API 3.1
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June 24, 2005--Advanced Photonix, Inc. ® (AMEX: API - News) today reported its fourth quarter and year end Fiscal 2005 results. Revenues for the twelve months ended March 27, 2005, were $14,800,000, or 19% higher than the $12,400,000 reported in the prior fiscal year. Net income for the current fiscal year was $5,254,000 or $0.39 per share compared to net income of $794,000 or $0.06 per share reported in the prior fiscal year. Revenues for the fourth quarter ended March 27, 2005 and March 28, 2004 were $3,989,000 and $3,564,000, respectively. Net income for the fourth quarter of 2005 was $4,612,000 compared to a net income of $201,000 in the fourth quarter of fiscal 2004. Net income for the quarterly and year to date periods in 2005 reflects the reversal of approximately $4,749,000 previously recorded as a deferred tax asset valuation allowance. Excluding the impact of the valuation adjustment, net income for Fiscal 2005 was $505,000. |
