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API Reports Q4 Revenue of $59.1 Million, Up 10.7%
February 13, 2014 | Business WireEstimated reading time: 3 minutes
API Technologies Corporation (API or the company), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced results for the fiscal fourth quarter and twelve months ended November 30, 2013.
“Over the past twelve months we have successfully de-levered our balance sheet, driven operational efficiencies, and introduced innovative and differentiated products, resulting in design wins and sales funnel growth in both our defense and commercial end markets. Notwithstanding a challenging defense budget environment, we have grown our defense revenue year over year, a testament to our technologically advanced solutions and ability to adapt to a changing defense landscape,” said Bel Lazar, president and CEO.
Results for the Quarter Ended November 30, 2013
API Technologies reported revenue of $59.1 million for the quarter ended November 30, 2013, compared to $62.6 million for the quarter ended August 31, 2013, versus $53.4 million in the quarter ended November 30, 2012.
Gross profit as a percentage of sales was 15.2% for the quarter ended November 30, 2013, which included $4.0 million dollars of inventory write downs, compared to 23.9% for the quarter ended August 31, 2013, versus 20.1% for the quarter ended November 30, 2012. Adjusted EBITDA from continuing operations for the quarter ended November 30, 2013 was $6.3 million (10.7% margin), versus $8.4 million (13.3% margin) for the quarter ended August 31, 2013, compared to $6.3 million (11.7% margin) in the quarter ended November 30, 2012.
API Technologies posted a net loss of $7.2 million in the quarter ended November 30, 2013, versus a net income of $7.0 million in the quarter ended August 31, 2013, and a net loss of $12.3 million in the quarter ended November 30, 2012.
Results for the Twelve Months Ended November 30, 2013
API Technologies reported revenue of $244.3 million for the twelve months ended November 30, 2013, compared to $242.4 million for the twelve months ended November 30, 2012. Gross margin was 20.7% for the twelve months ended November 30, 2013 versus 19.2% for the prior-year period. Adjusted EBITDA from continuing operations was $27.1 million for the twelve months ended November 30, 2013, compared to $31.8 million for the twelve months ended November 30, 2012.
The Company posted a net loss of $7.2 million for the twelve months ended November 30, 2013, compared to a net loss of $148.7 million for the prior-year period. The decrease in net loss was driven primarily by a) a $107.5 million Goodwill impairment charge in fiscal 2012, b) $16.2 million dollars of fiscal 2013 net income from Discontinued Operations from the gains on the sales of the Sensors business and Data Bus product line, and c) a $14.5 million dollar decrease in restructuring charges from fiscal 2012 to fiscal 2013. Restructuring costs recorded in the twelve months ended November 30, 2013 were $2.6 million, compared to $17.1 million for the fiscal year ended November 30, 2012.
As of November 30, 2013, the Company had $7.9 million in cash and cash equivalents, including $1.5 million in restricted cash, and $104.8 million in debt obligations, net of discounts.
Subsequent Events
On January 6, 2014, API Technologies announced the completion of a sale/leaseback transaction for its State College, PA facility for $15.5 million. The Company used $14.2 million of the proceeds to pay down the Company’s term loan facility. As of November 30, 2013, the Company had $86.8 million in term loan obligations. As of February 12, 2014, the term loan balance is $72.6 million.
Conference Call
API Technologies will host a conference call to review the Company’s fiscal fourth quarter results tomorrow, February 13, 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 1-877-317-6789 or 1-412-317-6789 and accessible by webcast at http://www.apitech.com/investor-relations. Recorded replays of the webcast will be available on the Company’s Investor Relations App, and for 30 days on the Company’s website and by telephone at 1-877-344-7529 or 1-412-317-0088, replay passcode #10039914, beginning noon Eastern Standard Time on February 13, 2014.
The API Technologies Investor Relations App is available for iPhone® and iPad® via the Apple iTunes store and for Android™ devices via Google Play. For more information, visit www.apitech.com/investor-relations.
About API Technologies Corporation
API Technologies is an innovative designer and manufacturer of high performance systems, subsystems, modules, and components for technically demanding RF, microwave, millimeter wave, 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 at www.apitech.com.