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Advanced Photonix Reports FY2013 Second Quarter Results

Advanced Photonix, Inc.® (NYSE MKT: API) (the “Company”) today reported results for the second quarter ended September 28, 2012.

Financial Highlights for the Second Quarter Ended September 28, 2012

  • Net sales for the quarter were $5.6 million, a decrease of $2.8 million or 33% from the second quarter ended September 30, 2011. Sequentially, revenues were down 10% relative to the first quarter of fiscal 2013.
  • Gross profit margin for Q2 2013 was 35.3% of sales compared to 42.7% for the same quarter of fiscal 2012. Price pressures in our high-speed optical receiver (HSOR) product line prior to cost reduction efforts and lower volumes affected the rate and gross margin dollars.
  • Current quarter net loss was $1,287,000 or $0.04 per diluted share, as compared to a quarterly loss of $254,000, or $0.01 per diluted share for the quarter ended September 30, 2011.
  • The Non-GAAP net loss for the second quarter of fiscal 2013 was $942,000 or $0.03 per diluted share, as compared to a Non-GAAP net income of $155,000, or $.01 per diluted share, for the second quarter last year.
  • Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a negative $717,000 for the second quarter of fiscal 2013 as compared to positive adjusted EBITDA of $469,000 for the quarter ended September 30, 2011.

Operating Expenses

The Company’s total operating expenses for the quarter were $3.2 million, down 17% compared to the $3.9 million reported for the second quarter last year. As a percent of revenue, total operating expenses were 58% compared to 47% for the second quarter last year.

Richard Kurtz, Chief Executive Officer, commented, "We continue to believe that our fiscal 2013 will have a much better second half. As with the other telecommunications suppliers we have seen weakness in network spending recently. This has caused us to be more cautious in our total year outlook. Our recent success in securing increased 100G business from one of our large OEM’s for calendar year 2013 is a positive sign amid general softness we have seen from China and Europe due to challenging macro economic conditions. Our terahertz (THz) product platform is continuing to gain traction in industrial process control markets and we expect this growth to continue during the balance of the fiscal year and beyond. However due to the more challenging international macroeconomic environment, reduced U.S. military activities, and the looming U.S. fiscal cliff and their corresponding impact on our customer’s expansion plans in the industrial and defense markets, we are projecting a more cautious outlook for the fiscal year. Due to these conditions we are changing revenue growth for the second half of our fiscal 2013 to a range of 15-25% higher than the first half.”

Conference Call

The Company will hold a conference call to discuss the results for the second quarter ended September 28, 2012 on Tuesday, November 13, 2012, at 4:30 PM EST.

The conference call will be webcast live and will be accessible at http://advancedphotonix.investorroom.com. Participants can dial into the conference call at 888.680.0879 (617.213.4856 for international) using the passcode 93280290. A question and answer period will take place at the end of the discussion.

An audio replay of the call will be available shortly thereafter and will remain on-line until November 20, 2012. The replay number is 888.286.8010 (617.801.6888 for international) and the passcode is 27900435.

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. API-G

   
 
 

CONDENSED CONSOLIDATED BALANCE SHEET

 
ASSETS

Sept 28, 2012
(unaudited)

Sept 30, 2011
Current assets
Cash and cash equivalents $ 1,624,000 $ 3,249,000
Receivables, net 4,868,000 4,539,000
Inventories 3,706,000 3,594,000
Prepaid expenses and other current assets   468,000     261,000  
Total current assets 10,666,000 11,643,000
Equipment and leasehold improvements, net 3,104,000 3,301,000
Goodwill 4,579,000 4,579,000
Intangibles and patents, net 4,024,000 4,538,000
Other assets   352,000     322,000  
Total assets $ 22,725,000   $ 24,383,000  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 2,593,000 $ 1,878,000
Accrued compensation 837,000 866,000
Current portion of long-term debt – bank term loan 333,000 333,000
Current portion of long-term debt – bank line of credit 800,000 500,000
Current portion of long-term debt – MEDC/MSF   543,000     532,000  
Total current liabilities 5,106,000 4,109,000
Long-term debt, less current portion – MEDC/MSF 656,000 929,000
Long-term debt, less current portion – bank term loan 500,000 667,000
Warrant liability   13,000     26,000  
Total liabilities 6,275,000 5,731,000
 
Shareholders' equity
Class A common stock, $.001 par value, 100,000,000 shares authorized; September 28, 2012 – 31,161,147 shares issued and outstanding; March 31, 2012 – 31,159,431 shares issued and outstanding 31,000 31,000
Additional paid-in capital 58,524,000 58,446,000
Accumulated deficit   (42,105,000 )   (39,825,000 )
Total shareholders' equity   16,450,000     18,652,000  
Total liabilities and shareholders' equity $ 22,725,000   $ 24,383,000  
 
