Ann Arbor-based Advanced Photonix Inc. (AMEX:API) Monday reported revenue of $23.2 million for its fiscal year, which ended March 31, down 1.6 percent from $23.6 million a year earlier.

The company's loss for the year was $9.6 million or 44 cents a share, vs. a loss of $4.6 million or 24 cents a share a year earlier.

The company said the decline in revenue was primarily the result of delays in telecommunication and defense product shipments from the latter half of fiscal 2008 to fiscal 2009.

The company reported a loss before interest, taxes, depreciation and amortization of $2.8 million for the year, vs. positive EBITDA of $40,000 for fiscal 2007. The 2008 figure included one-time spending of $1.8 million associated with a plant shutdown and consolidation of wafer fabrication.

The company said it believes its gross margins will improve this year due to less spending on facilities consolidation, the elimination of low-margin products in industrial sensing, increasing revenue in the telecommunication markets and the ramp-up of its Terahertz generation unit, the T-Ray 4000.

"This past year marked a year of transition for API, one from cost reduction and product development the past few years to revenue and profit growth as we enter fiscal 2009," chairman and CEO Richard Kurtz said. "Fiscal 2008 was a year of some successes, unexpected surprises, and delays; but overall making substantial progress in positioning API for growth in our three product platforms. Looking to fiscal 2009, we are expecting to grow revenues 25 percent to $29 million and report strong revenue and earnings growth starting in our first quarter. We expect that our gross margins will move closer to our strategic goal of 50 percent in fiscal 2009" due to cost reduction efforts and new, more profitable product sales.

To listen to a replay of the conference call discussing the results, call (888) 286-8010 in the United States or (617) 801-6888 international, using pass code 50452591.

For the quarter, revenue was $5.2 million, down from $6.2 million a year earlier. The net loss was $3.1 million or 13 cents a share, vs. $1.3 million or 7 cents a share a year earlier.

Advanced Photonix is a vertically integrated optoelectronic semiconductor manufacturer of optoelectronic systems, high-speed optical receivers and terahertz instrumentation to a global customer base. Products include patented silicon, indium phosphide and gallium arsinide photodetectors; high-speed optical receivers; and the T-Ray 4000 THz product platforms.

More at www.advancedphotonix.com.