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12 August 2008


Advanced Photonix grows 47% sequentially to record revenue of $7.8m

For its fiscal first-quarter 2009 (end 27 June 2008), Advanced Photonix Inc of Ann Arbor, MI, USA has reported net sales of $7.8m, up 47% on $5.3m last quarter. Growth was led by the telecoms sector, reflecting the production ramp of 40Gb/s client-side receivers, driven by carriers’ capacity expansions in the long-haul transport portion of their infrastructure.
Products of the vertically integrated optoelectronics manufacturer include patented silicon, indium phosphide and gallium arsenide based APD, PIN, and FILTRODE photodetectors; high-speed optical receivers; and the T-Ray 2000 and QA1000 THz terahertz instrumentation platforms.

Gross margin has risen to 48% from 34% last quarter, due mainly to increased military and telecom revenues, along with lower costs from wafer fab consolidation and closure of the assembly facility in Dodgeville, WI. Net income has improved to $147,000 from a net loss of $3.1m last quarter.

“Our high-speed optical receiver 40Gb/s products are starting to meet our growth projections, and we expect this to continue on an accelerated basis for the next several years,” says chairman and CEO Richard Kurtz. “Our Optosolutions product platform provided strong revenue from the military and industrial markets, which helped to offset the decline in our medical revenues,” he adds.

“We believe the growth in broadband applications and non-destructive testing markets will drive growth in our business now and in the foreseeable future,” Kurtz says. “We are cautious due to the overall health of the economy and expect to continue to see fluctuations in customer spending in any given quarter due primarily to their new product introduction patterns,” he adds. But even with this backdrop, Advanced Photonix is increasing its guidance for fiscal 2009 revenue growth (given at the end of June) from 25% to 30%.

See related items:

Advanced Photonix’s losses grow after telecom & defense sales slump

Advanced Photonix’s revenues fall 10% after 40G shipment delays

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