Advanced Photonix Posts Net Loss for 1st Quarter

Advanced Photonix Inc. of Camarillo announced a net loss of $310,000 or 3 cents per share for the first quarter that ended June 30.

This compared with a net loss of $287,000 or 3 cents per share in last year’s first quarter. First-quarter revenues totaled $1.8 million, compared with $1.9 million reported in the first quarter of last year.

James W. Ward, board chairman, said that while net product sales were lower compared to the previous year, gross profit margins on product shipments improved by six percentage points. Also, revenues from development contracts were slightly higher than the prior year and partially offset lower product sales.

Advanced Photonix is a high-technology company that designs and manufactures photoelectronic equipment.