Revenues Fall, Loss Rises at Advanced Photonix

Advanced Photonix in Camarillo announced revenues of $1.4 million for the third quarter that ended Dec. 29, down from the $2.1 million reported in the third quarter of the prior year.

The company reported a net loss of $386,000, or 4 cents per share, compared with a net loss of $104,000, or 1 cent per share, in the previous year’s third quarter.

Revenues for the nine months ended Dec. 29 were $4.9 million, compared with $6 million in the prior year. Net loss for the nine months was 12 cents per share, compared with 5 cents per share for the same period a year earlier.

In announcing the results, Harry Melkonian, who was named president of Advanced Photonix in November, said the results “reflect a softening of bookings in our core business during calendar 1996.”

“In response, we have restaffed and redirected our sales and marketing resources and anticipate backlog expansion in the coming quarters,” Melkonian said. “We were recently awarded a large military contract in excess of $1 million under a new program which should provide a solid base to grow revenues over the next few years.”

Advanced Photonix designs and manufactures silicon photodetectors and other photo-electronic equipment.