Advanced Power Technology Reports Results for Fourth Quarter 2000February 12, 2001 by Jeff Shepard
Advanced Power Technology Inc. (APT, Bend, OR) has reported financial results for the fourth quarter and year ended December 31, 2000. Revenues for the fourth quarter of 2000 were $12.5 million, up 60 percent over the $7.8 million achieved in the fourth quarter of 1999 and up 3.4 percent sequentially from the $12.1 million recorded in the third quarter of 2000. Revenue for the year totaled $44.2 million, a 61 percent increase over revenue of $27.5 million in 1999. The company recorded non-recurring technology licensing revenue of $220,000 in both the third and fourth quarters of 2000.
Net income for the fourth quarter of 2000 was $1.9 million, or $0.21 per diluted share, an increase of over 1,000 percent compared to the $174,000, or $0.03 per diluted share earned in the comparable period last year, and a sequential increase of 47 percent over the $1.3 million, or $0.16 per diluted share earned in the third quarter of 2000. Net income for the year ended December 31, 2000 was a record $3.8 million, or $0.50 per diluted share, compared to a net loss of $175,000, or $.04 per diluted share, in 1999.
Cash earnings per diluted share, based on net income excluding non-recurring, non-cash charges associated with pushdown accounting and the issuance of warrants, was $0.63 for the year ended December 31, 2000, compared to $0.14 for the prior year. Recognition of such non-cash charges was fully accomplished by the end of the third quarter ended September 30, 2000. As a result, cash earnings per diluted share for the fourth quarter are identical to the $0.21 earnings per diluted share as reported.
Gross margin for the fourth quarter of 2000 increased to 44.1 percent, compared to 37.6 percent in the fourth quarter of 1999 and 40.0 percent in the third quarter of 2000. For the year ended December 31, 2000, gross margin was 39.5 percent compared to 34.5 percent for the prior year. The improved gross margin was a result of increased use of subcontract manufacturing, a favorable product mix toward higher margin product, and technology licensing revenue recognized in both the third and fourth quarters of 2000.
Patrick Sireta, CEO of APT, commented, “We are very pleased with our fourth quarter and full year results and the momentum reflected in our revenue and earnings growth. Although market conditions are currently less certain throughout the broad semiconductor industry, APT's strategy continues to focus on markets and applications that offer substantial growth opportunities and require unique power semiconductors like APT's."