Home | | | API Technologies Reports Results for the Fiscal First Quarter Ended February 28, 2015 API Technologies Reports Results for the Fiscal First Quarter Ended February 28, 2015

API Technologies Reports Results for the Fiscal First Quarter Ended February 28, 2015

ORLANDO, Fla., (PR Newswire) — April 8, 2015 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF, microwave, millimeterwave, power, and security solutions, today announced results for the fiscal first quarter ended February 28, 2015. 

Financial Results for the Quarter Ended February 28, 2015 

API Technologies reported fiscal first quarter revenue of $50.9 million. 

For the fiscal first quarter of 2015, GAAP gross margin as a percentage of sales was 25.5%; non-GAAP gross margin was 26.6%. 

The Company posted a net loss of $2.2 million for the fiscal first quarter. Adjusted EBITDA for the fiscal first quarter was $6.0 million or 11.9% of revenue. 

Recent Developments

  • Robert Tavares was named President and Chief Executive Officer and appointed to the Company’s Board of Directors effective March 2, 2015. Mr. Tavares joins API with 30 years of experience in the microelectronics and semiconductor industries; he most recently served as President of Crane Electronics Inc.
  • On March 23, 2015, API announced an expanded agreement with electronic components distributor TTI, Inc. to carry the Company’s line of RF, microwave, and microelectronics products; the partnership broadens API’s worldwide sales network and provides customers rapid product delivery.

First Quarter 2015 Business Highlights

  • API added to its line of radiation-hardened power microelectronics with the launch of voltage regulators and a new line of Solid State Relays for satellites and launch vehicles.
  • API’s QBS-609 1-kW pulsed power amplifier received “Product of the Year” honors from Electronic Products, a leading trade publication for electronic design engineers.
  • API expanded its product presence in the AESA radar market with the launch of standalone modules – the Quad Transmit Receive Module (QTRM) – part of the Company’s Active Antenna Array Unit (AAAU) solution.
  • API received a new patent for the Hawk-i™, the Company’s aiming device for a bomb disarming disrupter.
  • API expanded its U.S. Department of Defense C4ISR technology footprint with the announcement of $10.3 million in related program awards.

About API Technologies Corp. 

API Technologies (NASDAQ: ATNY) is an innovative designer and manufacturer of high performance systems, subsystems, modules, and components for technically demanding RF, microwave, millimeterwave, electromagnetic, power, and security applications. A high-reliability technology pioneer with over 70 years of heritage, API Technologies products are used by global defense, industrial, and commercial customers in the areas of commercial aerospace, wireless communications, medical, oil and gas, electronic warfare, unmanned systems, C4ISR, missile defense, harsh environments, satellites, and space. Learn more about API Technologies and our products at www.apitech.com

Non-GAAP Financial Information 

In this press release, API has provided the non-GAAP financial measures for Adjusted EBITDA at the Company level and segment level, and non-GAAP gross margin. Non-GAAP gross margin excludes restructuring charges and certain other adjustments described in the reconciliation table and non-GAAP Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) excludes restructuring charges, acquisition and divestiture-related charges, inventory provisions, stock-based compensation expenses, amortization of note discounts and deferred financing costs, and certain other adjustments described in the reconciliation table. API has also provided the non-GAAP financial measure for Adjusted EBITDA before corporate overhead, which is the Adjusted EBITDA number less general corporate overhead. Management believes the supplemental non-GAAP presentations provide investors an additional analytical tool for understanding the Company’s financial performance by excluding from operating results the impact of items that management believes do not reflect the Company’s core operating performance. These are not recognized measures under US GAAP, do not have a standardized meaning, and are unlikely to be comparable to similar measures used by other companies. Accordingly, investors are cautioned that these non-GAAP measures should not be construed as an alternative to net earnings or loss or gross margin determined in accordance with GAAP as an indicator of the financial performance of the Company or as a measure of the Company's liquidity and cash flows. We expect our financial statements to continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent. 

Safe Harbor for Forward-Looking Statements 

Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, including without limitation, reductions in government defense spending; government regulations; our ability to integrate and consolidate our operations; our ability to expand our operations in both new and existing markets; and the ability of our review of strategic alternatives to maximize stockholder value. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise. 

Claudio Mannarino 
Senior Vice President and Chief Financial Officer 
+1 855-294-3800 

Tara Flynn Condon 
Vice President, Corporate Development & Marketing 
+1 908-546-3903 

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