Kurtz, Advanced Photonix, Inc. (734) 864 -5600
Moyer, Cameron Associates (212)
FOURTH QUARTER AND FISCAL 2008 RESULTS
Arbor, MI, June 30, 2008 --Advanced
(AMEX:API) (the “Company”) today
reported its fourth quarter and fiscal year 2008 results ended March 31,
Company's revenues were approximately flat for fiscal 2008, in line with revised
third quarter guidance. Revenues were $23.2
million, a slight decrease of 1.6% from prior year revenues of $23.6
decrease was primarily the result of delays in certain telecommunication and
defense product shipments from the latter half of fiscal 2008 to fiscal 2009.
net loss for fiscal 2008 was $(2,410,000) or $(.11) per diluted share as
compared to $(287,000) or $(.02) per diluted share for fiscal 2007. This loss
was primarily due to unfavorable product
mix due to lower sales to the telecommunications and defense markets.
net income (loss) is considered non-GAAP financial information, and
reconciliation between net income (loss) on a GAAP basis and non-GAAP net income
(loss) is provided in the attached table.
EBITDA basis (GAAP earnings/loss
before interest, taxes, depreciation, and amortization), the Company reported
negative EBITDA of ($2,815,000) for fiscal 2008. This compares to a positive
EBITDA of $40,000 for fiscal 2007. The fiscal 2008 negative EBITDA included
million of non-recurring expenses associated with the wafer fabrication
consolidation and closure of the Dodgeville facility.
Profit was $8.9 million (or 38% of revenue), compared to the prior year of
million (or 46% of revenue), a reduction of 18%. The
Company does not believe this is a trend, and anticipates improved gross margins
in fiscal 2009 as a result of the facilities consolidation that has been largely
completed in fiscal 2008, the selective elimination of low margin products
the industrial sensing market, increasing revenues from the telecommunication
market driven by 40G products, and the ramp up of our T-Ray 4000™ sales
beginning in fiscal 2009.
Kurtz, Chairman and Chief Executive Officer, commented, "This past year marked
year of transition for API, one from cost reduction and product development
past few years to revenue and profit growth as we enter fiscal 2009. Fiscal
was a year of some successes, unexpected surprises, and delays; but overall
making substantial progress in positioning API for growth in our three product
platforms. Looking to fiscal
are expecting to grow revenues 25% to $29 million and report strong revenue
earnings growth starting in our first quarter. We expect that our gross margins
will move closer to our strategic goal of 50% in fiscal 2009 as the benefits
our cost reduction programs in our custom optoelectronics product platform
the revenue growth in our HSOR and THz product platforms increase our capacity
press release, the financial tables, as well as other supplemental information
including the reconciliations of certain non-GAAP measures to their nearest
comparable GAAP measures, will also be available on our website under the
“Investor Relations” link.
The following information was filed by Advanced Photonix Inc (API) on Monday, June 30, 2008 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.