16 August 2011

Advanced Photonix's quarterly revenue grows 3.8%, but 15–20% annual growth still expected 

For its fiscal first-quarter 2012 (to 1 July 2011), Advanced Photonix Inc of Ann Arbor, MI, USA (which designs and makes silicon, InP- and GaAs-based APD, PIN, and FILTRODE photodetectors, HSOR high-speed optical receivers, and terahertz instrumentation) has reported revenue of $8.1m, up 3.8% on $7.8m last quarter and up 30% on $6.3m a year ago.

Operating expenses have risen further, from $3.2m a year ago and $3.7m last quarter to $3.8m. Gross margin has fallen further, from 47% a year ago and 44% last quarter to 42%. On a non-GAAP basis, compared with a net profit of $97,000 a year ago and $221,000 last quarter, fiscal Q1/2012 saw a net loss of $96,000. During the quarter, cash reserves fell from $5.2m to $3.9m.

“As we stated in our year-end conference call, this year would start slow and build throughout the year,” notes chairman & CEO Richard Kurtz. “If we annualize the first-quarter revenue of $8.1m, that would give us $32.4m for fiscal 2012, or a projected growth rate of 13% over last year,” he adds.

“Our second quarter is also strong and we are continuing to see an increase in demand for our HSOR products,” Kurtz reports. “While this will be offset by a slowing of our Optosolutions product platform, we expect to meet our target annual growth plan of 15–20%,” he assures.

“Our focus today is on the drop in gross margin that we experienced this quarter,” Kurtz notes. “We are looking at all aspects of our cost of goods, including scrap and rework within our HSOR and labor and overhead in our Optosolutions product line. We are optimistic about meeting our growth goals and driving our gross margins to our goal of 50%.” 

See related items:

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

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%

Tags: Advanced Photonix

Visit: www.advancedphotonix.com