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Advanced Photonix Reports Fourth Quarter and Fiscal 2011 Results

Dépèche transmise le 29 juin 2011 par Business Wire

ANN ARBOR, Mich.--(BUSINESS WIRE)--Advanced Photonix, Inc.® (NYSE Amex: API) (the “Company”) today reported its fourth quarter and year end fiscal 2011 results ending March 31, 2011.

Financial Highlights for the Fourth Quarter and Fiscal Year Ended March 31, 2011

Net Sales for the quarter were $7.8 million, an increase of $2.7 million or 52% from the fourth quarter ended March 31, 2010. Sequentially, revenues improved 1.2% compared to the $7.7 million for the third quarter of fiscal 2011.
Net sales for the fiscal year were $28.8 million, an increase of 37% over the prior year. The increase was broad based across the Company’s markets, led by the telecommunication, industrial, homeland security and medical markets.
Gross profit margin for Q4 2011 was 44% of sales compared to 46% for the quarter ended March 31, 2010. The decrease in gross profit margin percentage was due primarily to ramp up in expenses associated with new products.
Gross profit margin for the fiscal year 2011 was 43% or flat compared to the prior year.
Operating loss for the quarter was $208,000 as compared to an operating loss of $891,000 for the quarter ended March 31, 2010.
Operating loss for the fiscal year 2011 was $825,000 compared to an operating loss of $3.7 million for the prior year.
Quarterly net loss was $563,000 or $0.02 per diluted share, as compared to a quarterly net loss of $846,000, or $0.03 per diluted share for the quarter ended March 31, 2010.
Net loss for the fiscal year 2011 was $1.9 million or $0.07 per diluted share, as compared to $3.8 million, or $0.15 per diluted share, for the prior year period.
The Non-GAAP net income for the fourth quarter of fiscal 2011 was $221,000 or $0.01 per diluted share, as compared to a Non-GAAP net loss of $324,000, or $.01 per diluted share, for the fourth quarter of the previous year. The Company reported full-year Non-GAAP net income of $785,000, or $0.03 per diluted share, as compared to a Non-GAAP net loss of $1.4 million, or $0.06 per diluted share, for the comparable prior year period.
EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $430,000 for the fourth quarter of fiscal 2011 as compared to a negative EBITDA of $13,000 for the quarter ended March 31, 2010. For year to date, the Company reported positive EBITDA of $1.7 million as compared to a negative EBITDA of $325,000 for the comparable prior year period.

Operating Expenses

The Company’s total operating expenses for the quarter were $3.7 million, up 12% compared to the $3.3 million reported for the fourth quarter last year. As a percent of revenue, total operating expenses were 46.6% compared to 63.6% for the fourth quarter last year. For the year, total operating expenses were $13.2 million, or 45.7% of revenue, compared to $12.7 million, or 60.1% of revenue last year.

Balance Sheet

The Company completed the year with $5.2 million in cash compared to $2.3 million as of March 31, 2010. Working capital as of March 31, 2011 was $7.6 million and the Company reported a current ratio of 2.1 to 1.

Richard Kurtz, Chairman and Chief Executive Officer, commented, "We have had a very successful year and exceeded our original growth targets of 15% to 25%, by a wide margin. The comparative revenue growth of 52% for the fourth quarter is a validation that we made the correct decision by continuing to invest in our high growth platforms. This was particularly evidenced with our High Speed Optical Receiver product line which grew at 182% on a comparative quarterly basis. We positioned the company for growth during the downturn and are pleased with the success we have had in capturing market share and participating in the explosive growth of the 40G and 100G line-side market roll out. The capital raised earlier this year helped to de-leverage our balance sheet and provided funding to fuel our growth. The success of our various Terahertz application developments for industrial use is also a strong indication of our technology being embraced by various markets. We are looking forward to continuing our growth this coming year.”

Conference Call

The Company will hold a conference call to discuss the results for the fourth quarter and fiscal year ended March 31, 2011 on Wednesday, June 29, 2011, at 4:30pm EST. Participants can dial into the conference call at 888-679-8035 (617-213-4848 for international) using the passcode 65884830. A question and answer period will take place at the end of the discussion.

Participants may pre-register for the call at:

http://phx.corporate-ir.net/playerlink.zhtml?c=99458&s=wm&e=4140674

Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.

The call will be webcast live and can be accessed at Advanced Photonix's web site at: http://investor.advancedphotonix.com.

An audio replay of the call will be available shortly thereafter the same day and will remain on-line for two weeks. The replay number is 888-286-8010 (617-801-6888 for international) using passcode 57018050.

Forward-looking Statements

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. API-G

Condensed Consolidated Balance Sheets
Assets	March 31, 2011			March 31, 2010
Current Assets
Cash and cash equivalents	$	4,744,000		$	1,762,000
Restricted cash		500,000			-
Accounts receivable, net		4,587,000			2,679,000
Inventories, net		4,775,000			3,656,000
Prepaid expenses and other current assets		349,000			200,000
Total current assets		14,955,000			8,297,000
Equipment & Leasehold Improvements, at cost		12,505,000			11,200,000
Accumulated depreciation		(8,775,000	)		(7,916,000	)
Net Equipment and Leasehold Improvements		3,730,000			3,284,000
Goodwill		4,579,000			4,579,000
Intangible assets, net		5,713,000			7,096,000
Restricted cash		-			500,000
Other assets		275,000			99,000
Total assets	$	29,252,000		$	23,855,000

