Exhibit 99.1

 

MEDIA RELEASE

 

Conference Call at 2:00 p.m. PT, October 20, 2005

- Advanced Power Technology will conduct a conference call at 2:00 p.m. PT, Thursday, October 20, 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 800-967-7144.  International callers please dial 719-457-2632.  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 2229416.

 

ADVANCED POWER TECHNOLOGY REPORTS
THIRD QUARTER 2005 RESULTS AND PROVIDES OUTLOOK
FOR FOURTH QUARTER 2005

 

Bend, Oregon, October 20, 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 third quarter ended September 30, 2005.

 

For the third quarter of 2005, revenues were $16.8 million which was down 9.7 percent from $18.7 million for the third quarter of 2004, and up sequentially 11.0 percent from $15.2 million for the second quarter of 2005. The net income for the third quarter of 2005 in accordance with generally accepted accounting principles (GAAP) was $828,000, or $0.07 per diluted share, and included $326,000 of charges primarily related to non-cash intangible asset amortization due to acquisitions.  This compares to a third quarter of 2004 GAAP net income of $1.2 million or $0.11 per diluted share and to a second quarter of 2005 GAAP net loss of $237,000 or $(0.02) per share. On a GAAP basis, gross margin for the third quarter of 2005 was 34.2 percent of revenue compared to 33.8 percent in the year-ago quarter and 31.1 percent in the prior quarter.

 

On a non-GAAP basis excluding non-cash purchase accounting charges related to acquisitions and other charges, net income for the third quarter ended September 30, 2005 was $1.2 million or $0.10 per diluted share, compared to net income of $1.9 million or $0.17 per diluted share in the year-ago quarter and net income of $185,000 or $0.02 per diluted share in the second quarter of 2005.   Non-GAAP gross margin for the third quarter of 2005 was 35.8 percent of revenue compared to 35.3 percent in the year-ago quarter and 32.9 percent in the prior quarter.