Advanced Power Technology Inc. (APT, Bend, OR) reported financial results for the fourth quarter and year ended December 31, 2001. Revenues for the fourth quarter of 2001 were $5.3 million, down 57.2 percent compared to $12.5 million in the fourth quarter of 2000, and down 22.2 percent sequentially from the $6.8 million recorded in the third quarter of 2001. Revenue for the year ended December 31, 2001, totaled $36.9 million, down 16.6 percent from the $44.2 million of revenue in 2000.
Net loss for the fourth quarter of 2001 was $712,000, or $0.08 per diluted share, compared to a net profit of $1.9 million, or $0.21 per diluted share, earned in the fourth quarter of 2000 and compared to a net loss of $417,000, or $0.05 per diluted share, in the third quarter of 2001. Net income for the year ended December 31, 2001, was $1.8 million, or $0.19 per diluted share, compared to $3.8 million, or $0.50 per diluted share, in 2000.
Patrick Sireta, CEO, commented, "Relative to third-quarter 2001, the fundamental dynamics in the fourth quarter of 2001 continued to be weakness in the communications and the semiconductor capital equipment markets and stability in the industrial, medical, and military and aerospace markets as well as in our sales to distribution. Our total sales in 2001 to the communications and the semiconductor capital equipment markets declined by 19.6 percent and 39.5 percent, respectively, from 2000 sales, while the combined industrial, medical, and military and aerospace markets grew by 8.3 percent.”