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued expenses	$	3,420,000		$	2,716,000
Compensation and related withholdings		953,000			530,000
Current portion of long-term debt - related parties		675,000			1,401,000
Current portion of long-term debt - bank term loan		687,000			434,000
Current portion of long-term debt - bank line of credit		494,000			-
Current portion of long-term debt - MEDC		511,000			254,000
Total current liabilities		6,740,000			5,335,000
Long term debt, less current portion - MEDC		1,460,000			1,970,000
Long term debt, less current portion - bank term loan		-			687,000
Long term debt, less current portion - bank line of credit		-			1,394,000
Long term debt, less current portion - related parties		500,000			-
Long term portion of warrant liability		343,000			112,000
Total liabilities		9,043,000			9,498,000
Shareholders' equity
Class A Common Stock, $.001 par value, 100,000,000 shares authorized; 2011 - 30,679,046 shares issued and outstanding; 2010 - 24,463,978 shares issued and outstanding		30,000			24,000
Class B Common Stock, $.001 par value; 4,420,113 shares authorized, –0- and 31,691, respectively, issued and outstanding		-			-
Additional paid-in capital		57,892,000			50,164,000
Accumulated deficit		(37,713,000	)		(35,831,000	)
Total shareholders' equity		20,209,000			14,357,000
Total liabilities and shareholders' equity	$	29,252,000		$	23,855,000

Consolidated Statement of Operations (unaudited)
	Three months ended						Twelve months ended
	March 31, 2011			March 31, 2010			March 31, 2011			March 31, 2010
Net Sales	$	7,866,000		$	5,129,000		$	28,838,000		$	21,075,000
Cost of Sales		4,411,000			2,753,000			16,479,000			12,059,000
Gross Margin		3,455,000			2,376,000			12,359,000			9,016,000

Other Operating Expenses
Research & Development		1,677,000			1,325,000			5,631,000			4,738,000
General & Administrative		1,039,000			1,009,000			4,032,000			4,160,000
Amortization		411,000			519,000			1,633,000			2,071,000
Wafer Fab Consolidation		-			-			-			40,000
Sales & Marketing		536,000			414,000			1,888,000			1,663,000
Total Other Operating Expenses		3,663,000			3,267,000			13,184,000			12,672,000

Net Operating Income (Loss)		(208,000	)		(891,000	)		(825,000	)		(3,656,000	)

Other (Income) & Expense
Other (Income)/Expense		15,000			48,000			16,000			(7,000	)
Interest Income		(2,000	)		(4,000	)		(5,000	)		(8,000	)
Interest Expense-Related Parties		16,000			15,000			61,000			60,000
Change in fair value of warrant liability		306,000			(61,000	)		491,000			(182,000	)
Loss on debt extinguishment		-			-			318,000			-
Interest Expense		20,000			42,000			176,000			244,000
Other (Income) & Expense		355,000			40,000			1,057,000			107,000

Loss before benefit from income taxes		(563,000	)		(931,000	)		(1,882,000	)		(3,763,000	)

Benefit for income taxes		-			(85,000	)		-			(85,000	)

Net (Loss)	$	(563,000	)	$	(846,000	)	$	(1,882,000	)	$	(3,678,000	)
Basic and diluted earnings per share	$	(0.02	)	$	(0.03	)	$	(0.07	)	$	(0.15	)

Weighted number of shares outstanding - Basic and diluted		29,285,000			24,496,000			26,366,000			24,368,000

Non-GAAP Financial Measures

The Company provides Non-GAAP Net Income and 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 and 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 and 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)
	Three months ended						Twelve months ended
	March 31, 2011			March 31, 2010			March 31, 2011			March 31, 2010
Net Income (Loss)	$	(563,000	)	$	(846,000	)	$	(1,882,000	)	$	(3,678,000	)

Add Back:
Change in warrant fair value		306,000			(61,000	)		491,000			(182,000	)
Loss on debt extinguishment		-			-			318,000			-
Amortization - intangibles/patents		411,000			519,000			1,633,000			2,071,000
Stock Option Compensation Expense		67,000			64,000			225,000			367,000
Other Expense - Wafer Fabrication		-			-			-			40,000
Subtotal - Add backs		784,000			522,000			2,667,000			2,296,000
Non-GAAP Income (Loss)	$	221,000		$	(324,000	)	$	785,000		$	(1,382,000	)

Net earnings loss per share	$	0.01		$	(0.01	)	$	0.03		$	(0.06	)

Weighted Number of shares outstanding		29,285,000			24,496,000			26,366,000			24,368,000

Reconciliation of EBITDA to GAAP income/(loss)
	Three months ended						Twelve months ended
	March 31, 2011			March 31, 2010			March 31, 2011			March 31, 2010
Net Income (Loss)	$	(563,000	)	$	(846,000	)	$	(1,882,000	)	$	(3,678,000	)

Add Back:
Net Interest expense (income)		33,000			53,000			232,000			296,000
Warrant (fair value) adjustment		306,000			(61,000	)		491,000			(182,000	)
Loss on debt extinguishment		-			-			318,000			-
Depreciation Expense		243,000			322,000			950,000			1,168,000
Amortization		411,000			519,000			1,633,000			2,071,000
Subtotal - Add backs		993,000			833,000			3,624,000			3,353,000
EBITDA	$	430,000		$	(13,000	)	$	1,742,000		$	(325,000	)

About Advanced Photonix, Inc.

Advanced Photonix, Inc.® (NYSE Amex: 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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