News

16 August 2010

 

Advanced Photonix enters underlying profit after quarterly growth accelerates to 22%

For its fiscal first-quarter 2011 (to 2 July 2010), Advanced Photonix Inc of Ann Arbor, MI, USA (which designs and makes silicon, InP- and GaAs-based photodetectors, subsystems, and terahertz instrumentation) has reported revenue of $6.3m, up 22% on $5.1m last quarter (above the guidance of 15–20%) and up 5% on $5.9m a year ago (as the firm returned to year-on-year growth).

Gross margin rose further, from 46% last quarter to 47% (though still down slightly on 51% a year ago).

On a non-GAAP basis, compared with a net loss of $324,000 last quarter, Advanced Photonix has returned to net profit, of $97,000 (though still down on $315,000 a year ago). However, on a GAAP basis, the firm still made a net loss, although this has been cut further, from $846,000 last quarter to $273,000 (back to below $296,000 a year ago). Consequently, during the quarter cash reserves shrank slightly again, from $1.8m to $1.4m.

“As we stated in our year-end conference call [at the end of June], this year would be one of getting us back on a growth path,” says chairman & CEO Richard Kurtz. “If we annualize the first quarter of $6.3m, that would give us $24.8m for fiscal year 2011, or a projected growth rate of 18% over last year [$21.1m],” he points out.

“Our second quarter is also strong and we are continuing to see an increase in demand for our HSOR [high-speed optical receiver] products, a rebounding of our Optosolutions product platform and strong interest with our terahertz product platform, as demonstrated by our recent sale of a system into the art conservation world of the Louvre,” he adds. “We are optimistic about meeting our growth goals and would narrow our guidance range to the high end or 20% for the year.”

See related items:

Advanced Photonix returns to growth, led by high-speed optical receivers

Advanced Photonix restructures debt to boost cash flow by $1.3m through fiscal 2013 and cut interest by $120,000

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