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Advanced Photonix Inc (API) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 31, 2013

Advanced Photonix Inc

CIK: 869986
Exhibit 99.1
 
GRAPHIC
 
Advanced Photonix, Inc. Reports Fourth Quarter and Fiscal 2013 Results

ANN ARBOR, Mich., July 1, 2013/Advanced Photonix
®
(NYSE MKT: API) (the “Company”) today reported results for the fourth quarter and year ended March 31, 2013.

Financial Highlights for the Fourth Quarter and Fiscal Year Ended March 31, 2013

 
Net sales for the quarter were $6.0 million, a decrease of $0.5 million or 8% from the fourth quarter ended March 31, 2012. Sequentially, revenues were up 3% relative to the third quarter of fiscal 2013.
 
 
Net sales for the current fiscal year were $23.6 million, a decrease of 20% over the prior year. The decrease was attributable to our telecommunication, homeland security and medical market sales.
 
 
Gross profit margin for Q4 2013 was 35.8% of sales compared to 34.2% for the quarter ended March 31, 2012. Cost reduction efforts and a favorable mix helped improve the rate.
 
 
Gross profit margin for the fiscal year 2013 was 37.3% relative to 40.2% in the prior year.
 
 
Current quarter net loss was $1,081,000 or $0.03 per diluted share, as compared to a quarterly net loss of $1,063,000, or $0.03 per diluted share for the quarter ended March 31, 2012.
 
 
Net loss for the fiscal year 2013 was $4.4 million or $0.14 per diluted share, as compared to a loss of $2.1 million, or $0.07 per diluted share for the prior year period.
 
 
The Non-GAAP net loss for the fourth quarter of fiscal 2013 was $775,000 or $0.02 per diluted share, as compared to a Non-GAAP loss of $654,000, or $.02 per diluted share, for the fourth quarter last year. The Company reported full-year Non-GAAP net loss of $3.1 million, or $0.10 per diluted share, as compared to a Non-GAAP loss of $913,000, or $0.03 per diluted share, for the comparable prior year period.
 
 
Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a negative $572,000 for the fourth quarter of fiscal 2013 as compared to negative adjusted EBITDA of $416,000 for the quarter ended March 31, 2012. For the fiscal year 2013, the Company reported negative adjusted EBITDA of $2.2 Million as compared to an adjusted EBITDA of $257,000 for the comparable prior year period.
 
Operating Expenses
The Company’s total operating expenses for the quarter were $3.3 million, similar to the fourth quarter last year. As a percent of revenue, total operating expenses were 54.5% compared to 49.9% for the fourth quarter last year. For the year, total operating expenses were $13.2 million, or 55.9% of revenue, compared to $14.5 million, or 49.2% of revenue last year.

Balance Sheet
The Company finished the year with $619,000 in cash compared to $3.2 million as of March 31, 2012 due primarily to the losses that were funded during the year.  Net working capital as of March 31, 2013 was $4.9 million and the Company had the ability to borrow up to $1.5 million on the Company’s line of credit.

Richard Kurtz, Chairman and Chief Executive Officer, commented, "Last year was a difficult year, but we expect to return to growth this coming fiscal year. The Thailand flooding in late 2011continued to impact 100G orders from our customers early in our fiscal year 2013 and we did not succeed getting our new low cost source for a subcomponent to ramp up in volume as needed until after year end. Coupled with a slowdown in China and the fall off of the In-Q-Tel contract work, we saw our top line drop by 20%. As we announced in June, the supply chain bottleneck has been solved and we have been able to respond to our customers increased demands for 100G product. Combined with the recent purchase of the operating assets of Silonex, we expect a return to growth with fiscal 2014 sales looking to be higher than this last year by over 35%.”
 
 
 
 
 
 
GRAPHIC
2925 Boardwalk • Ann Arbor, MI 48104 • (734) 864-5600 • Fax (734) 998-3474
 
 
 

The following information was filed by Advanced Photonix Inc on Monday, July 1, 2013 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Activity In Level Three Warrants (detail)
Assumptions Used To Estimate Fair Value Of Warrants (detail)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (detail)
Capitalization
Capitalization - Additional Information (detail)
Commitments & Contingencies
Commitments & Contingencies (tables)
Commitments & Contingencies - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt Principal And Maturities (detail)
Employees' Retirement Plan
Employees' Retirement Plan - Additional Information (detail)
Equipment And Leasehold Improvements
Equipment And Leasehold Improvements (detail)
Equipment And Leasehold Improvements (tables)
Equipment And Leasehold Improvements - Additional Information (detail)
Equity
Equity (tables)
Equity - Additional Information (detail)
Estimated Useful Life Of Assets (detail)
Fair Value Assumptions Of Option Plan (detail)
Financial Information By Quarter (detail)
Foreign Sales
Foreign Sales (tables)
Foreign Sales - Additional Information (detail)
Future Amortization Expenses For Intangible Assets And Patents Excluding Patents Pending (detail)
Future Amortization Expenses For Intangible Assets And Patents Excluding Patents Pending (parenthetical) (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (tables)
Intangible Assets And Goodwill - Additional Information (detail)
Intangible Assets That Have Definite Lives (detail)
Inventories
Inventories (detail)
Inventories (tables)
Minimum Future Lease Payments Under All Non Cancelable Operating Lease (detail)
Net Deferred Tax Assets (liabilities) (detail)
Options Outstanding And Options Exercisable (detail)
Product Warranty Liability (detail)
Purchase Price Allocation (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Reconciliation Between Provisions For Income Taxes Compared With Amounts At United States Federal Statutory (detail)
Restricted Share Transactions (detail)
Sales To Specific Countries, Stated As Percentage Of Total Sales (detail)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (detail)
Silonex Net Asset Purchase
Silonex Net Asset Purchase (tables)
Silonex Net Asset Purchase - Additional Information (detail)
Stock Based Compensation
Stock Based Compensation (tables)
Stock Based Compensation - Additional Information (detail)
Stock Based Compensation Expense (detail)
Stock Option Transactions (detail)
The Company
The Company - Additional Information (detail)
Warrants Outstanding And Exercisable (detail)
CIK: 869986
Form Type: 10-K Annual Report
Accession Number: 0001157523-13-003226
Submitted to the SEC: Mon Jul 01 2013 4:06:29 PM EST
Accepted by the SEC: Mon Jul 01 2013
Period: Sunday, March 31, 2013
Industry: Semiconductors And Related Devices

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