Advanced Photonix Inc (API, Financial) filed Quarterly Report for the period ended 2012-06-29.
Advanced Photonix, Inc. has a market cap of $21.7 million; its shares were traded at around $0.72 with and P/S ratio of 0.7.
Gross profit for the first quarter of fiscal 2013 was $2.2 million compared to $3.4 million for the first quarter of fiscal 2012, a decrease of $1.1 million on a revenue decrease of $1.9 million. The lower gross profit for the first quarter of fiscal 2013 was due to decreased volume on HSOR products. Gross profit percentage was 36.1% for the first quarter of fiscal 2013 compared to 41.6% in the first quarter of fiscal 2012 and 34.2% in the fourth quarter of fiscal 2012. The fiscal 2013 first quarter gross margin rate decreased year over year primarily due to the HSOR volume decrease leading to higher unit costs, as much of the factory overhead act as fixed costs in the short run. The fiscal 2013 first quarter gross margin rate increased sequentially due to the growing mix of THz sales which enjoys higher gross margins.
Sales and Marketing (S&M) expenses decreased $110,000 (or 18%) to $505,000 (8% of sales) in the first quarter of fiscal 2013 compared to $615,000 (8% of sales) in the prior year first quarter. The decrease was primarily attributable to lower commissions paid on lower HSOR revenue.
General and Administrative (G&A) expenses decreased $106,000 to approximately $1.1 million (17% of sales) for the first quarter of fiscal 2013, compared to $1.2 million (14% of sales) for the first quarter of fiscal 2012. The decrease was primarily attributable to lower recruiting fees and compensation.
We realized a net loss for the first quarter of fiscal 2013 of approximately $993,000 ($0.03 per share), as compared to a net income of $18,000 ($0.00 per share) in the first quarter of fiscal 2012, a decrease in income of approximately $1.0 million. This decrease in income for the fiscal 2013 quarter is primarily attributable to lower gross margin dollars realized of $1.1 million (on $1.9 million lower revenue) and unfavorable non-cash change in the warrant value of $475,000, offset by $587,000 of lower operating expenses.
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Advanced Photonix, Inc. has a market cap of $21.7 million; its shares were traded at around $0.72 with and P/S ratio of 0.7.
Highlight of Business Operations:
Our revenues for the quarter ended June 29, 2012 were approximately $6.2 million, a decrease of 23% (or $1.9 million) from revenues of $8.1 million for the quarter ended July 1, 2011. Revenues decreased 4% from the quarter ended March 31, 2012. We experienced revenue decreases in three of five markets for the quarter ending June 29, 2012 compared to the prior year period.Gross profit for the first quarter of fiscal 2013 was $2.2 million compared to $3.4 million for the first quarter of fiscal 2012, a decrease of $1.1 million on a revenue decrease of $1.9 million. The lower gross profit for the first quarter of fiscal 2013 was due to decreased volume on HSOR products. Gross profit percentage was 36.1% for the first quarter of fiscal 2013 compared to 41.6% in the first quarter of fiscal 2012 and 34.2% in the fourth quarter of fiscal 2012. The fiscal 2013 first quarter gross margin rate decreased year over year primarily due to the HSOR volume decrease leading to higher unit costs, as much of the factory overhead act as fixed costs in the short run. The fiscal 2013 first quarter gross margin rate increased sequentially due to the growing mix of THz sales which enjoys higher gross margins.
Sales and Marketing (S&M) expenses decreased $110,000 (or 18%) to $505,000 (8% of sales) in the first quarter of fiscal 2013 compared to $615,000 (8% of sales) in the prior year first quarter. The decrease was primarily attributable to lower commissions paid on lower HSOR revenue.
General and Administrative (G&A) expenses decreased $106,000 to approximately $1.1 million (17% of sales) for the first quarter of fiscal 2013, compared to $1.2 million (14% of sales) for the first quarter of fiscal 2012. The decrease was primarily attributable to lower recruiting fees and compensation.
We realized a net loss for the first quarter of fiscal 2013 of approximately $993,000 ($0.03 per share), as compared to a net income of $18,000 ($0.00 per share) in the first quarter of fiscal 2012, a decrease in income of approximately $1.0 million. This decrease in income for the fiscal 2013 quarter is primarily attributable to lower gross margin dollars realized of $1.1 million (on $1.9 million lower revenue) and unfavorable non-cash change in the warrant value of $475,000, offset by $587,000 of lower operating expenses.
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