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Year end revenues up 28% Year over Year; Company Reports Non-GAAP Net Incomeof $550,000 or $0.02 Per ShareANN ARBOR, Mich., June 29 /PRNewswire-FirstCall/ -- Advanced Photonix, Inc.(R)(NYSE Amex: API) (the "Company") today reported its fourth quarter and yearend fiscal 2009 results ending March 31, 2009.Financial Highlights for the Fourth Quarter and Fiscal Year Ended March 31,2009--Net Sales for the quarter were $6.1 million, an increase of $875,000,16.7% over the fourth quarter ended March 31, 2008 bobby cox . The increase wasledby military sales (up 79%).--Net sales for the fiscal year were $29.7 million, an increase of 28%over the prior year world baseball series . The increase was broad based across theCompany's markets, led by the military, telecommunications andindustrial/non destructive testing markets.--Gross profit margin for Q4 2009 was 38% of sales compared to 34% forthequarter ended March 31, 2008 baseball managers . For the year to date, theCompanyreported positive EBITDA of $1.6 million as compared to a negativeEBITDA of $2.8 million for the comparable prior-year period.Richard Kurtz, Chairman and Chief Executive Officer, commented, "We arepleased with the results of our fiscal year, especially considering thesetough economic times.We are particularly proud to have reported significantrevenue growth, non-GAAP earnings of $0.02 per share, an improvement of $0.13per share, and growth in EBITDA of $4.4 million bobby cox autographed baseball . In these uncertain anddifficult times, we are fortunate to have three product platforms that are allcontributing to help meet our growth targets. As our platform revenue mixchanges next year, we expect to see ongoing improvement in revenues and EBITDAgrowth. The start of our fiscal year will be slower mainly due to themacroeconomic environment, but the growth of our HSOR and the stability of ourother product platforms will support our growth plans and we remain cautiouslyoptimistic that we can continue to grow despite the generally adverse economicconditions."Operating ExpensesThe Company's total operating expenses for the quarter were $3.8 million,essentially flat compared to the $3.7 million reported for the fourth quarterlast year.
As a percent of revenue, total operating expenses were 61.4%compared to 70.0% for the fourth quarter last year, demonstrating operatingleverage inherent in the Company's business model world series 1992 . For the year, totaloperating expenses were $14.6 million, or 49.2% of revenue, compared to $14.9million, or 64.1% of revenue last year.Balance SheetThe Company completed the year with $2.6 million in cash compared to $1.6million as of March 31, 2008 bobby cox signed baseball . Working capital as of March 31, 2009 was $4.1million and the Company reported a current ratio of 1.7 to 1.The Company will hold a conference call to discuss the results for the fourthquarter and fiscal year ended March 31, 2009 on Monday, June 29, 2009, at 4:30PM EST baseball . Participants can dial into the conference call at 888.679.8035(617.213.4848) for international) using the passcode 35004386 . A question andanswer period will take place at the end of the discussion.Participants may pre-register for the call at will be issued a pin number to use when dialing into the livecall which will provide quick access to the conference by bypassing theoperator upon connection. These Non-GAAPfinancial measures are not in accordance with, or an alternative for,generally accepted accounting principles in the United States.
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