Advanced Photonix Inc 10-K Annual Report July 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%.”

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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/869986/000115752313003226/a50659373.htm

View differences made from one year to another to evaluate Advanced Photonix Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Advanced Photonix Inc.

Continue

Assess how Advanced Photonix Inc's management team is paid from their Annual Proxy

Advanced Photonix Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Advanced Photonix Inc provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

External Resources:
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/869986/0001157523-13-003226.htm

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

SEC Filings

869986 Annual Reports

869986 Quarterly Reports

869986 Corporate News