Advanced Power Technology Reports Strong Fourth Quarter 2000 Revenue and Earnings.Business Editors BEND Bend, city (1990 pop. 20,469), seat of Deschutes co., W central Oregon, on the Deschutes River, at the eastern foot of the Cascade Range; inc. 1904. Lumbering is the primary industry, and tourism is also important. , Ore.--(BUSINESS WIRE)--Feb. 12, 2001 Advanced Power Technology, Inc., Nasdaq:APTI APTI Association for Preservation Technology International APTI Air Pollution Training Institute Conference Call at 2:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there , Feb. 12, 2001 -- Advanced Power Technology will conduct a conference call at 2:00 p.m. PST, Monday Monday: see week. , Feb. 12, 2001 which will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics 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 through midnight, March 12, 2001. Selected Fourth Quarter Highlights -- Revenues increased 60 percent to $12.5 million in the fourth quarter of 2000 from $7.8 million in the fourth quarter of 1999 -- Net income increased to $1.9 million in the fourth quarter of 2000 from $174,000 in the fourth quarter of 1999 -- EPS as reported increased 600 percent to $0.21 per diluted share in the fourth quarter of 2000 from $0.03 in the fourth quarter of 1999. EPS increased 31 percent sequentially. -- Gross margin rose to 44.1 percent in the fourth quarter of 2000 from 37.6 percent in the fourth quarter of 1999 and 40.0 percent in the third quarter of 2000. Advanced Power Technology, Inc. (Nasdaq:APTI), a leading supplier of high performance power semiconductors used in the conditioning and control of electrical power, today reported financial results for the fourth quarter and year ended Dec. 31, 2000. Revenues for the fourth quarter of 2000 were $12.5 million, up 60 percent over the $7.8 million achieved in the fourth quarter of 1999 and up 3.4 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from the $12.1 million recorded in the third quarter of 2000. Revenue for the year totaled $44.2 million, a 61 percent increase over revenue of $27.5 million in 1999. The Company recorded non-recurring technology licensing revenue of $220,000 in both the third and fourth quarters of 2000. Net income for the fourth quarter of 2000 was $1.9 million, or $0.21 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of over 1,000 percent compared to the $174,000, or $0.03 per diluted share earned in the comparable period last year, and a sequential One after the other in some consecutive order such as by name or number. increase of 47 percent over the $1.3 million, or $0.16 per diluted share earned in the third quarter of 2000. Net income for the year ended Dec. 31, 2000 was a record $3.8 million, or $0.50 per diluted share, compared to a net loss of $175,000, or ($.04) per diluted share, in 1999. Cash earnings per diluted share, based on net income excluding non-recurring, non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. associated with "pushdown accounting" and the issuance of warrants, was $0.63 for the year ended Dec. 31, 2000 compared to $0.14 for the prior year. Recognition of such non-cash charges was fully accomplished by the end of the third quarter ended Sept. 30, 2000. As a result, cash earnings per diluted share for the fourth quarter are identical to the $0.21 earnings per diluted share as reported. Gross margin for the fourth quarter of 2000 increased to 44.1 percent compared to 37.6 percent in the fourth quarter of 1999 and 40.0 percent in the third quarter of 2000. For the year ended Dec. 31, 2000, gross margin was 39.5 percent compared to 34.5 percent for the prior year. The improved gross margin was a result of increased use of subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts manufacturing, a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix toward higher margin product, and technology licensing revenue recognized in both the third and fourth quarters of 2000. Patrick Sireta, chief executive officer commented, "We are very pleased with our fourth quarter and full year results and the momentum reflected in our revenue and earnings growth. Increased sales of our RF products contributed to the richer product mix, and coupled with greater utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of cost effective subcontract manufacturing were instrumental to our improved financial performance. The Company's balance sheet is strong with over $36.5 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , $51.1 million in stockholders equity and only $231,000 of total debt." "Although market conditions are currently less certain throughout the broad semiconductor industry, APT's strategy continues to focus on markets and applications that offer substantial growth opportunities and require unique power semiconductors like APT's which deliver both high power and high frequency capabilities," concluded Sireta. About Advanced Power Technology Advanced Power Technology is a leading supplier of high performance power semiconductors used in the conditioning and control of electrical power. The Company's products are used in communications and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the infrastructure equipment, semiconductor capital equipment, as well as medical, industrial, and military and aerospace systems. Important information about Advanced Power Technology, Inc., including press releases and SEC filings, are available at no charge through the Company's 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 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 (Automatic Programmed Tools) A high-level programming language used to generate instructions for numerical control machines. 1. (language) APT - Automatically Programmed Tools. 2. (company) APT - Audio Processing Technology. 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; and other uncertainties disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in the company's S-1 filing with the Securities and Exchange Commission dated August 7, 2000 and other periodic filings made by the Company. The Company assumes no obligation to update the information in this release.
