Advanced Photonix Posts Loss, Names New Managers

Advanced Photonix Inc. reported a drop in revenues and a net loss for the second quarter and six months ended Sept. 29.

The company, based in Camarillo, also announced new management appointments.

For the second quarter, revenues totaled $1.7 million, compared with $2 million in the second quarter of last year. The company reported a net loss of $597,000, or 6 cents per share, compared with a net loss of $114,000, or 1 cent per share, in last year’s second quarter.

Revenues for the six months were $3.5 million, compared with $3.9 million the prior year. Net loss for the six months was 8 cents per share, compared with 4 cents per share for the same period last year.

Second-quarter results reflect the impact of lower revenues and a one-time reorganization charge of approximately $290,000, company officials said. Lower product shipments were primarily related to military aerospace business with the company’s largest customer.

Officials said volume should increase as the company begins to ship products utilizing a new chip later in the fiscal year.

The company also announced that Hayden Leason, who had been appointed chairman on Oct. 16, was named chief executive officer, with Harry Melkonian named president. Both of these appointees succeed Robert G. Allison, who was elected as interim CEO and president after the Oct. 16 shareholder meeting. Allison will remain on the board of directors.

Patrick J. Holmes has been named executive vice president in addition to his previous duties as chief financial officer, and Andrzej Dabrowski, a co-founder of the company, has resigned to pursue a business venture. Dabrowski will remain a technical consultant to the company.

Advanced Photonix designs and manufactures silicon photodetectors and other opto-electronic products.