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Conference Call at 2:00 p.m. PT, February 24, 2005 - Advanced Power Technology will conduct a conference call at 2:00 p.m. PT, Thursday, February 24, 2005 webcast simultaneously for interested investors via the Companys corporate web site at www.advancedpower.com. The call can be accessed live by dialing 888-208-1812. International callers please dial 719-457-2654. The content of the call will remain available for replay on the Internet for 30 days. In addition, a telephone replay of the conference call will be available for 30 days and can be accessed at 888-203-1112 and from international locations at 719-457-0820; pass code 5389040.
ADVANCED POWER TECHNOLOGY REPORTS
FOURTH QUARTER AND YEAR ENDED 2004 RESULTS
Bend, Oregon, February 24, 2005 Advanced Power Technology, Inc. (NASDAQ: APTI), a leading supplier of high performance power semiconductors used in the conditioning and control of electrical power for both switching and RF applications, today reported financial results for the fourth quarter and year ended December 31, 2004.
2004 Financial Highlights
2004 revenues increased to $67.8 million, compared with 2003 revenues of $48.9 million, a 38.7 % increase.
2004 net income in accordance with GAAP was $3.1 million or $0.27 per diluted share, compared to 2003 net loss of $3.3 million or $(0.32) per share.
2004 pro forma net income increased to $5.1 million or $0.45 per diluted share, compared to a 2003 net loss of $671,000 or $(0.06) per share.
2004 pro forma gross margin improved to 37.6% of revenue compared to 34.0% in 2003.
2004 cash flow generated from operations increased to $3.7 million, compared to 2003 cash flow generated from operations of $2.3 million.
Fourth Quarter Review
For the fourth quarter of 2004, revenues were $16.0 million, up 27.8 percent from $12.5 million for the fourth quarter of 2003, and down 14.1 percent from $18.7 million for the third quarter of 2004. Net income for the fourth quarter 2004 in accordance with generally accepted accounting principles (GAAP) was $676,000, or $0.06 per diluted share. This compares to the fourth quarter 2003 net loss of $1.9 million or $(0.18) per share and to the third quarter 2004 net income of $1.2 million or $0.11 per diluted share. On a GAAP basis, gross margin for the fourth quarter 2004 was 36.1 percent of revenue compared to 31.0 percent in the year-ago quarter and 33.8 percent in the prior quarter.
The following information was filed by Advanced Power Technology Inc on Monday, February 28, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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