Advanced Photonix Announces Second-Quarter Decrease

CAMARILLO, Calif., Nov. 4 -- Advanced Photonix Inc. reported net sales of $1.6 million for the second quarter of fiscal 2000 ended Sept. 26, 1999. These figures reflect a decrease of 18 percent from the $2 million recorded in last year's second quarter. The company's net loss was $443,000, or four cents per share, compared with net income of $135,000, or one cent per share, in the comparable period in fiscal 1999. Net sales for the six months ended Sept. 26, 1999, decreased 20 percent to $3.1 million from the $3.9 million reported in the prior year. Net loss for the six-month period was five cents per share, compared with net income of two cents per share in the same period in fiscal 1999.
In commenting on the results, Brock Koren, president and CEO of Advanced Photonix, said, While I am very disappointed in our year-to-date sales performance and the impact it has had on operating results, I remain very excited about the large area avalanche photodiode (LAAPD) technology and products. Koren went on to note, We are continuing to revamp our sales and marketing efforts with a significant LAAPD focus on gaining market share of what we consider to be a substantial existing opportunity currently served by a maturing glass vacuum tube product.