Advanced Photonix Has Best Year in Its History

Advanced Photonix of Camarillo says its results for the 12 months ending March 31 were the best in the company’s eight-year history.

Revenues for fiscal 1996 rose to $7.9 million, compared with $6.8 million in the prior year.

The net loss for fiscal 1996 was $654,000, or 7 cents per share, compared with a net loss of $2.4 million, or 28 cents a share, for the previous year. Cash increased by $3.1 million to end fiscal 1996 at $4 million, primarily as a result of a confidential private placement offering of its securities in July and August 1995.

For the fourth quarter, revenues totaled $1.8 million compared with $1.7 million in the fourth quarter of the prior year.

The company reported a net loss of $149,000, or 1 cent per share, compared with a net loss of $749,000, or 9 cents a share, in last year’s fourth quarter.

“Fiscal 1996 record results are a positive reflection of our commitment to achieve long-term, profitable growth,” said James W. Ward, chairman of the board.

He said the company is focusing on streamlined operations and improved operating margins.

Advanced Photonix is a high-technology company that designs and manufactures photo-detectors and other opto-electronic devices. Its major product is the Large Area Avalanche Photodiode, a silicon chip with the ability to amplify light signals.

Work is being done to increase the product’s applications into such areas as medical imaging, company officials said.