14 February 2012

Advanced Photonix’ quarterly revenue dips by 23%

For its fiscal third-quarter 2012 (to end-December 2011), Advanced Photonix Inc of Ann Arbor, MI, USA (which designs and makes silicon, InP- and GaAs-based APD, PIN, and FILTRODE photodetectors, HSOR high-speed optical receivers, and T-Ray terahertz instrumentation) has reported revenue of $6.5m, down 16% on $7.7m a year ago and down 23% on $8.4m last quarter.

“Results were as expected, down in light of the flooding in Thailand which affected the supply chain for our major telecommunications customers, as well as the timing of orders in the military market,” says chairman & CEO Richard Kurtz.

Operating expenses were $3.6m, up from $3.3m a year ago but down from $3.9m last quarter. Gross margin was 41.5%, down from 43% last quarter but up from 40.3% a year ago. EBITDA (earnings before interest, taxes, depreciation, and amortization) has fallen from $472,000 a year ago and $260,000 last quarter to $236,000.

“While the first half of the year was strong in the telecommunications market, as we stated last quarter revenues in the second half are expected to be down substantially,” says Kurtz. “We believe that this is primarily attributable to the temporary supply chain issue and not a lack of long-term demand for our 40G and 100G products,” he stresses.

“We expect a return to the robust growth we enjoyed in the first half of this fiscal year to return in our next fiscal year,” continues Kurtz. “We are continuing to sell our T-Ray systems into industrial applications and are working closely with our customers to establish a Value Added Reseller channel to install, integrate and service our systems,” he adds. “With our new banking relationship [with Silicon Valley Bank, announced in early February] we have the financial strength to continue investing in our high-growth opportunities and are optimistic about our long-term future, but - as we stated last quarter - we are reducing our annual revenue growth for this fiscal year to a maximum of 5% year over year.”

See related items:

Advanced Photonix returns to profit after quarterly revenue growth of 3.7%

Advanced Photonix's quarterly revenue grows 3.8%, but 15–20% annual growth still expected

Advanced Photonix’s quarterly revenue up 52% year-on-year, exceeding targeted 15–25%

Advanced Photonix's December-quarter revenue up 68% year-on-year

Tags: Advanced Photonix

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