Advanced Photonix Revenue Up 16%

ANN ARBOR — Annual revenue rose a brisk 23 percent in fiscal year ended March 31 at Ann Arbor-based Advanced Photonix Inc.

The company said sales were $29 million, up 23 percent from $23.6 million a year earlier. For the fourth quarter, sales were $7 million, up from $6 million a year earlier.

The company said the sales increase came from test and measurement revenues associated with the Silonex asset purchase in March 2013 and strong demand in telecommunication market sales.

The net loss for the year was $4.4 million or 14 cents a share, up from $4.3 million or 14 cents a share a year earlier. For the fourth quarter, the loss was $1.1 million or 3 cents a share, virtually unchanged from a year earlier.

The company also released a “non-GAAP” loss figure of $2.1 million or 7 cents a share for the fiscal year, an improvement from a non-GAAP loss of $3.1 million or 10 cents a share the prior year. In the fourth quarter, the non-GAAP loss was $887,000 or 3 cents a share, vs. a non-GAAP loss of $775,000 or 4 cents a share in the first quarter a year earlier.

The non-GAAP figures exclude a change in the market value of stock warrants, amortization of intangible assets and patents, the accelerated depreciation of a fabrication center shutdown, non-cash interest expense, acquisition-related expenses, and stock option compensation 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 percent, down from 54 percent for the fourth quarter last year. For the year, total operating expenses were $13 million, or 45 percent of revenue, compared to $13.2 million, or 56 percent of revenue last year.

“Last year was a transition year,” API CEO Richard Kurtz said. “The acquisition of the Silonex business brought about $3.8 million in new test and measurement revenues and resolution of supply chain constraints in the HSOR (high speed optical receiver) product line helped grow the company by an added $4 million. The military spending fall off for the year was the big headwind with the second half especially weak. That trend though is reversing given recent contract awards which bodes well for a stronger fiscal 2015. With all three of our key markets looking to grow in fiscal 2015, the company expects overall growth to exceed 20 percent.”

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