- About Us
- Career Center
- Nano-Social Network
- Nano Consulting
- My Account
API Nanotronics Announces Third Quarter and Nine Month ResultsNEW YORK, NY | Posted on April 12th, 2008
Financial Highlights for the Three Months Ended February 29, 2008
-- Revenue for the third quarter of fiscal 2008 was $7.4 million, a 60% increase over the $4.6 million reached in the same quarter of fiscal 2007. Revenue in 2008 included a full quarter contribution from the National Hybrid Group, acquired by API on January 24, 2007; -- Gross profit increased to $1.9 million in the third quarter of fiscal 2008, a 72% increase over fiscal 2007 third quarter gross profit of $1.1 million; -- Gross margins improved to 26% in the third quarter of 2008, compared to 24% in the same quarter of the previous year; -- Net loss for the quarter was $1.1 million or $0.00 per share, compared to a loss of $0.2 million or $0.00 in third quarter of 2007 (excluding expenses related to nanotechnology R&D, net loss for third quarter of 2008 would have been $25,000(1)); -- Balance sheet with over $2.0 million in cash and marketable securities; and -- A strong order flow contributed to a record backlog of over $17.5 million. Financial Highlights for the Nine Months Ended February 29, 2008 -- Revenue increased 75% from $12.7 million for the first nine months of fiscal 2007 to $22.1 million for the first nine months of fiscal 2008; -- Gross profit increased to $5.9 million in the first nine months of fiscal 2008, an increase of over 96% from the $3.0 million gross profit in the same period of fiscal 2007; -- Gross margins improved 3% to 27% in the first nine months of fiscal 2008 from the previous year's 24%; and -- Net loss of $3.0 million or $0.01 per share for the first nine months of fiscal 2008, compared to net loss of $0.8 million or $0.00 per share for the same period of fiscal 2007 (excluding expenses related to nanotechnology R&D, net loss for the first nine months of 2008 would have been $0.6 million(1)). Operating Highlights During third quarter of fiscal 2008, API experienced strong demand for its products and made several strategic advancements that position the Company for further growth in future periods. -- In the third quarter the Company received a record level of orders totaling over $9.0 million, including a record monthly total of $3.9 million in February; -- In February, API's National Hybrid division introduced its new line of Aries 1553 communication devices in partnership with Israeli company Sital Technologies. The product, a direct replacement for a competitor's product, represents a significant market opportunity and received a strong initial reception; -- In February 2008, the Company's TM Systems received a follow-on order for its specialized landing navigation systems from a longtime customer and leading defense contractor worth more than $1.4 million; and -- The Company's NanoOpto division has responded to requests from leading technology companies for proprietary nano-optic solutions in the areas of next generation storage, communications, display and alternative energy. The Company has delivered no less than 12 samples with potential to yield significant orders and leadership in new markets.
Phillip DeZwirek, Chairman and Chief Executive Officer of API Nanotronics Corp., said, "API is delivering growth through both acquisition and product innovation and development. The initial response to the introduction of Aries has been impressive and we are structuring sales efforts to capitalize on this opportunity. We are also extremely encouraged by the level of interest in API's nanotechnology capabilities. We expect our efforts to develop proprietary nanotechnology derived solutions for an impressive roster of global technology leaders to yield significant orders ahead of many of our nanotechnology peers."
About API Nanotronics Corp.
For more information, please click here
Copyright © MarketwireIf 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.
News and information
Arrowhead Presents Phase 1 Data on ARC-520 at HepDART 2013 December 9th, 2013
Electrical control of single atom magnets December 9th, 2013
Leica SR GSD 3D Super-Resolution Microscope Voted Among Top 10 Innovations 2013 for Laboratories and Research: The Scientist Magazine Chooses Super-Resolution Microscope from Leica Microsystems as one of the Year's Best Innovations for the Second Time December 9th, 2013
Squeezing transistors really hard generates energy savings December 9th, 2013
Harris & Harris Group Reports Financial Statements as of September 30, 2013 November 12th, 2013
Nanometrics Reports Third Quarter 2013 Financial Results October 29th, 2013