16 November 2010

Advanced Photonix reports quarterly revenue up 29% year-on-year

For its fiscal second-quarter 2011 (to 2 July 2010), Advanced Photonix Inc of Ann Arbor, MI, USA (which designs and makes silicon, InP- and GaAs-based APD, PIN, and FILTRODE photodetectors, high-speed optical receivers, and terahertz instrumentation) has reported revenue of $7m, up 11% on $6.3m last quarter and up 29% on $5.4m a year ago. Revenue was down in only one of the firm’s five markets.

“The second quarter continued to fuel our strong return to growth,” says chairman & CEO Richard (Rick) Kurtz. “Year-to-date results are ahead of the raised guidance we gave in August of 20% year-over-year growth,” he adds.

Although down on 47% last quarter, gross margin of 42% is still up on 38% a year ago. On a non-GAAP basis, net profit was $209,000, more than doubling from just $97,000 last quarter and compared to a net loss of $452,000 a year ago. EBITDA (earnings before interest, taxes, depreciation, and amortization) was $455,000, up from $387,000 last quarter and compared to negative $220,000 a year ago (an improvement of $675,000).

“We expect a strong second half of the year based on: the increase in demand for our HSOR [high-speed optical receiver] products; a rebounding of our Optosolutions product platform; and the increased interest in our terahertz product platform, as demonstrated by the recently announced contracts to assist the Department of Homeland Security with the detection of concealed threats through the utilization of the technology in our T-Ray 4000,” says Kurtz. “Based on the performance of the first half and the outlook for the second half we are raising our annual guidance to the low end of a 25% increase in sales for the year,” he adds.

* The firm has also filed with the US Securities and Exchange Commission (SEC) a shelf registration statement that will allow it to sell up to $7m of various securities. The terms of any future sale or issuance of securities under the registration statement will be set forth in a prospectus supplement to be filed with the SEC.

See related items:

Advanced Photonix enters underlying profit after quarterly growth accelerates to 22%

Tags: Advanced Photonix

Visit: www.advancedphotonix.com

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