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11 November 2008


Advanced Photonix’s revenue hits a record $8.2m; still expecting 30% full-year growth

For its fiscal second-quarter 2009 (ended 26 September), vertically integrated optoelectronics manufacturer Advanced Photonix Inc of Ann Arbor, MI, USA has reported net sales of $8.2m, up 5% on $7.8m last quarter and 25% on $6.5m a year ago, driven by military and industrial/NDT (non-destructive testing) markets.

On a non-GAAP basis, net income was $307,000, down from $869,000 last quarter but still an improvement on a net loss of $86,000 a year ago.

“The balance and strength of our three product platforms continues to give us the ability to meet our growth targets in this challenging economic environment,” says chairman & CEO Richard Kurtz. Products include patented silicon, indium phosphide and gallium arsenide based APD, PIN, and FILTRODE photodetectors; high-speed optical receivers (HSOR); and the T-Ray 2000 and QA1000 THz (terahertz) instrumentation platforms. “Our market opportunities and product platforms complement each another, and each product platform gives us a solid foundation to grow,” he believes. The strongest growth came from military, industrial and homeland security markets.

“We continue to believe we are in a strong multi-year growth period, but can still experience uneven quarterly revenue growth in our product platforms as our customers continue to test, qualify and deploy next-generation 40G HSOR and terahertz systems,” Kurtz continues. “We expect to continue to see fluctuations in our customers' spending in any given quarter due primarily to slower new product introductions and reduced capital expenditures due to current macro-economic conditions.”

Kurtz says that, looking ahead, Advanced Photonix is taking a prudently cautious view of guidance for the balance of the year, and is maintaining its revenue growth target of 30% year-on-year.

See related items:

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

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

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