Advanced Power Technology, Inc. Expects First Quarter Revenues to Close Above High End of Prior Guidance Range.
BEND, Ore.--(BUSINESS WIRE)--March 30, 2002
First Quarter Results to be Announced On April 24, 2002
Advanced Power Technology, Inc. (NASDAQ:APTI), a leading supplier of high performance power semiconductors used in the conditioning and control of electrical power, announced today that it expects revenues for the first quarter ending March 31, 2002 to be above the upper end of the $7.4 to $7.9 million dollar range previously given, at approximately $8.2 million. The Company also stated that its book to bill ratio in the first quarter was expected to be just above 1.0, compared to book to bill ratios of 0.68 and 0.55 in the fourth quarter and third quarter of 2001 respectively.
Patrick Sireta, Chief Executive Officer commented: "Excluding revenues from our recent acquisition, GHz Technology, the Company's revenues grew sequentially by about 17 percent from the fourth quarter 2001 to the first quarter 2002 compared to the 7 percent to 13 percent range provided in our February 14, 2002 guidance. We have seen continued strengthening of the short term demand from our customers across all market segments, including the communications and semiconductor capital equipment markets and have been able to capitalize on that stronger demand. Our revenues from GHz Technology were also above the upper end of the range implied in our guidance as a result of the favorable conclusion of negotiations associated with a contract cancellation dating back to December 2000. While we remain cautious relative to the rate of revenue growth in the quarters ahead we are encouraged by our stronger than expected revenue growth in the first quarter 2002 combined with a significant order up tick which drove our book-to-bill ratio to just above 1.0 for the first time since the fourth quarter 2000."
The Company will issue a news release announcing its first quarter 2002 financial results after the close of regular stock market trading hours at approximately 1:15 PM PT, Wednesday, April 24, 2002.
Following the news release, Patrick Sireta, Advanced Power Technology's Chief Executive Officer and Greg Haugen, Chief Financial Officer will host a conference call beginning at 2:00 PM PT (5:00 PM ET) to review the results of the quarter. The call can be accessed live by dialing 1-800-388-8975. International callers please dial 1-973-694-2225.
The conference call will be open to all interested investors through a live audio web broadcast at the Investor Relations section of Advanced Power Technology's Corporate web site, www.advancedpower.com. The call will be archived through May 24, 2002.
In addition, a telephone replay of the conference call, available from 4:00 PM PT April 24, 2002 until 8:00 PM PT May 24, 2002 can be accessed from the U.S. and Canada at 1-800-428-6051 and from international locations at 1-973-709-2089; pass code 236996.
With operations in Bend, Oregon, Santa Clara, California and Bordeaux, France, APT is a leading supplier of high voltage, high power, high efficiency MOSFETs, IGBTs, Ultra-Fast Recovery and Schottky Diodes, and Application Specific Power Modules (ASPMs) as well as RF MOSFETs and Bipolar transistors, for Switchmode, Linear and RF applications. For additional information on Advanced Power Technology, visit its Web site at www.advancedpower.com.
Safe Harbor 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 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; and other uncertainties disclosed in the Company's S-1 filing with the Securities and Exchange Commission dated August 7, 2000, Annual Report on Form 10K filed on March 29, 2002 and other periodic filings made by the Company. The Company assumes no obligation to update the information in this release.
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|Date:||Mar 30, 2002|
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