CAMARILLO, Calif., June 26 -- Advanced Photonix Inc. reported fourth quarter revenues of $1.6 million for the final three months of fiscal 2000 ended March 26. This represents a 6 percent increase from $1.5 million recorded in the same 1999 period. The company reported a net income of $229,000 for the fourth quarter, compared with net income of $11,000 in last year's fourth quarter.
The greater fourth quarter net income was due to an increase in sales, the company said. Advanced Photonix also regrouped about $188,000 worth of costs from the fourth quarter to the first quarter of fiscal 2000, the company said.
While we are disappointed in the annual results, we are encouraged and pleased to report strong earnings in the fourth quarter, said Brock Koren, president and CEO of Advanced Photonix. In addition, we are optimistic about fiscal 2001, as we have already received several contracts that are expected to increase revenues and strengthen our profits in the new year.