Net Sales of $6.2m, Down 4% on $6.5m Last Quarter and Down 23% on $8.1m a Year Ago

For its fiscal first-quarter 2013 (ended 29 June 2012), 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 net sales of $6.2m, down 4% on $6.5m last quarter and down 23% on $8.1m a year ago.

However, although still down on 41.6% a year ago (due to lower volumes and price pressures in the HSOR product line prior to cost reduction efforts), gross margin has rebounded from 34.2% last quarter to 36.1%.

Operating expenses were $3.2m (51.8% of revenue), down 15% on $3.8m (46.9% of revenue) a year ago, with R&D spending down from $1.69m to $1.37m.

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and stock compensation) was negative $456,000, worsening slightly from negative $416,000 last quarter and +$206,000 a year ago. Cash reserves remain about $3.2m.

''We continue to believe that our fiscal 2013 will have a restrained first half,'' says chairman & CEO Richard Kurtz. ''Recent orders in the telecommunications market, combined with increasing adoption of our T-Ray products, leads us to reaffirm that revenues in the second half of our fiscal 2013 should be approximately 35% higher than the first half, assuming our supply chain can respond accordingly,'' he adds. ''We are seeing an increasing number of opportunities for us to grow in existing markets and expand into new markets.''

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