Advanced Photonix Inc. Reports First Quarter FY 2000 Results

Business Wire, August 11, 1999

CAMARILLO, Calif.--(BUSINESS WIRE)--Aug. 11, 1999--

Advanced Photonix Inc.(R) (ASE: API), the leading developer and manufacturer of large area avalanche photodiodes (LAAPD), Wednesday reported its first quarter FY 2000 results.

Revenues for the three months ended June 27, 1999, were $1.5 million, or 22% lower than the $2.0 million reported in the prior year. The Company reported a net loss of $155,000 or $.01 per share for the three months compared with net income of $122,000 or $.01 per share for the same period in the previous year.

In announcing the results, Harry Melkonian, President and Chief Executive Officer of Advanced Photonix, noted that lower volume, including a decrease in engineering design revenues, as well as product mix were significant factors in the disappointing results for the quarter. He stressed that the Company was continuing to execute its growth strategy focusing on its line of proprietary LAAPD products. "Sales of LAAPD products represented approximately 9% of total product shipments in the quarter, and the technology is now being evaluated in dozens of customer applications. We are encouraged by the initial test results associated with many of these opportunities and continue the on-going process of introducing this alternative technology to additional industry users."

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.

Advanced Photonix is a high technology company which designs and manufactures silicon photodetectors, optoelectronic hybrid assemblies and proprietary solid state large area avalanche photodiodes. Information on Advanced Photonix is available on the World Wide Web at http://www.advancedphotonix.com. -0-

                        Advanced Photonix Inc.
                         Financial Highlights

(000 except share data)                   Three Months Ended
                                 June 27, 1999       June 28, 1998

NET PRODUCT SALES                   $ 1,520             $ 1,958
GROSS PROFIT MARGIN                   $ 486               $ 703
  Percent to Net Product Shipments      32%                 36%
NET INCOME (LOSS)                    $ (155)              $ 122
BASIC NET INCOME (LOSS) PER
 SHARE(a)                            $ (.01)              $ .01
WEIGHTED AVG. NUMBER OF SHARES
 OUTSTANDING                     10,917,000          10,914,000

(a) The impact of dilutive shares is immaterial