Advanced Power Technology Updates Third Quarter 2004 Outlook and Provides Fourth Quarter 2004 Revenue Guidance.BEND, Ore. -- 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, today updated its revenue outlook for the third quarter ending September 30, 2004, and provided revenue guidance for the fourth quarter ending December 31, 2004. Business Outlook The following statements are based on current expectations. These statements are forward-looking, subject to risks and uncertainties, and actual results may differ materially. These statements do not include the potential impact of any investments outside the ordinary course of business, or mergers or acquisitions that may be completed after October 4, 2004. Readers are cautioned not to place undue reliance on these 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. , which apply only as of the date of this press release. The inclusion of any statement in this release does not constitute a suggestion by the Company or any other person that the events or circumstances described in such statements are material. The Company does not undertake to publicly update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this release will not be realized. Revenues for the third quarter ending September 30, 2004, are expected to be approximately $18.7 million, a sequential increase of approximately 3 percent and within the $18.4 to $19.2 million range previously given by the Company on July 22, 2004. Revenues for the fourth quarter ending December 31, 2004, are expected to be in the range of $15.8 to $16.8 million, an increase of approximately 24 to 32 percent over the year ago quarter and a sequential decrease of approximately 10 to 15 percent. The Company has not previously provided revenue guidance for the fourth quarter of 2004. Patrick Sireta, Chief Executive Officer, commented, "During the third quarter we experienced a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of demand from some of our
customers in the semiconductor capital equipment market, consistent with
their recent public announcements and lowered revenue guidance. This,
combined with a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of demand from customers in the communications and data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a market caused the short term portion of our backlog, shippable in the next three months to decrease from $17.1 million at the end of the second quarter to approximately $14.8 million at the end of the third quarter and is expected to result in sequentially declining fourth quarter 2004 revenues. The demand from our customers in the military and aerospace market and the industrial and medical market remain solid," concluded Mr. Sireta. Conference Call Management plans to release third quarter 2004 financial results and its fourth quarter 2004 outlook after market close on Thursday, October 21, 2004, and to host a conference call afterward af·ter·ward also af·ter·wards adv. At a later time; subsequently. Adv. 1. afterward - happening at a time subsequent to a reference time; "he apologized subsequently"; "he's going to the store but he'll be back here at 5:00 p.m. (Eastern Time). A web cast of the call will be available at www.advancedpower.com. About Advanced Power Technology 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 website 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 press 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, including those related to the Company's third quarter financial 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 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 10, 2004. The Company assumes no obligation to update the information in this release. |
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