News

For its fiscal third-quarter 2008 (ended 28 December 2007), Advanced Photonix Inc of Ann Arbor, MI, USA has reported revenue of $5.31m, down 9.8% on $5.88m a year ago.

Net loss has grown from $964,000 to $2.73m.

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.

Telecoms revenues were $1.52m, down 14% on $1.77m after delays in shipments of new 40Gb/s design wins due to customers’ supply chain difficulties causing delays in their product shipments. However, customers continue to be optimistic about prospects for growth of 40Gb/s product lines. Advanced Photonix expects shipments to resume in fiscal Q4/2008, resulting in modest growth for the year.

Medical revenues were $372,000, down 36% on $578,000 due to end-of-life product discontinuance by a customer. Revenue will be minimal for Q4. Industrial Sensing/NDT market revenues were $2.01m, down 12% on $2.29m, due mainly to stopping supply of a low-value-added optoelectronic contract manufacturing part and manufacturing delays during closure of the Dodgeville, WI facility in December (consolidating all assembly into Camarillo, CA), offset by increases in THz/NDT revenue. However, Advanced Photonix expects double-digit growth for the rest of the fiscal year. Military/Aerospace market revenues were $1.23m, up 6% on $1.16m due to orders that were delayed from fiscal first-half 2008. The firm expects modest growth in Q4, although military revenues will be down for the year. Homeland Security revenues were $170,000, up from $88,000. This should increase substantially in Q4.

“We remain confident that we will end up 2008 well ahead of last year,” says chairman and CEO Richard Kurtz. “We have made significant investments in people and infrastructure this year, and now have the capacity to meet the growing demands we are experiencing for our HSOR [ high-speed optical receiver] product platform, particularly in 40G.”

The completion of a private equity placement (netting $4.3m), along with the conversion of $3.2m of debt to equity, allowed the firm to substantially deleverage its balance sheet and provide additional funds to help grow future revenues and earnings, Kurtz says. The broadening application development activities with the firm’s Terahertz product platform during the quarter bring the firm closer to potential full-scale commercial deployment in a number of commercial, industrial and governmental sectors, he adds.

See related items:

Advanced Photonix achieves positive EBITDA

Advanced Photonix closing Dodgeville assembly facility

Advanced Photonix awarded $1m contract for night vision system

Search: Advanced Photonix Photodetectors

Visit: www.advancedphotonix.com