 
 

CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

   
Three months ended Six months ended
Sept 28, 2012   Sept 30, 2011 Sept 28, 2012   Sept 30, 2011
Sales, net $ 5,586,000 $ 8,120,000 $ 6,216,000 $ 8,120,000
Cost of products sold   3,612,000     4,742,000     3,972,000     4,742,000  
Gross profit 1,974,000 3,378,000 2,244,000 3,378,000
 
Operating expenses
Research and development 1,342,000 1,692,000 1,371,000 1,692,000
Sales and marketing 496,000 1,159,000 1,053,000 1,159,000
General and administrative 1,119,000 342,000 292,000 342,000
Amortization   291,000     615,000     505,000     615,000  
Total operating expenses   3,248,000     3,921,000     6,469,000     7,729,000  
Loss from operations (1,274,000 ) (354,000 ) (2,251,000 ) (784,000 )
 
Other income (expense)
Interest income -- 2,000 -- 4,000
Interest expense (30,000 ) (31,000 ) (63,000 ) (62,000 )
Interest expense, related parties -- (13,000 ) -- (28,000 )
Change in fair value of warrant liability (4,000 ) 142,000 13,000 634,000
Other income   21,000     --     21,000     --  
Net loss $ (1,287,000 ) $ (254,000 ) $ (2,280,000 ) $ (236,000 )
 
Net loss per common share
Basic and diluted $ (0.04 ) $ (0.01 ) $ (0.07 ) $ (0.01 )
 
Weighted average common shares outstanding
Basic and diluted 31,161,000 30,827,000 31,161,000 30,756,000
 
 
 

Non-GAAP Financial Measures

The Company provides Non-GAAP Net Income, EBITDA and adjusted EBITDA as supplemental financial information regarding the Company's operational performance. These Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. Non-GAAP Net Income, EBITDA and adjusted EBITDA should not be considered in isolation from or as a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from similar measures used by other companies. Reconciliation of Non-GAAP Net Income, EBITDA and adjusted EBITDA to GAAP net income and loss are set forth in the financial schedule section below.

RECONCILIATION OF NON-GAAP INCOME (LOSS) TO GAAP INCOME (LOSS)

   
Three months ended Six months ended
Sept 28, 2012   Sept 30, 2011 Sept 28, 2012   Sept 30, 2011
Net income (loss) $ (1,287,000 ) $ (254,000 ) $ (2,280,000 ) $ (236,000 )
Add back:
Change in warrant fair value 4,000 (142,000 ) (13,000 ) (634,000 )
Amortization - intangibles/patents 291,000 342,000 583,000 684,000
Stock option compensation expense   49,000     209,000     78,000     245,000  
Subtotal – add backs   344,000     409,000     648,000     295,000  
Non-GAAP (loss) $ (943,000 ) $ 155,000   $ (1,632,000 ) $ 59,000  
 
Net loss per common share
Basic and diluted $ (0.03 ) $ 0.01 $ (0.05 ) $ 0.00
 
Weighted average common shares outstanding 31,161,000 30,827,000 31,161,000 30,756,000
Basic and diluted
 
 

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO GAAP (LOSS)

 
Three months ended Six months ended
Sept 28, 2012 Sept 30, 2011 Sept 28, 2012 Sept 30, 2011
Net income (loss) $ (1,287,000 ) $ (254,000 ) $ (2,280,000 ) $ (236,000 )
Add Back:
Net interest expense (income) 30,000 42,000 63,000 86,000
Warrant (fair value) adjustment 4,000 (142,000 ) (13,000 ) (634,000 )
Depreciation expense 195,000 272,000 395,000 529,000
Amortization   291,000     342,000     583,000     684,000  
Subtotal – add backs   520,000     514,000     1,028,000     665,000  
EBITDA $ (767,000 ) $ 260,000   $ (1,252,000 ) $ 429,000  
Stock compensation   49,000     209,000     78,000     245,000  
Adjusted EBITDA $ (718,000 ) $ 469,000   $ (1,174,000 ) $ 674,000  
 

About Advanced Photonix, Inc.

Advanced Photonix, Inc.® (NYSE MKT: API) is a leading supplier with a broad offering of optoelectronic products to a global customer base. We provide optoelectronic solutions, high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets. With our patented technology and state-of-the-art manufacturing we offer industry leading performance, exceptional quality, and high value added products to our OEM customer base. For more information visit us on the web at www.advancedphotonix.com.

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