Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > API Nanotronics Reports Record First Quarter Revenues

Abstract:
Revenue Increased 78% With Continued Strong Backlog of Over $16 Million

API Nanotronics Reports Record First Quarter Revenues

New York, NY | Posted on October 15th, 2007

API Nanotronics Corp. (OTCBB: APIO) ("API") (the "Company"), a leading supplier of electronic components and nanotechnology research and development to the defense and communications sectors, today announced first quarter operating results for the period ended August 31, 2007.

Financial Highlights for the First Quarter 2008

-- Net revenue for the first quarter of fiscal 2008 was $7,099,642, a 78%
increase over fiscal 2007 first quarter revenue of $3,982,343. Revenue in
2008 includes the contribution from the National Hybrid Group acquired by
the Company on January 24, 2007;

-- Gross profit increased over 100% to $1,993,539 in the first quarter of
fiscal 2008 compared to $909,635 in the first quarter of fiscal 2007;

-- Net loss for the quarter was $712,385 or $0.01 per share (including
non-cash expenses of $856,589), compared to a loss of $1,656 or nil cents
per share (including non-cash expenses of $188,744) in the first quarter of
2007;

-- Strong balance sheet with over $3 million in cash;

-- A strong order flow contributed to a backlog of $16,408,695.


Operating Highlights

During the first quarter of fiscal 2008, API achieved significant milestones that positioned the Company to further grow its business and accelerate its entrance into new markets enabled by Nanotechnology and micro-electromechanical systems (MEMS).

-- In July 2007, the Company acquired the assets and intellectual property
of NanoOpto Corp.;

- Fully integrated substantially all of NanoOpto's manufacturing group
and key design engineers;

- Realized fully operational status of NanoOpto's state-of-the-art
nanofabrication facility within 30 days of purchase; and

- Obtained immediate and strong interest from industry for product
samples and product development; and

-- On June 11 and 12, 2007, API's Chief Technology Officer and leading
global nano scientist, Dr. Martin Moskovits, presented at the Third
Annual NanoEquity Europe Conference in Frankfurt, Germany, where he
discussed API and the impact of nanotechnology on the markets the
Company serves.

"We are very pleased with the results achieved in the first quarter of fiscal 2008," stated Phillip DeZwirek, Chairman and CEO of API. "The acquisition of National Hybrid is already showing very positive results, as is Filtran, which experienced strong year-over-year revenue growth of 20%. Operationally, the addition of NanoOpto Corp. is an extremely important development as it accelerated our entrance into the business of creating next generation nanotechnology-based products. We are very encouraged by the current level of activity at NanoOpto, especially considering the brief period it has been operational. We believe it is a powerful acquisition that will yield tremendous synergies and opportunities going forward."

####

About API Nanotronics Corp.
API Nanotronics Corp., through its wholly owned subsidiaries API Electronics Inc., National Hybrid Inc., Filtran Group, TM Systems, Keytronics and API Nanofab Corporation, is engaged in the manufacture of electronic components and systems for the defense and communications industries. API is also developing a leadership position in the R&D and manufacture of nanotechnology and MEMS products. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin, and numerous other top technology-based firms around the world, API regularly ships products to clients in more than 34 countries. API owns state-of-the-art manufacturing and technology centers in New York, New Jersey, Florida and Ontario, Canada and has manufacturing capabilities in China and a distribution center in Britain. API Nanotronics trades on the OTC Bulletin Board under the symbol APIO. For further information, please visit the company website at http://www.apinanotronics.com

Safe Harbor for Forward-Looking Statements:

Except for statements of historical fact, the information presented herein constitutes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which API Nanotronics Corp. and its subsidiaries and affiliates have little or no control.

ON BEHALF OF THE BOARD

API Nanotronics Corp.
---------------------
Phillip DeZwirek, CEO

For more information, please click here

Contacts:
Steve Bulwa
Director of Corporate Communications for API Nanotronics
TEL: 1-877-API-O-API (274-0274)

Copyright © Market Wire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Announcements

Nano Ruffles in Brain Matter: Freiburg researchers decipher the role of nanostructures around brain cells in central nervous system function October 31st, 2014

Gold nanoparticle chains confine light to the nanoscale October 31st, 2014

'Nanomotor lithography' answers call for affordable, simpler device manufacturing October 31st, 2014

Device invented at Johns Hopkins provides up-close look at cancer on the move: Microscopic view of metastasis could give insight about how to keep cancer in check October 31st, 2014

Financial Reports

Aspen Aerogels, Inc. Schedules Third Quarter 2014 Earnings Release and Conference Call for November 6, 2014 October 17th, 2014

Nanometrics to Announce Third Quarter Financial Results on October 28, 2014 October 8th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Arrowhead Reports Fiscal 2014 Third Quarter Financial Results and Provides Update on ARC-520 August 12th, 2014

NanoNews-Digest
The latest news from around the world, FREE





  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE