Advanced Photonix Beats on Top and Bottom Line
Shares of Advanced Photonix (AMEX: API) are flat in the after hours session following the release of the company's Q4 earnings results. Shares ended the regular session lower by 0.65%, at $1.53.
Advanced Photonix said that Q4 EPS came in at $0.01 on revenues of $7.9 million; the Street was looking for $0.00 per share on revenues of $7.8 million. Revenues increased 53.4% year over year.
Richard Kurtz, Chairman and Chief Executive Officer, commented, "We have had a very successful year and exceeded our original growth targets of 15% to 25%, by a wide margin. The comparative revenue growth of 52% for the fourth quarter is a validation that we made the correct decision by continuing to invest in our high growth platforms.”
“This was particularly evidenced with our High Speed Optical Receiver product line which grew at 182% on a comparative quarterly basis. We positioned the company for growth during the downturn and are pleased with the success we have had in capturing market share and participating in the explosive growth of the 40G and 100G line-side market roll out.”
Advanced Photonix, Inc. is engaged in the development and manufacture of optoelectronic devices and value-added sub-systems and systems. The company serves a variety of global original equipment manufacturers in a variety of industries.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.