Advanced Photonix Has 7th Profitable Quarter in a Row

Advanced Photonix in Camarillo reported revenues for the 12 months that ended March 28 of $7.3 million, 4% higher than the $7 million reported in the previous year.

Fiscal 1999 revenues were composed entirely of net product shipments, which were 10% higher than the prior year.

Net income for the year was $411,000 or 4 cents per share, compared with $10,000 with no per-share gain for the same period in the previous year.

Fourth-quarter revenues were $1.5 million, a 26% drop from the $2 million reported in the fourth quarter of last year. The company reported net income of $11,000, compared with $102,000 in last year’s fourth quarter.

“In spite of lower quarter-over-quarter performance, I am pleased to report a record financial performance for the year,” said Harry Melkonian, president and chief executive officer. “Fiscal 1999 net income of $411,000 is the highest in the company’s history, and the fourth quarter is our seventh consecutive profitable quarter.”

Advanced Photonix is a high-technology company that makes silicon photodetectors and optoelectronic products.