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Advanced Power Technology Inc (1114973) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2005

Advanced Power Technology Inc

CIK: 1114973

Exhibit 99.1

 

MEDIA RELEASE              

 

                Conference Call at 2:00 p.m. PT, April 28, 2005

- Advanced Power Technology will conduct a conference call at 2:00 p.m. PT, Thursday, April 28, 2005, webcast simultaneously for interested investors via the Company’s corporate web site at www.advancedpower.com.  The call can be accessed live by dialing 800-967-7141.  International callers please dial 719-457-2630.  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 2889204.

 

 

ADVANCED POWER TECHNOLOGY REPORTS

FIRST QUARTER 2005 RESULTS

 

 

                Bend, Oregon, April 28, 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 first quarter ended March 31, 2005.

 

 

For the first quarter of 2005, revenues were $14.1 million which was down 6.4 percent from $15.1 million for the first quarter of 2004, and down 11.8 percent from $16.0 million for the fourth quarter of 2004. The net loss for the first quarter of 2005 in accordance with generally accepted accounting principles (GAAP) was $6.3 million, or $(0.59) per share and included $4.9 million of in-process research and development charges related to the Company’s acquisition of PowerSicel, Inc. on January 7, 2005 and $363,000 in other charges primarily related to non-cash intangible asset amortization charges due to acquisitions.  This compares to a first quarter 2004 GAAP net income of $283,000 or $0.03 per diluted share and to a fourth quarter 2004 GAAP net income of $676,000 or $0.06 per diluted share.  On a GAAP basis, gross margin for the first quarter 2004 was 26.6 percent of revenue compared to 36.1 percent in the year-ago quarter and 36.1 percent in the prior quarter.

 

 

                Excluding non-cash purchase accounting charges related to acquisitions and certain previously announced restructuring charges, the pro forma net loss for the first quarter ended March 31, 2005 was $1.1 million or $(0.10) per share, compared to a pro forma net income of $769,000 or $0.07 per diluted share in the year-ago quarter and a pro forma net income of $1.2 million or $0.11 per diluted share in the fourth quarter of 2004.   Pro forma gross margin for the first quarter 2005 was 28.5 percent of revenue compared to 37.9 percent in the year-ago quarter and 37.8 percent in the prior quarter. Relative to prior expectation, the Company’s first quarter 2005 gross profit was negatively impacted by lower than planned wafer fabrication facility utilization and manufacturing yields as well as greater than anticipated product returns and reserve requirements for excess inventory.

 

 


The following information was filed by Advanced Power Technology Inc on Friday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1114973
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-05-021976
Submitted to the SEC: Tue May 10 2005 12:07:31 PM EST
Accepted by the SEC: Tue May 10 2005
Period: Thursday, March 31, 2005
Industry: Semiconductors And Related Devices

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