Advanced Photonix Inc. Reports Fourth Consecutive Profitable Quarter

Business Wire, July 29, 1998

CAMARILLO, Calif.--(BUSINESS WIRE)--July 29, 1998--Advanced Photonix Inc. (AMEX: API), the leading developer and manufacturer of large area avalanche photodiodes (LAAPD), Wednesday reported its fourth consecutive profitable quarter.

Revenues for the first quarter ended June 28, 1998, were $2.0 million, an increase of 32% over $1.5 million reported in the first quarter last year. Net income rose to $122,000 or $.01 per share, compared with a net loss of $203,000 or $.02 per share in last year's first quarter.

In announcing the results, Harry Melkonian, president and chief executive officer of Advanced Photonix, said, "After posting the first profitable year in the company's history, we remain focused on improving that performance throughout our current fiscal year."

The company indicated that it is preparing to formally launch its new LAAPD marketing campaign, which will target market segments currently utilizing Photomultiplier Tubes (PMTs).

With many performance advantages inherent in the LAAPD product, the company has already achieved early success in such applications as wide-field retinal visualization, high end industrial graphic printing, telecine and ice detection.

Melkonian went on to say, "we remain optimistic about the future market acceptance of our LAAPD products as the solid-state detection alternative to the traditional glass tube technology (PMTs)."

Advanced Photonix is a high-technology company which designs and manufactures silicon photodetectors, optoelectronic hybrid assemblies and proprietary solid state large area avalanche photodiodes.

The information contained herein includes forward looking statements that are based on assumptions that management believes to be reasonable but are subject to inherent uncertainties and risks including, but not limited to, unforeseen technological obstacles which may prevent or slow the development and/or manufacture of new products, limited (or slower than anticipated) customer acceptance of new products which have been and are being developed by the company and a decline in the general demand for optoelectronic products. -0-

(000 except share data)                      Three Months Ended
                                      June 28, 1998      June 29, 1997

REVENUES                                $ 1,958             $ 1,483
GROSS PROFIT MARGIN ON NET
 PRODUCT SHIPMENTS                          703                 434
 Percent to Net Product Shipments            36%                31%
NET INCOME (LOSS)                         $ 122             ($ 203)
BASIC NET INCOME (LOSS) PER SHARE(a)      $ .01             ($ .02)
WEIGHTED AVG. NUMBER OF SHARES
 OUTSTANDING                         10,914,000         10,854,000

(a) The impact of dilutive shares is immaterial


    CONTACT: Advanced Photonix Inc., Camarillo
              Patrick J. Holmes, 805/987-0146