News

30 June 2009

 

Advanced Photonix’s annual revenue rises 28% despite last-quarter dip

For its fiscal 2009 (to end March), vertically integrated optoelectronics manufacturer Advanced Photonix Inc of Ann Arbor, MI, USA has reported net sales of $29.7m, up 28% on $23.2m a year ago (led by the military, telecoms and industrial/non-destructive testing markets). “We are pleased with the results of our fiscal year, especially considering these tough economic times,” says chairman & CEO Richard Kurtz.

Fiscal fourth-quarter sales were $6.1m, up 16.7% on $5.2m a year ago, led by military sales (up 79%). However, this was down 20% on fiscal Q3’s $7.6m.

Gross margin rose from 38% in fiscal 2008 to 44% (due mainly to higher revenues and product mix). Fiscal Q4 gross margin was 38%, up from 34% a year ago but down on fiscal Q3’s 43%.

Operating expenses were cut slightly from $14.9m in fiscal 2008 to $14.6m or, as a percentage of revenue, from 64.1% to just 49.2%. This demonstrates operating leverage inherent in the business model, the firm says.

On a non-GAAP basis, compared to a loss of $2.4m in fiscal 2008, fiscal 2009 saw net income of $550,000. However, the fourth quarter saw a net loss of $884,000. This is cut from $1.1m a year ago, but compares with net income of $260,000 in fiscal Q3.

Compared to minus $2.8m for fiscal 2008, EBITDA (earnings before interest, taxes, depreciation, and amortization) was +$1.6m. Fourth-quarter EBITDA has been improved from minus $1m a year ago to minus $603,000, although this compares with +$590,000 in fiscal Q3. Cash and cash equivalents rose during the year from $1.6m to $2.6m.

“We are particularly proud to have reported significant revenue growth, non-GAAP earnings of $0.02 per share, an improvement of $0.13 per share, and growth in EBITDA of $4.4m,” says Kurtz.

“In these uncertain and difficult times, we are fortunate to have three product platforms that are all contributing to help meet our growth targets,” he adds. 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.

"As our platform revenue mix changes next year, we expect to see ongoing improvement in revenues and EBITDA growth,” adds Kurtz. “The start of our fiscal year will be slower, mainly due to the macroeconomic environment, but the growth of our HSOR and the stability of our other product platforms will support our growth plans and we remain cautiously optimistic that we can continue to grow despite the generally adverse economic conditions.”

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