Advanced Photonix Inc 10-K Annual Report June 2014

●	Net sales for the quarter were $7.0 million, an increase of $1.0 million or 16% from the fourth quarter ended March 31, 2014. Sequentially, revenues were down 6% relative to the third quarter of fiscal 2014.

●	Net sales for the current fiscal year were $29.0 million, an increase of 23% over the prior year. The increase was attributable to test and measurement revenues associated with the Silonex net asset purchase in March 2013 and strong demand in telecommunication market sales.

●	Gross profit margin for Q4 2014 was 29% of sales compared to 36% for the quarter ended March 31, 2013. An unfavorable mix shift out of Comtest and Terahertz contract sales explained the rate change.

●	Gross profit margin for the fiscal year 2014 was 33% relative to 37% in the prior year. The Company incurred approximately $667,000 in one time charges in fiscal 2014 associated with the shutdown of it silicon photodiode fabrication activities.

●	Current quarter net loss was $1.1 million or $0.04 per diluted share, as compared to a quarterly net loss of $1.1 million or $0.03 per diluted share for the quarter ended March 31, 2013.

●	Net loss for the fiscal year 2014 was $4.3 million or $0.14 per diluted share, as compared to a loss of $4.4 million, or $0.14 per diluted share for the prior year period.

●

The Non-GAAP net loss for the fourth quarter of fiscal 2013 was $887,000 or $0.03 per diluted share, as compared to a Non-GAAP loss of $775,000, or $.02 per diluted share, for the fourth quarter last year. The Company reported full-year Non-GAAP net loss of $2.1 million, or $0.07 per diluted share, as compared to a Non-GAAP loss of $3.1 million, or $0.10 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 $593,000 for the fourth quarter of fiscal 2014 as compared to negative adjusted EBITDA of $572,000 for the quarter ended March 31, 2013. For the fiscal year 2014, the Company reported negative adjusted EBITDA of $846,000 as compared to a negative adjusted EBITDA of $2.2 million for the comparable prior year period.

Operating Expenses

The Company’s total operating expenses for the quarter were $3.1 million, down about $216,000 from the fourth quarter last year. As a percent of revenue, total operating expenses were 44% compared to 54% for the fourth quarter last year. For the year, total operating expenses were $13.0 million, or 45% of revenue, compared to $13.2 million, or 56% of revenue last year.

Balance Sheet

The Company finished the year with $120,000 in cash compared to $619,000 as of March 31, 2013 due primarily to the losses that were funded during the year. Net working capital as of March 31, 2014 was $1.7 million and the Company had the ability to borrow up to $2.0 million on the Company’s line of credit to provide any needed working capital. In June 2014, the Company obtained approximately $2.9 million in net cash proceeds from a firm underwritten Class A Common Stock placement using B Riley & Co. The Company believes this capital will be more than sufficient to provide the needed funding to satisfy working capital needs over the next year.

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

The following information was filed by Advanced Photonix Inc on Monday, June 30, 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-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/869986/000115752314002704/a50892514.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 2014 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: 0001157523-14-002704
Submitted to the SEC: Mon Jun 30 2014 4:06:51 PM EST
Accepted by the SEC: Mon Jun 30 2014
Period: Monday, March 31, 2014
Industry: Semiconductors And Related Devices

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/869986/0001157523-14-002704.htm

Advanced Photonix Inc (API) SEC Filing 10-K Annual report for the fiscal year ending Monday, March 31, 2014

SEC Filings

869986 Annual Reports

869986 Quarterly Reports

869986 Corporate News