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Advanced Photonix Reports FY2013 Third Quarter Results
ANN ARBOR, Mich. --(Business Wire)--
Advanced Photonix (News - Alert), Inc.® (NYSE MKT: API) (the "Company")
today reported results for the third quarter ended December 28, 2012.
Financial Highlights for the Third Quarter Ended December 28, 2012
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Net sales for the quarter were $5.8 million, a decrease of $0.7
million or 10% from the third quarter ended December 30, 2011.
Sequentially, revenues were up 4% relative to the second quarter of
fiscal 2013.
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Gross profit margin for Q3 FY2013 was 42.0% of sales compared to 41.3%
for the same quarter of fiscal 2012 due to a favorable product mix and
cost reduction efforts.
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Current quarter net loss was $1,026,000 or $0.03 per diluted share, as
compared to a quarterly loss of $812,000, or $0.03 per diluted share
for the quarter ended December 30, 2011.
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The Non-GAAP net loss for the third quarter of fiscal 2013 was
$700,000 or $0.02 per diluted share, as compared to a Non-GAAP net
loss of $317,000, or $.01 per diluted share, for the third quarter
last year.
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Adjusted EBITDA (which is defined as GAAP earnings before interest,
taxes, depreciation, amortization and stock compensation), was a
negative $485,000 for the third quarter of fiscal 2013 as compared to
a negative adjusted EBITDA of $1,000 for the quarter ended December
30, 2011.
Operating Expenses
The Company's total operating expenses for the quarter were $3.5
million, comparable to the $3.5 million reported for the third quarter
last year. As a percent of revenue, total operating expenses for the
third quarter of 2013 relative to the third quarter of 2012 were 59% and
55% respectively.
Richard Kurtz, Chief Executive Officer, commented, "We continue to see
signs of improving business condition although further out than we
expected. Because of the continuing supply issues we have experienced
and continue to have in our 100G HSOR product platform, we now expect a
flat second half of fiscal 2013 relative to the first half with growth
picking up in subsequent quarters. In anticipation of the drop in
revenue in this second half, we have secured an additional $2.5 million
in a credit facility to insure we can meet our growth plans this coming
year. I would like to thank Partners for Growth for working with us to
structure a financing deal that aligns our short term and long term debt
and minimizes shareholder dilution. We plan to give our total revenue
guidance for fiscal 2014 in June with our total year fiscal year 2013
results."
Conference Call
The Company will hold a conference call to discuss the results for the
third quarter ended on Monday, February 11, 2013, 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 888.680.0869
(617.213.4854 for international) using the passcode 71842800. 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 February 18, 2013. The replay number is
888.286.8010 (617.801.6888 for international) and the passcode is
20930728.
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; 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 (News - Alert) 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
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CONDENSED CONSOLIDATED BALANCE SHEET
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Dec 28, 2012
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ASSETS
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(unaudited)
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March 31, 2012
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Current assets
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Cash and cash equivalents
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$
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559,000
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$
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3,249,000
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Receivables, net
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3,770,000
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4,539,000
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Inventories
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3,702,000
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3,594,000
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Prepaid expenses and other current assets
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450,000
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261,000
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Total current assets
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8,481,000
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11,643,000
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Equipment and leasehold improvements, net
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3,033,000
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3,301,000
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Goodwill
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4,579,000
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4,579,000
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Intangibles and patents, net
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3,760,000
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4,538,000
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Other assets
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345,000
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322,000
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Total assets
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$
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20,198,000
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$
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24,383,000
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities
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Accounts payable and accrued expenses
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$
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2,206,000
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$
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1,878,000
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Accrued compensation
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708,000
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866,000
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Current portion of long-term debt - bank term loan
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333,000
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333,000
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Current portion of long-term debt - bank line of credit
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--
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500,000
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Current portion of long-term debt - MEDC/MSF
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�
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547,000
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�
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532,000
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Total current liabilities
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3,794,000
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4,109,000
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Long-term debt, less current portion - MEDC/MSF
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517,000
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929,000
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Long-term debt, less current portion - bank term loan
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417,000
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667,000
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Warrant liability
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--
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26,000
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Total liabilities
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4,728,000
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5,731,000
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Shareholders' equity
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Class A common stock, $.001 par value, 100,000,000 shares
authorized; December 28, 2012 - 31,161,147 shares issued and
outstanding; March 31, 2012 - 31,159,431 shares issued and
outstanding
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31,000
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31,000
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Additional paid-in capital
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58,570,000
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58,446,000
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Accumulated deficit
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(43,131,000
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(39,825,000
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Total shareholders' equity
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15,470,000
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18,652,000
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Total liabilities and shareholders' equity
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$
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20,198,000
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�
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$
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24,383,000
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