Ann Arbor-based Advanced Photonix Inc. (NYSE Amex: API) reported positive cash flow on a 28 percent sales increase to $29.7 million in its fiscal year ended March 31.
For the quarter, sales were $6.1 million, up $875,000 or 17 percent from a year earlier. The increase was led by military sales, up 79 percent.
For the fiscal year the sales increase was broad based across the company's markets, led by the military, telecommunications and industrial non-destructive testing markets.
Advanced Photonix makes optoelectronic instruments used in advanced data networks, as well as instruments that emit terahertz radiation, a part of the electromagnetic spectrum between microwaves and infrared light that is being studied for a variety of security, detection and measurement applications.
For the quarter, the company posted a net loss of $1.5 million or 6 cents a share, an improvement from a loss of $3.1 million or 13 cents a share a year earlier.
The net loss for the fiscal year was $2 million or 8 cents a share, an improvement from a loss of $9.6 million or 44 cents a share in the prior fiscal year.
The company achieved positive cash flow -- earnings before interest, taxes, depreciation and amortization -- of $1.6 million for the fiscal year compared to a negative EBITDA of $2.8 million for the prior year.
"We are particularly proud to have reported significant revenue growth, non-GAAP earnings of 2 cents per share, an improvement of 13 cents per share, and growth in EBITDA of $4.4 million," said API CEO Richard Kurtz. "In these uncertain and difficult times, we are fortunate to have three product platforms that are all contributing to help meet our growth targets. As our platform revenue mix changes next year, we expect to see ongoing improvement in revenues and EBITDA growth."
Kurtz said the company's product sales improvements "will support our growth plans and we remain cautiously optimistic that we can continue to grow despite the generally adverse economic conditions."
The company completed the year with $2.6 million in cash compared to $1.6 million as of March 31, 2008.
More at www.advancedphotonix.com.
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