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16 August 2007


Advanced Photonix’s telecom and medical revenue growth offsets military order delays

For its fiscal first-quarter 2008 (to end-June 2007), Advanced Photonix Inc of Ann Arbor, MI, USA has reported sales of $6.1m, slightly down from $6.2m last quarter but up 8% on $5.7m a year ago.

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.

Year-on-year, telecom revenues grew 69% to $1.26, driven mainly by high-performance 10Gb/s and 40Gb/s markets. Medical revenues grew 74% to $1.1m. The firm expects the medical market to remain strong for the rest of the year, resulting in significant year-on-year growth. Industrial Sensing/NDT revenues grew 21% to $2.9m. Military/aerospace revenues fell 53% to $0.87m, mainly due to delays in receiving military orders. Overall, the firm expects military sales to be flat to slightly down year-on-year. Homeland Security revenues were down by $11,000, and are expected to remain uneven quarter to quarter, but increase for fiscal 2008.

Due mainly to the product mix of lower military sales and higher industrial sensing sales, gross margin has fallen from 43.5% to 40.2%. Meanwhile, total operating expenses grew from to $3.5m, due mainly to a rise of $310,000 in non-recurring expenses from consolidating wafer fabrication into one facility. Net loss has risen from $1.2m to $1.9m.

The firm anticipates continuing to expand its sales and marketing for the growing telecom market, and for business development of the terahertz product platform targeted at the industrial/NDT and homeland security markets.

Advanced Photonix’s high-speed optical receiver product platform (HSOR) continues to show strong year-on-year growth, which would have been higher had the firm not experienced delays in production releases on new design wins at several customers, says chairman and CEO Richard Kurtz. “Our Optosolutions product platform provided strong revenue from the medical and industrial markets that helped to offset the decline in our military revenues,” he adds. “With the release of our new T-Ray 4000 product, we have been actively engaged in various markets and application development work… We believe this continuing application development will begin to pay off in fiscal 2008 and in coming years.”

Advanced Photonix maintains its previously announced guidance of 15-25% revenue growth for fiscal 2008.

See related items:

Advanced Photonix wins contract for anti-tank missile program

Advanced Photonix opens consolidated silicon and III-V opto fab