APT Reports Third Quarter ResultsOctober 25, 2000 by Jeff Shepard
Advanced Power Technology Inc. (APT, Bend, OR) reported financial results for the third quarter ended September 30, 2000. Revenues for the quarter were $12.1 million, up 66 percent over the $7.3 million achieved in the third quarter of 1999, and up 20 percent sequentially from the $10.1 million recorded in the second quarter of 2000. Net income for the third quarter was $1.3 million, or $0.16 per diluted share, an increase of over 1,000 percent compared to the $118,000, or $0.02 per diluted share, earned in the comparable period last year and a sequential increase of 420 percent over the $250,000, or $0.04 per diluted share, earned in the second quarter of 2000. Third-quarter earnings were $896,000, or $0.11 per diluted share. Cash earnings, based on net income, were $0.21 for the quarter that ended September 30, 2000. This represents a year-over-year growth of 250 percent compared to $0.06 per diluted share for the quarter ended September 30, 1999, and sequential growth of 91 percent compared to $0.11 per diluted share for the quarter ended June 30, 2000. Third-quarter cash earnings per diluted share were $0.16."Strength in the wireless communications, Internet infrastructure and semiconductor capital equipment markets were significant contributors to our overall growth and earnings for the quarter," said Patrick Sireta, chairman and CEO. "APT's strategy remains to focus on markets and applications that offer substantial growth opportunities and that require high power and high-frequency capabilities."