Advanced Photonix Reports First Quarter Results

CAMARILLO, Calif., Aug. 16 -- Advanced Photonix Inc. reported revenues of $1.5 million for the three months ended June 27, 1999, a decrease of 22 percent from the $2.0 million recorded during the same period of the previous year. The company reported a net loss of $155,000 or $.01 per share for the quarter, compared with net income of $122,000 or $.01 per share for the same period in the prior fiscal year.
Harry Melkonian, president and CEO of Advanced Photonix, attributed the quarter's disappointing results to such factors as product mix and lower volume, including a decrease in engineering design revenues. He stressed that the company was continuing to implement its growth strategy by focusing on its line of proprietary LAAPD products. Sales of LAAPD products represented approximately 9 percent of total product shipments in the quarter, and the technology is now being evaluated in dozens of customer applications, said Melkonian. We are encouraged by the initial test results associated with many of these opportunities and continue the ongoing process of introducing this alternative technology to additional industry users.