ANN ARBOR – Advanced Photonix, which makes opto-electronic products and Terahertz sensors and instrumentation, cut its operating loss for the second quarter to $225,000 from $768,000 in the same quarter a year ago.
Operating income year to date was $14,000 compared to an operating loss of
$1.8 million for the prior year to date period.
Net sales for the quarter were $8.2 million, an increase of $1.7
million, or 25 percent, compared to revenues for the quarter ended September 28, 2007. The increase was driven by military and Industrial/NDT markets. Net
sales for the year to date were $16 million, an increase of $3.3 million,
or 26 percent, compared to the prior year to date period.
�??The balance and strength of our three product platforms continues to give us the ability to meet our growth targets in this challenging economic environment,�?� said Richard Kurtz, Chairman and Chief Executive Officer. �??As we’ve stated
previously, our market opportunities and product platforms compliment each
another, and each product platform gives us a solid foundation to grow. In
the second quarter, the strongest growth came from our military, industrial
and homeland security markets.
�??Looking ahead we continue to be cautiously optimistic and are taking a prudently cautious view of guidance for the balance of the year. As a result we are continuing to hold to our revenue growth target of 30 percent year over year,” he said.
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