Advanced Photonix Inc 10-Q Quarterly Report February 2014

●	Net sales for the quarter were $7.5 million, an increase of $1.6 million or 28% from the third quarter ended December 28, 2012. Sequentially, revenues were flat with the second quarter of fiscal 2014.

●	Gross profit margin for Q3 2014 was 25.3% of sales compared to 42.0% for the same quarter of fiscal 2013 due primarily to a one-time accelerated depreciation charge related to shutdown of silicon photodiode production.

●	Current quarter net loss was $1,618,000 or $0.05 per diluted share, as compared to a quarterly loss of $1,026,000, or $0.03 per diluted share for the quarter ended December 28, 2012.

●	The Non-GAAP net loss for the third quarter of fiscal 2014 was $517,000 or $0.02 per diluted share, as compared to a Non-GAAP net loss of $700,000, or $.02 per diluted share, for the third quarter last year.

●	Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a negative $205,000 for the third quarter of fiscal 2014 as compared to a negative adjusted EBITDA of $485,000 for the quarter ended December 28, 2012.

Operating Expenses

The Company’s total operating expenses for the quarter were $3.2 million, comparable to the $3.5 million reported for the third quarter last year. As a percent of revenue, total operating expenses for the third quarter of 2014 relative to the third quarter of 2013 were 43% and 59% respectively.

Richard Kurtz, Chief Executive Officer, commented, "While we are disappointed in the pause we saw this quarter in our revenue growth, we are encouraged by the traction we are getting in the 100G transmission market and the large funnel of potential sales developing for Terahertz. We are actively assessing strategic options to shore up our liquidity to fund the expected future growth for these opportunities. We are still anticipating significant year-over-year growth this year, however due to the government sequestration that impacted our development contracts and pushed out the timing of the expected revenue, we have lowered our revenue growth for fiscal 2014 to be approximately 25% relative to the prior year.”

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=97974 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).

Alternatively, an archived version of the conference call will be available shortly following the conclusion of the live call in the Investors section of API's website at www.advancedphotonix.com.

Forward-looking Statements:

The information contained herein includes forward looking statements that are based on assumptions that management believes to be reasonable but are subject to inherent uncertainties and risks including, but not limited to, unforeseen technological obstacles which may prevent or slow the development and/or manufacture of new products; potential problems with the integration of the acquired company and its technology and possible inability to achieve expected synergies; obstacles to successfully combining product offerings and lack of customer acceptance of such offerings; limited (or slower than anticipated) customer acceptance of new products which have been and are being developed by the Company; and a decline in the general demand for optoelectronic products; and the risk factors listed from time to time in the Company’s’ Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any subsequent SEC filings. The Company assumes no obligation to update forward-looking statements contained in this release to reflect new information or future events or developments.

2925 Boardwalk • Ann Arbor, MI 48104 • (734) 864-5600 • Fax (734) 998-3474

The following information was filed by Advanced Photonix Inc on Monday, February 10, 2014 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

CIK: 869986
Form Type: 10-Q Quarterly Report
Accession Number: 0001157523-14-000525
Submitted to the SEC: Mon Feb 10 2014 4:05:44 PM EST
Accepted by the SEC: Mon Feb 10 2014
Period: Friday, December 27, 2013
Industry: Semiconductors And Related Devices

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

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