Dépêches

Advanced Photonix Reports Fourth Quarter and Fiscal 2011 Results

Dépèche transmise le 29 juin 2011 par Business Wire

Advanced Photonix Reports Fourth Quarter and Fiscal 2011 Results

Advanced Photonix Reports Fourth Quarter and Fiscal 2011 Results

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.

Business Wire

Les plus belles photos d'avions
Boeing 737-73S(WL) (OH-JTZ) Nieuport 28 (LX-NIE) McDonnell Douglas MD-11/F (N614FE) Boeing 747-422 (F-HSUN) Airbus A350-941 (F-HREU) Boeing 737-8K2(WL) (PH-HZJ)