APT Announces Second-Quarter 2002 Results

July 04, 2002 by Jeff Shepard

Advanced Power Technology Inc. (APT, Bend, OR) announced that it expects revenues for the second quarter ending June 30, 2002, to be above the upper end of the $8.8-to-$9.3-million range previously given, at approximately $9.8 million, excluding revenues from its recent acquisition of the Microsemi RF business, which was completed on May 24, 2002.

Including revenues from the acquisition of the Microsemi RF business, revenues are expected to be at approximately $10.6 million. The company also stated that its book-to-bill ratio in the second quarter continued to strengthen at approximately 1.12, compared to a book-to-bill ratio of 1.01 in the first quarter 2002.

CEO Patrick Sireta commented, "Excluding revenues from our recent acquisition of the Microsemi RF Products business, the company’s revenues grew sequentially by about 18 percent from the first-quarter 2002 to the second-quarter 2002, compared to the 7-to-13-percent range provided in our April 24, 2002, guidance. We are encouraged by our stronger-than-expected revenue growth in the second-quarter 2002, combined with continued strength in the order level, driving a book-to-bill ratio of approximately 1.12 for the quarter."