ADVANCED POWER TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
--------------------
2000 1999
--------- ---------
Assets
Current assets:
Cash and cash equivalents $ 25,326 $ 316
Short term investments 8,118 -
Accounts receivable, net 6,776 4,447
Inventories, net 6,814 5,153
Net current deferred tax asset 472 564
Prepaid and other current assets 1,327 584
--------- ---------
Total current assets 48,833 11,064
Property and equipment, net 4,367 2,483
Other assets 4,113 637
--------- ---------
Total assets $ 57,313 $ 14,184
========= =========
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Lines of credit $ - $ 4,895
Accounts payable 4,385 2,485
Accrued expenses 1,402 2,569
Current portion of long term debt 21 2,737
Current portion of capital lease obligations 80 181
--------- ---------
Total current liabilities 5,888 12,867
Long term debt, less current portion - 3,320
Capital lease obligations, less
current portion 130 205
Deferred gain on sale leaseback 177 267
--------- ---------
Total liabilities 6,195 16,659
Stockholders' equity (deficit):
Common stock 85 50
Additional paid in capital 66,826 15,048
Treasury stock (1,700) -
Deferred stock compensation (330) (31)
Accumulated other comprehensive income 64 44
Accumulated deficit (13,827) (17,586)
--------- ---------
Total stockholders' equity (deficit) 51,118 (2,475)
--------- ---------
Total liabilities and
stockholders' equity (deficit) $ 57,313 $ 14,184
========= =========
ADVANCED POWER TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
Three Months Ended Years Ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
-----------------------------------
Unaudited Unaudited
Revenues, net $12,469 $ 7,773 $44,168 $27,461
Cost of goods sold 6,967 4,851 26,713 18,000
-------- -------- -------- --------
Gross profit 5,502 2,922 17,455 9,461
-------- -------- -------- --------
Operating expenses:
Research and development 335 230 1,097 883
Selling, general and
administrative 2,593 2,109 9,956 7,322
-------- -------- -------- --------
Total operating expenses 2,928 2,339 11,053 8,205
-------- -------- -------- --------
Income from operations 2,574 583 6,402 1,256
Other income (expense):
Interest, net 575 (362) (292) (1,306)
Other, net (103) 3 (105) 75
-------- -------- -------- --------
Income (loss) before income taxes 3,046 224 6,005 25
Provision for income taxes (1,100) (50) (2,246) (200)
-------- -------- -------- --------
Net income (loss) $ 1,946 $ 174 $ 3,759 $ (175)
======== ======== ======== ========
Net income (loss) per share:
Basic $ 0.23 $ 0.03 $ 0.59 ($0.04)
Diluted $ 0.21 $ 0.03 $ 0.50 ($0.04)
Weighted average number of shares
used in the computation of net
income (loss) per share:
Basic 8,399 5,000 6,319 5,000
Diluted 9,354 5,890 7,551 5,000
Net income adjusted for non cash
interest and goodwill
amortization $ 1,946 $ 415 $ 4,790 $ 787
======== ======== ======== ========
Net income adjusted above per
share:
Basic $ 0.23 $ 0.08 $ 0.76 $ 0.16
Diluted $ 0.21 $ 0.07 $ 0.63 $ 0.14
Weighted average number of shares
used in the computation of net
income adjusted per share:
Basic 8,399 5,000 6,319 5,000
Diluted 9,354 5,890 7,551 5,722
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