Advanced Photonix, Inc. Reports Second Quarter 2011 EPS of $.01

Advanced Photonix, Inc. API announced today that its second quarter 2011 revenue increased by 29% and EBITDA improved by $675,000 compared to the prior year's second quarter results.

Financial Highlights for the Second Quarter compared to the Prior Year

• The Company's revenues increased 29% (or $1.6 million) over revenues for the quarter to approximately $7.0 million compared to $5.4 million for the second quarter ended September 25, 2009.  Year to date revenues are up $1.9 million (or 17%) to $13.3 million over the first six months of fiscal year 2010.
• Gross Profit for Q2 2011 increased $838,000 (or 41%) to $2.9 million compared to $2.1 million for Q2 2010 on a 29% increase in revenue volume.  Gross profit margins increased slightly to 42% of sales for Q2 2011 compared to 38% of sales for the comparable prior year period.  Year to date gross profit was $5.8 million (44% of revenue) compared to $5.1 million (45% of revenue) for the first six months of fiscal year 2010.
• Operating expenses were $3.1 million for the quarter, the same as the comparable prior year period. Year to date operating expenses for both fiscal year 2011 and 2010 were the same at $6.3 million.
• Quarterly net loss was $398,000 or $0.02 per diluted share, as compared to a net loss of $1.2 million, or $0.05 per diluted share, for the prior year quarter ended September 25, 2009.  For the six months ended October 1, 2010, the net loss was $671,000 or $0.03 per diluted share, compared to a net loss of $1.5 million or $0.06 per diluted share, for the comparable prior year six-month period.
• The Non-GAAP net profit for the second quarter of fiscal 2011 was $209,000 or $0.01 per diluted share, compared to Non-GAAP net loss of $452,000 or $0.02 per diluted share, for the comparable prior year period.  Year to date Non-GAAP net profit was $307,000 or $0.01 per diluted share, compared to Non-GAAP net loss of $137,000 ($0.01 per diluted share) for the prior year six-month period ended September 25, 2009.
• EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, and amortization) was a positive $455,000 for the second quarter of fiscal year 2011, compared to negative EBITDA of $220,000 for the comparable prior year period.  For the six months ended October 1, 2010, EBITDA was $842,000 compared to prior year to date EBITDA of $334,000.