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API Technologies Reports Results for the Fiscal First Quarter Ended February 28, 2013

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By Business Wirevia The Motley Fool

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API Technologies Reports Results for the Fiscal First Quarter Ended February 28, 2013

ORLANDO, Fla.–(BUSINESS WIRE)– API Technologies Corp. (NAS: ATNY) (“API”, “API Technologies”, or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced results for the fiscal first quarter ended February 28, 2013.

  • Revenue of $67.2 million, up 7.0% sequentially over prior fiscal quarter
  • GAAP Gross Margin of 22.4%
  • Quarterly gross margin improvement across all three business segments

“Our quarter-over-quarter revenue growth and the gross margin improvement across all of our segments is a reflection of our differentiated product portfolio and the team’s demonstrated commitment to operational efficiency,” said Bel Lazar, President and Chief Executive Officer of API Technologies Corp. “The development and launch of new products has positively contributed to our strong backlog and sales funnel, which positions us well for top line growth in fiscal year 2013.”

Results for the Quarter Ended February 28, 2013

API Technologies reported revenue of $67.2 million for the quarter ended February 28, 2013, compared to $62.7 million in the quarter ended November 30, 2012 and $70.7 million in the quarter ended February 29, 2012.

Gross profit, as a percent of sales, was 22.4% for the quarter ended February 28, 2013, versus 20.2% for the quarter ended November 30, 2012, and 24.9% for quarter ended February 29, 2012. Excluding restructuring costs, gross margin was 22.5% in the quarter ended February 28, 2013, compared to 21.4% in the quarter ended November 30, 2012, versus 25.4% for the quarter ended February 29, 2012. Adjusted EBITDA for the quarter ended February 28, 2013 was $7.6 million (11.4% margin), versus $8.3 million (13.2% margin) for the quarter ended November 30, 2012, compared to $10.8 million (15.3% margin) for the quarter ended February 29, 2012.

API Technologies posted a net loss of $14.4 million for the quarter ended February 28, 2013, compared to $12.3 million net loss for the quarter ended November 30, 2012, versus net income of $0.8 million for the quarter ended February 29, 2012. Restructuring costs recorded in the quarter ended February 28, 2013 were approximately $0.3 million, compared to $3.3 million …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

API Technologies Announces First Quarter Earnings Conference Call

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By Business Wirevia The Motley Fool

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API Technologies Announces First Quarter Earnings Conference Call

ORLANDO, Fla.–(BUSINESS WIRE)– API Technologies Corp. (NAS: ATNY) (“API” or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced that it will host a conference call to review the Company’s results for the fiscal first quarter ended February 28, 2013 on Wednesday, April 10, at 10:00 a.m. Eastern Time. Bel Lazar, President and Chief Executive Officer, and Phil Rehkemper, Executive Vice President and Chief Financial Officer, will host the call.

The call will be available by dialing 866-605-3852 or 412-317-6789 and accessible by webcast at www.apitech.com. Recorded replays of the webcast will be available for 30 days on the Company’s website and by telephone for 30 days at 877-344-7529, replay passcode #10026550, beginning 2:00 p.m. Eastern Time on April 10, 2013.

About API Technologies Corp.

API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies’ customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitech.com.

API Technologies Corp.
Tara Condon, +1 855-294-3800
VP, Corporate Marketing & Investor Relations
investors@apitech.com

KEYWORDS:   United States  North America  Florida

INDUSTRY KEYWORDS:

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Source: FULL ARTICLE at DailyFinance