Advanced Photonix Inc (API, Financial) filed Quarterly Report for the period ended 2012-12-28.
Advanced Photonix Inc. has a market cap of $20.8 million; its shares were traded at around $0.66 with and P/S ratio of 0.8.
Industrial Sensing/NDT market revenues for the third quarter and nine months of fiscal 2013 were $2.6 million and $7.8 million respectively, a decrease of 10% or $276,000 over the prior year quarter and a decrease of 6% or $527,000 over the prior year nine month results. All declines were due to the slowdown seen in this market for Optosolutions product platform partially offset by increased revenues in the Terahertz product platform. Revenue increased 3%, or $70,000, from the second quarter of fiscal 2013 on the increased Terahertz product sales.
Military/Aerospace market revenues in the third quarter and nine months of fiscal 2013 were $1.1 million and $3.5 million respectively, a decrease of 20% from the comparable prior year third quarter and a 5% increase over the prior year nine month activity. Revenues increased by $34,000 (or 3%) from the second quarter of fiscal 2013. The sequential increase is due to the timing of orders for certain Optosolutions missile platforms. The third quarter of fiscal 2013 revenue decline of $271,000 relative to the third quarter of fiscal 2012 was the result of the same timing of orders for certain Optosolutions missile platforms. The years to date revenues are up $156,000 on the strength of the Terahertz F-35 development contracts.
Gross profit for the third quarter of fiscal 2013 was $2.5 million compared to $2.7 million for the third quarter of fiscal 2012, a decrease of $237,000 on a revenue decrease of $684,000. Year to date gross profit was $6.7 million (38% of sales) down from $9.6 million (42% of sales ) in the nine months of fiscal 2012. The lower gross profit for the third quarter of fiscal 2013 relative to fiscal 2012 was attributable to weakness in our Optosolutions products. The lower gross profit for the nine months of fiscal 2013 relative to fiscal 2012 was primarily due to decreased volume and prices on HSOR products.
We realized a net loss for the third quarter of fiscal 2013 of $1,026,000 ($0.03 per share), as compared to a net loss of $812,000 ($0.03 per share) in the third quarter of fiscal 2012, an increase in the loss of $214,000. This increase in the loss for the fiscal 2013 quarter is primarily attributable to lower gross margin dollars realized of $237,000 on $684,000 lower revenues. Year to date we realized a net loss of $3.3 million in fiscal 2013 relative to a net loss of $1.0 million in fiscal 2012. The increase in net loss of $2.3 million is attributable to lower gross margin due to lower revenues partially offset by operating expense reductions of $1.3 million and $0.7 million in less income from the change in warrant liability.
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Advanced Photonix Inc. has a market cap of $20.8 million; its shares were traded at around $0.66 with and P/S ratio of 0.8.
Highlight of Business Operations:
Our revenues for the quarter ended December 28, 2012 were $5.8 million, a decrease of 10% (or $0.7 million) from revenues of $6.5 million for the quarter ended December 30, 2011. On a year to date basis, our revenues were $17.6 million, a decrease of $5.4 million or 23% from revenues of $23.0 million for the nine months ended December 30, 2011. Sequentially, revenues increased 4% or $248,000 from the quarter ended September 28, 2012. We experienced revenue decreases in four of five markets for the quarter and nine months ended December 28, 2012 compared to the prior year period.Industrial Sensing/NDT market revenues for the third quarter and nine months of fiscal 2013 were $2.6 million and $7.8 million respectively, a decrease of 10% or $276,000 over the prior year quarter and a decrease of 6% or $527,000 over the prior year nine month results. All declines were due to the slowdown seen in this market for Optosolutions product platform partially offset by increased revenues in the Terahertz product platform. Revenue increased 3%, or $70,000, from the second quarter of fiscal 2013 on the increased Terahertz product sales.
Military/Aerospace market revenues in the third quarter and nine months of fiscal 2013 were $1.1 million and $3.5 million respectively, a decrease of 20% from the comparable prior year third quarter and a 5% increase over the prior year nine month activity. Revenues increased by $34,000 (or 3%) from the second quarter of fiscal 2013. The sequential increase is due to the timing of orders for certain Optosolutions missile platforms. The third quarter of fiscal 2013 revenue decline of $271,000 relative to the third quarter of fiscal 2012 was the result of the same timing of orders for certain Optosolutions missile platforms. The years to date revenues are up $156,000 on the strength of the Terahertz F-35 development contracts.
Gross profit for the third quarter of fiscal 2013 was $2.5 million compared to $2.7 million for the third quarter of fiscal 2012, a decrease of $237,000 on a revenue decrease of $684,000. Year to date gross profit was $6.7 million (38% of sales) down from $9.6 million (42% of sales ) in the nine months of fiscal 2012. The lower gross profit for the third quarter of fiscal 2013 relative to fiscal 2012 was attributable to weakness in our Optosolutions products. The lower gross profit for the nine months of fiscal 2013 relative to fiscal 2012 was primarily due to decreased volume and prices on HSOR products.
We realized a net loss for the third quarter of fiscal 2013 of $1,026,000 ($0.03 per share), as compared to a net loss of $812,000 ($0.03 per share) in the third quarter of fiscal 2012, an increase in the loss of $214,000. This increase in the loss for the fiscal 2013 quarter is primarily attributable to lower gross margin dollars realized of $237,000 on $684,000 lower revenues. Year to date we realized a net loss of $3.3 million in fiscal 2013 relative to a net loss of $1.0 million in fiscal 2012. The increase in net loss of $2.3 million is attributable to lower gross margin due to lower revenues partially offset by operating expense reductions of $1.3 million and $0.7 million in less income from the change in warrant liability.
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