 31 percent to 34 percent range previously given. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the second quarter 2003 are expected to be approximately 36 percent to 38 percent of revenues compared to the 36 percent to 40 percent range previously given. These operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. estimates are exclusive of non-cash purchase accounting charges associated with acquisitions Given the improved revenue and gross margin outlook for the second quarter the Company stated that it anticipates its net earnings per share for the second quarter of 2003, excluding non-cash purchase accounting charges related to acquisitions, restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and potential goodwill impairment charges to range from a loss of $(0.02) per share to a profit of $0.01 per diluted share. This compares to the previous guidance provided by the Company on April 23, 2003, which was a range of $(0.04) to $(0.02) net loss per share. Patrick Sireta, chief executive officer, commented, "The short term demand from several of our customers is stronger than we were anticipating and we are able to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. it. New avionics and radar programs now moving into production are fueling the growth of APT's RF power business. We are experiencing an improving end market environment for our discrete switching power products, and new design wins are moving into production for these products as well." "The combination of our improved revenue growth with the effective implementation of identified manufacturing cost and operating expense reduction actions is accelerating APT's return to profitability," concluded Sireta. With operations in Bend, Ore., Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif., Montgomeryville, Penn. and Bordeaux, France, APT is a leading supplier of high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to , high power, high efficiency MOSFETs, IGBTs, Ultra-Fast Recovery and Schottky Diodes, and Application Specific Power Modules (ASPMs) as well as RF Bipolar and MOSFETs transistors, for Switchmode, Linear and RF applications. For additional information on Advanced Power Technology, visit its Web site at www.advancedpower.com. 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 Except for historical information contained herein, the matters discussed in this news release are forward-looking statements 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 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; the cost and liability associated with patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. 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. ; and other uncertainties disclosed in the Company's S-1 filing with the Securities and Exchange Commission dated Aug. 7, 2000, 2002 Form 10K filed on March 25, 2003, and other periodic filings made by the Company. The Company assumes no obligation to update the information in this release. |
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