Advanced Photonix Inc (API) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2012

Exhibit 99.1

Advanced Photonix, Inc. Reports Third Quarter FY2012 Results

ANN ARBOR, Mich.--(BUSINESS WIRE)--February 13, 2012--Advanced Photonix, Inc.

Financial Highlights for the third quarter compared to the prior year

• The Company's revenues for the quarter ended December 30, 2011 were $6.5 million, a decrease of 16% (or $1.2 million) over revenues of $7.7 million for the quarter ended December 31, 2010.
• Gross Profit for Q3 FY2012 was $2.7 million compared to Q3 FY2011 of $3.1 million, or a decrease of 13%.
• Operating expenses were $3.6 million for the quarter as compared to $3.3 million for the comparable prior year period, an increase of $296,000.
• Quarterly net loss was $812,000 or $0.03 per diluted share, as compared to a net loss of $649,000, or $0.03 per diluted share, for the quarter ended December 31, 2010.
• The Non-GAAP net profit for the second quarter of fiscal 2012 was $317,000 or $0.01 per diluted share, as compared to a Non-GAAP net profit of $259,000 or $0.01 per diluted share, for the comparable prior year period. Non-GAAP income and loss information eliminates certain non-cash adjustments required under generally accepted accounting principles in the Unites States.
• EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $236,000 for the third quarter of fiscal 2012 as compared to positive EBITDA of $472,000 for the comparable prior year period.

Financial Highlights for the nine months ended compared to the nine months ended Fiscal 2011

• Net Sales for the nine months were $23 million, an increase of $2 million or 10% compared to the nine months ended December 31, 2010.
• Year to date gross profit margin increased $731,000 or 8% over the prior year nine months ended December 31, 2010.
• Operating expenses were $11.3 million for the nine months ended December 30, 2011 as compared to $9.5 million for the comparable prior year.
• Net loss for the nine months ended December 30, 2011 was $1.0 million or $0.03 per diluted share, as compared to a net loss of $1.3 million, or $0.05 per diluted share, for the comparable prior year period.
• The Non-GAAP net income for the first nine months of fiscal 2012 was $259,000 or $0.01 per diluted share, as compared to a Non-GAAP net income of $565,000 or $0.02 per diluted share, for comparable prior year period.
• EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization), was a positive $193,000 for the first nine months of fiscal 2012 as compared to an EBITDA of a positive $1.3 million for the comparable prior year period.

Market Highlights for the nine months ended December 31, 2011, compared to the nine months ended Fiscal 2011

• Telecommunication revenue up 33% or $2.3 million
• Medical Market revenue up 23% or $152,000
• Homeland security market revenues up $921,000
• Military revenue down 16% or $633,000
• Industrial/NDT revenue down 8% or $758,000