APT Reports Third-Quarter 2002 Results
Advanced Power Technology Inc. (APT, Bend, OR) reported third-quarter 2002 revenues of $13.1 million, toward the high end of the previously announced company guidance of $12.6 to $13.2 million, an increase of 91 percent over the year-ago quarter and of 22 percent over the prior quarter. The net income for the third quarter of 2002 in accordance with generally accepted accounting principles (GAAP) was $64,000, or $0.01 per diluted share, compared to a GAAP net loss of $417,000, or $0.05 per share, in the year-ago quarter, and a net loss of $545,000, or $0.05 per share, in the prior quarter.
Excluding non-cash-purchase accounting charges related to the January 25, 2002, acquisition of GHz Technology Inc. (Santa Clara, CA) and the acquisition of Microsemi RF Products Inc., pro-forma net income for the third quarter ended September 30, 2002, was $547,000, or $0.05 per diluted share, compared to a GAAP net loss of $417,000, or $0.05 per share, in the year-ago quarter, which had no pro-forma adjustments, and a pro-forma net loss of $26,000, or $0.00 per share, in the prior quarter. Excluding non-cash-purchase accounting charges associated with the two acquisitions, gross margin for third-quarter 2002 was 34.2 percent of revenue compared to 19.1 percent in the year-ago quarter, and 33.9 percent in the prior quarter.