Welcome!

Mobile IoT Authors: Liz McMillan, JT Ripton, Elizabeth White, Sematext Blog, Pat Romanski

News Feed Item

CORRECTING and REPLACING Advanced Photonix Reports FY2013 Second Quarter Results

Please replace the release dated November 13, 2012 with the following corrected version due to changes in the Condensed Consolidated Balance Sheet and Consolidated Statement of Operations tables.

The corrected release reads:

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)

March 31, 2012

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 $ 8,352,000 $ 11,802,000 $ 16,473,000
Cost of products sold   3,612,000   4,785,000   7,584,000   9,528,000
Gross profit 1,974,000 3,567,000 4,218,000 6,945,000
 
Operating expenses
Research and development 1,342,000 1,714,000 2,713,000 3,406,000
Sales and marketing 496,000 565,000 1,001,000 1,180,000
General and administrative 1,119,000 1,300,000 2,172,000 2,459,000
Amortization   291,000   342,000   583,000   684,000
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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.