2 July 2011

Advanced Photonix’s quarterly revenue up 52% year-on-year, exceeding targeted 15–25%

For fiscal 2011 (to end March), Advanced Photonix Inc of Ann Arbor, MI, USA (which designs and makes silicon, InP- and GaAs-based photodetectors, high-speed optical receivers, and terahertz instrumentation) has reported net sales of $28.8m, up 37% on fiscal 2010’s $21.1m. Growth was broad based across markets, led by the telecom, industrial, homeland security and medical.

Fiscal fourth-quarter revenue was $7.8m, up 1.2% on $7.7m last quarter and up 52% on $5.1m a year ago. “We exceeded our original growth targets of 15–25% by a wide margin,” says chairman & CEO Richard Kurtz. “We made the correct decision by continuing to invest in our high-growth platforms. This was particularly evidenced with our High Speed Optical Receiver product line, which grew at 182% on a comparative quarterly basis,” he notes. “We positioned the company for growth during the downturn and are pleased with the success we have had in capturing market share and participating in the explosive growth of the 40G and 100G line-side market roll out.”  

Operating expenses were $3.7m, up on $3.3m both last quarter and a year ago. Full-year operating expenses have risen from $12.7m in fiscal 2010 to $13.2m.

Due mainly to the increased expenses associated with new products, gross margin for Q4 was 44%, down from 46% a year ago although up on Q3’s 40%. Full-year gross margin was 43%, flat on fiscal 2010.

Correspondingly, on a non-GAAP basis, net income has dropped slightly from $259,000 in Q3 to $221,000 in Q4. However, this compares with a net loss of $324,000 a year ago. Full-year net income was $785,000, compared with a net loss of $1.4m for fiscal 2010. Cash reserves rose during the year from $2.3m to $5.2m.

“The capital raised earlier this year helped to de-leverage our balance sheet and provided funding to fuel our growth,” says Kurtz. “The success of our various Terahertz application developments for industrial use is also a strong indication of our technology being embraced by various markets,” he adds. “We are looking forward to continuing our growth this coming year.”

See related items:

Advanced Photonix's December-quarter revenue up 68% year-on-year

Advanced Photonix reports quarterly revenue up 29% year-on-year

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

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

Tags: Advanced Photonix

Visit: www.advancedphotonix.com