ANN ARBOR, Mich. — Advanced Photonix, Inc.® (NYSE Amex: API) (the “Company”) announced today that its third quarter 2011 revenue increased by 68% and Adjusted EBITDA improved by $1.1 million compared to the prior year’s third quarter results. The company is a leading vertically integrated optoelectronic semiconductor manufacturer of high-speed optical receivers, optoelectronic solutions and terahertz instrumentation.
“Building upon the momentum of the revenue growth driven by our telecommunications market, we are continuing to experience accelerating growth for our fiscal year. Year-to-date results exceeded the raised guidance we gave last quarter of a minimum of 25% year over year growth. Based on the performance of the first three quarters, and the outlook for the fourth quarter, we are again raising our guidance to 35% revenue growth for the year,” said Chairman and Chief Executive Officer, Richard (Rick) Kurtz. “Based on the increasing demand globally for our high-speed optical receivers and increasing revenue in our terahertz product platform we anticipate a strong fourth quarter.”
Financial Highlights for the Third Quarter compared to the Prior Year
The Company's revenues increased 68% (or $3.1 million) for the quarter to approximately $7.7 million compared to $4.6 million for the third quarter ended December 25, 2009. Year to date revenues are up $5.0 million (or 32%) to $21.0 million over the first nine months of fiscal year 2010.
Gross Profit for Q3 2011 increased $1.5 million (or 95%) to $3.1 million compared to $1.6 million for Q3 2010 on a 68% increase in revenue volume. Gross profit margins increased to 40% of sales for Q3 2011 compared to 34% of sales for the comparable prior year period. Year to date gross profit was $8.9 million (43% of revenue) compared to $6.6 million (42% of revenue) for the first nine months of fiscal year 2010.
Operating expenses were $3.3 million for the quarter, up slightly from the $3.1 million during the comparable prior year period. Year to date operating expenses for fiscal year 2011 were $ 9.5 million –compared to $9.4 million for fiscal year 2010.
Quarterly net loss was $649,000 or $0.03 per diluted share, as compared to a net loss of $1.3 million, or $0.05 per diluted share, for the prior year quarter ended December 25, 2009. For the nine months ended December 31, 2010, the net loss was $1.3 million or $0.05 per diluted share, compared to a net loss of $2.8 million or $0.12 per diluted share, for the comparable prior year nine-month period.
The Non-GAAP net profit for the third quarter of fiscal year 2011 was $259,000 ($0.01 per diluted share), compared to Non-GAAP net loss of $922,000 ($0.04 per diluted share), for the comparable prior year period. Year to date Non-GAAP net profit was $565,000 ($0.02 per diluted share), compared to Non-GAAP net loss of $1.1 million ($0.04 per diluted share) for the prior year nine-month period ended December 25, 2009.
Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, non-recurring expense and amortization) was a positive $472,000 for the third quarter of fiscal year 2011, compared to negative Adjusted EBITDA of $645,000 for the comparable prior year period. For the nine months ended December 31, 2010, Adjusted EBITDA was $1.3 million compared to prior year to date Adjusted EBITDA of $311,000.
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