Click here to close now.

Welcome!

Wireless Authors: Elizabeth White, Esmeralda Swartz, Hovhannes Avoyan, Liz McMillan, Carmen Gonzalez

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
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. 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.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are configurable to any form factor or custom configuration. AIC leads the industry with nearly 20 years of ...
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this case) takes into account the number and quality of contextual references that a user receives.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? Join this panel of experts as they peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you’ll have no problem filling in your buzzword bingo cards.