Exhibit 99.1
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Advanced Photonix, Inc. Reports Fiscal 2014 Revenues up 23%

Ann Arbor, MI, June 30, 2014 --
Advanced Photonix, Inc.® (NYSE MKT API) (the “Company”) today reported results for the fourth quarter and year ended March 31, 2014.

Financial Highlights for the Fourth Quarter and Fiscal Year Ended March 31, 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.
 
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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 (API) 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.

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