ANN ARBOR – Advanced Photonix lost money at even a faster pace in the third quarter ended Dec. 25 than during the quarter of a year before as revenues plunged dramatically as well.
Net loss for the quarter was $1,344,000, or $.05 per diluted share,
as compared to a net loss of $359,000, or $.01 per diluted share
for the quarter ended December 26, 2008. General Accounting Accepted Principles net loss year to date was
$2,832,000 or $.12 per diluted share, as compared to a net loss of
$538,000, or $.02 per diluted share, for the prior year period.
Net sales for the quarter were $4.6 million, a decrease of $3 million, or 40 percent, compared to revenues for the third quarter ended December 26, 2008. The decrease was broad based across four of its five markets.
“The first nine months of the year have been negatively impacted by the
recessionary environment and this quarter was hit exceptionally hard,? said Richard Kurtz, Chairman and Chief Executive Officer.
?Our proactive actions in making the necessary cost reduction steps and
consolidating our facilities have paid off and helped minimize the financial impact. We continue to expect the balance of the year to be challenging, but believe we have hit the bottom of the revenue decline and expect to slowly return to growth driven mainly by our HSOR and Terahertz product platforms.
?We do not anticipate top line revenue to meet our 2009
guidance, predominantly due to the continued softness in capital
expenditures resulting from the recession. Our new Terahertz contract for
the F-35 announced last month will strengthen our application product
development in the aerospace and industrial markets and we will continue to
develop the next generation 100G HSOR products that will be shipping in the
coming quarters. While the recession’s impact on our revenues has been
severe this year, we expect to resume our organic growth in FY2011 when
capital expenditures begin to return to normal levels.”
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