Advanced Photonix, Inc.® (NYSE MKT: API) (the "Company")
today reported results for the second quarter ended September 28, 2012.
Financial Highlights for the Second Quarter Ended September 28, 2012
The Company's total operating expenses for the quarter were $3.2
million, down 17% compared to the $3.9 million reported for the second
quarter last year. As a percent of revenue, total operating expenses
were 58% compared to 47% for the second quarter last year.
Richard Kurtz, Chief Executive Officer, commented, "We continue to
believe that our fiscal 2013 will have a much better second half. As
with the other telecommunications suppliers we have seen weakness in
network spending recently. This has caused us to be more cautious in our
total year outlook. Our recent success in securing increased 100G
business from one of our large OEM's for calendar year 2013 is a
positive sign amid general softness we have seen from China and Europe
due to challenging macro economic conditions. Our terahertz (THz)
product platform is continuing to gain traction in industrial process
control markets and we expect this growth to continue during the balance
of the fiscal year and beyond. However due to the more challenging
international macroeconomic environment, reduced U.S. military
activities, and the looming U.S. fiscal cliff and their corresponding
impact on our customer's expansion plans in the industrial and defense
markets, we are projecting a more cautious outlook for the fiscal year.
Due to these conditions we are changing revenue growth for the second
half of our fiscal 2013 to a range of 15-25% higher than the first half."
The Company will hold a conference call to discuss the results for the
second quarter ended September 28, 2012 on Tuesday, November 13, 2012,
at 4:30 PM EST.
The conference call will be webcast live and will be accessible at http://advancedphotonix.investorroom.com.
Participants can dial into the conference call at 888.680.0879
(617.213.4856 for international) using the passcode 93280290. A question
and answer period will take place at the end of the discussion.
An audio replay of the call will be available shortly thereafter and
will remain on-line until November 20, 2012. The replay number is
888.286.8010 (617.801.6888 for international) and the passcode is
The information contained herein includes forward looking statements
that are based on assumptions that management believes to be reasonable
but are subject to inherent uncertainties and risks including, but not
limited to, unforeseen technological obstacles which may prevent or slow
the development and/or manufacture of new products; potential problems
with the integration of the acquired company and its technology and
possible inability to achieve expected synergies; obstacles to
successfully combining product offerings and lack of customer acceptance
of such offerings; limited (or slower than anticipated) customer
acceptance of new products which have been and are being developed by
the Company; and a decline in the general demand for optoelectronic
products; and the risk factors listed from time to time in the Company's
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any
subsequent SEC filings. The Company assumes no obligation to update
forward-looking statements contained in this release to reflect new
information or future events or developments. API-G
CONDENSED CONSOLIDATED BALANCE SHEET
Sept 28, 2012(unaudited)
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Non-GAAP Financial Measures
The Company provides Non-GAAP Net Income, EBITDA and adjusted EBITDA as
supplemental financial information regarding the Company's operational
performance. These Non-GAAP financial measures are not in accordance
with, or an alternative for, generally accepted accounting principles in
the United States. Non-GAAP Net Income, EBITDA and adjusted EBITDA
should not be considered in isolation from or as a substitute for
financial information presented in accordance with generally accepted
accounting principles, and may be different from similar measures used
by other companies. Reconciliation of Non-GAAP Net Income, EBITDA and
adjusted EBITDA to GAAP net income and loss are set forth in the
financial schedule section below.
RECONCILIATION OF NON-GAAP INCOME (LOSS) TO GAAP INCOME (LOSS)
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO GAAP (LOSS)
About Advanced Photonix, Inc.
Advanced Photonix, Inc.® (NYSE MKT: API) is a leading
supplier with a broad offering of optoelectronic products to a global
customer base. We provide optoelectronic solutions, high-speed optical
receivers and terahertz instrumentation for telecom, homeland security,
military, medical and industrial markets. With our patented technology
and state-of-the-art manufacturing we offer industry leading
performance, exceptional quality, and high value added products to our
OEM customer base. For more information visit us on the web at www.advancedphotonix.com.
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