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Advanced Photonix Inc (API) SEC Filing 10-Q Quarterly report for the period ending Friday, September 27, 2013

Advanced Photonix Inc

CIK: 869986
Exhibit 99.1
 
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Advanced Photonix, Inc. Reports 35% increase in Second quarter revenues

ANN ARBOR, Mich., Nov. 12, 2013 -- Advanced Photonix
® (NYSE MKT: API) (the Company, we, us or our) today reported improved results for the second quarter ended September 27, 2013.

Financial Highlights for the Second Quarter Ended September 27, 2013

 
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Net sales for the quarter were $7.5 million, an increase of $2.0 million or 35% from the second quarter ended September 28, 2012. Sequentially, revenues were up 6% relative to the first quarter of fiscal 2014. Sales growth due to the March acquisition of the Silonex net assets by Advanced Photonix Canada (APC) and telecommunication transmission and test revenues have lead the way.
 
 
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Gross profit margin for Q1 FY2014 was 37.0% of sales compared to 35.3% for the second quarter ended September 28, 2012. Cost reduction efforts and improved volumes helped improve the rate.
 
 
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Current quarter net loss was $578,000 or $0.02 per diluted share, as compared to a quarterly net loss of $1,287,000, or $0.04 per diluted share for the quarter ended September 28, 2012. Increased sales and related gross margin explain the 55% reduction in the net loss.
 
 
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The Non-GAAP net loss for the second quarter of fiscal 2014 was $300,000 or $0.01 per diluted share, as compared to a Non-GAAP loss of $943,000, or $.03 per diluted share, for the second quarter last year. Increased sales and related gross margin explain the 68% reduction in the net loss.
 
 
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Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a positive $20,000 for the second quarter of fiscal 2014 as compared to negative adjusted EBITDA of $718,000 for the quarter ended September 28, 2012.
 
Operating Expenses
The Company’s total operating expenses for the quarter were $3.3 million, up approximately $87,000 from the prior year quarter due primarily to the operating expenses assumed with the APC acquisition. Total operating expenses were 44.3% of sales compared to 58.1% for the second quarter last year.

Balance Sheet
The Company finished the quarter with $371,000 in cash compared to $619,000 as of March 31, 2013. Approximately $1.3 million was drawn on the Company’s line of credit. Net working capital as of September 27, 2013 was $3.6 million.

Richard Kurtz, Chief Executive Officer commented, “The second quarter came in pretty much as we expected continuing the trajectory of having a 35% year over year improvement in sales. The most recent government shutdown and the effects of sequestration have interrupted the continuity of several Terahertz development contracts and the normal flow of our military/aerospace business. Near term demand in our test and measurement and telecommunications transmission products have the opportunity to mitigate these recent headwinds. This quarter test and measurement sales represented 62% of our total revenues as we continue to solve our customer’s need to quantify and evaluate key elements in their applications that can only be done through optical sensing. We look forward to continued success in the test and measurement market, as well as overall growth for the Company.”

Conference Call
Participating in the call will be Richard Kurtz (CEO and Director), Rob Risser (COO and Director), and Jeff Anderson (CFO). The live audio webcast will be accessible at http://www.videonewswire.com/event.asp?id=96854 and will last approximately one hour. The conference call will end with a question and answer period. To access the conference call dial 877.870.4263 (412.317.0790 for international and 855.669.9657 for Canada).
 
 
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2925 Boardwalk • Ann Arbor, MI 48104 • (734) 864-5600 • Fax (734) 998-3474
 
 
 

The following information was filed by Advanced Photonix Inc on Tuesday, November 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Activity In Level Three Warrants (detail)
Assumptions Used To Estimate Fair Value Of Warrants (detail)
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Calculation Of Income Loss Per Share (detail)
Credit Risk
Credit Risk - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Detail Of Certain Asset Accounts
Detail Of Certain Asset Accounts (tables)
Detail Of Certain Asset Accounts - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Fair Value Of Financial Instruments
Future Amortization Expenses For Intangible Assets And Patents Excluding Patents Pending (detail)
Intangible Assets That Have Definite Lives (detail)
Inventories (detail)
Options Outstanding And Options Exercisable (detail)
Restricted Share Transactions (detail)
Silonex Net Asset Purchase
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)
Stockholders Equity - Additional Information (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Summarized Information Regarding Options Outstanding And Options Exercisable (detail)
Total Outstanding Debt (detail)
Warrants Outstanding And Exercisable (detail)
CIK: 869986
Form Type: 10-Q Quarterly Report
Accession Number: 0001157523-13-005472
Submitted to the SEC: Tue Nov 12 2013 4:05:56 PM EST
Accepted by the SEC: Tue Nov 12 2013
Period: Friday, September 27, 2013
Industry: Semiconductors And Related Devices

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