Advanced Photonix Fiscal '04 Revs Up 36%
Online Staff -- EDN, June 18, 2004
Photonic components supplier Advanced Photonix Inc. today reported revenues for its fiscal year ended March 28, 2004 of $12.4 million, 36 percent higher than the previous year.
Net income for the year was $794,000, compared to a net loss of $803,000 for last year. Revenues for fiscal Q4 were $3.56 million, up almost 13 percent over year over year. Net income for the quarter was $201,000, an improvement over a net loss of $609,000 in the same quarter of last year.
The company credited the increase in its revenue base and gross margin percentage during the fiscal year to its growth and acquisition strategies.
The company reported significant growth for the year in each of its major market segments with sales to the industrial sensing markets leading the way. Sales in this segment, which account for 41 percent of total revenues, increased by 28 percent over the prior year.
Sales to the military/aerospace markets, which represent 37 percent of total revenues, increased 41 percent over the prior year. Medical market sales increased 22 percent over last year and represent 15 percent of total revenues.
Finally, automotive market sales, which represent six percent of total revenues, increased by 255 percent compared to the prior year.
Camarillo, Calif.-based Advanced Photonix improved gross margins by consolidating acquisitions, including implementing production efficiencies at its two principal manufacturing facilities through load sharing and other cost management techniques, the company said. Gross margins in each of the three and twelve month periods ended March 28 were 35 percent, as compared to 21 percent and 30 percent in the comparable periods of the prior year.
