Advanced Photonix Reports Fiscal 1999 Results

CAMARILLO, Calif., June 21 -- Advanced Photonix Inc. has reported results for its fourth-quarter and total fiscal year 1999. Revenues for the 12 months ended March 28, 1999 were $7.3 million, an increase of 4 percent over the $7.0 million reported for the previous year. Fiscal 1999 revenues were composed entirely of net product shipments, which increased 10 percent from the prior year, compensating for the completion of development contract efforts. Net income for the 12 months was $411,000 or $.04 per share, compared with net income of $10,000 or $.00 per share for the previous year. Total revenues for the fourth quarter ended March 28, 1999 were $1.5 million, a decrease of 26 percent from $2.0 million reported in the fourth quarter of 1998. The company reported net income of $11,000, compared with net income of $102,000 in last year's fourth quarter.
In announcing the results, Harry Melkonian, president and chief executive officer of Advanced Photonix, said, Our Large Area Avalanche Photo Diode (LAAPD) marketing campaign, which targets market segments currently utilizing Photomultiplier Tubes (PMTs), continues to foster rising customer inquiries as more PMT users evaluate the advantages of a solid state replacement to the older vacuum tube technology.