API Technologies Posts Revenue of $52.3M in Fiscal Q2


Reading time ( words)

API Technologies Corp., a leading provider of high performance RF, microwave, millimeterwave, power, and security solutions, today announced results for the fiscal second quarter ended May 31, 2015.

Results for the Quarter Ended May 31, 2015

  • API Technologies reported fiscal second quarter revenue of $52.3 million.
  • For the fiscal second quarter of 2015, GAAP gross margin as a percentage of sales was 21.0%; non-GAAP gross margin was 22.2%.
  • The Company posted a net loss of $4.3 million for the fiscal second quarter. Adjusted EBITDA for the fiscal second quarter of 2015 was $3.9 million, or 7.4% of revenue.  

Results for the Six Months Ended May 31, 2015

  • API Technologies reported revenue of $103.1 million for the six months ended May 31, 2015. GAAP gross margin was 23.2% for the six -month period ended May 31, 2015. Non-GAAP gross margin was 24.4% for the same period.
  • The Company posted a net loss of $6.5 million for the six months ended May 31, 2015. Adjusted EBITDA for the six months ended May 31, 2015 was $9.9 million, or 9.6% of revenue.

Recent Developments

  • On June 8, 2015, API announced the successful completion of its acquisitions of Aeroflex / Inmet, Inc. ("Inmet") and Aeroflex / Weinschel, Inc. ("Weinschel") from Cobham plc. The transaction adds breadth to API's RF, microwave, and microelectronics product portfolio, extends the Company's subsystems offering, and furthers API's reach in key end markets, including defense, space, commercial aviation, and wireless. For the twelve months ended March 31, 2015, combined revenue for Inmet and Weinschel was approximately $47.5 million and combined EBITDA was approximately $11.2 million, representing a margin of 23.6%.
  • Don Barnas was named the Company's new Vice President of Worldwide Sales, effective June 8, 2015. Mr. Barnas joins API with nearly 30 years of sales and business development leadership in RF, microwave and microelectronics; he most recently served as Vice President of Sales – Americas, for Richardson, RFPD, an Arrow Company.
  • Domingo Isasi was appointed to the newly created role of Vice President of Continuous Improvement for API, effective June 29, 2015. Reporting to API's President and Chief Executive Officer, Mr. Isasi will lead worldwide continuous improvement efforts related to delivery, quality, and reliability excellence, as well as drive cost-efficiency initiatives.

About API Technologies Corp.

API Technologies 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.

Share

Print


Suggested Items

IPC APEX EXPO 2020 Attendees Speak: Travis Smith and Mindy Sanchez

03/16/2020 | I-Connect007 Editorial Team
"I’m seeing a lot of great manufacturers and different equipment that’s available in the market, as well as new, emerging technologies," said Travis Smith of Ball Aerospace. "I’m learning a lot more about some of IPC’s standards and committees as well. It has been a fantastic week of educating ourselves for manufacturing processes going forward. And the IPC booth has a wealth of information."

Stencils: Not As Simple As They Seem

02/26/2020 | I-Connect007 Editorial Team
Stephanie Hardin of Integrated Ideas and Technologies Inc. discusses her role in the supply chain as a stencil manufacturer, improvements she sees from micromachined step stencils, and why she believes trying to have standardized stencil layouts is wishful thinking due to the many fluctuating variables.

Blackfox Trains Veterans for Good Manufacturing Jobs

12/31/1969 | Real Time with...IPC
Blackfox Training Institute has been training manufacturing technologists for over 20 years. Based in Longmont, Colorado, Blackfox is now focused on helping veterans of our armed services transition into good jobs in the manufacturing sector. During IPC APEX EXPO 2020, Editor Nolan Johnson spoke with Blackfox CEO Al Dill about the company's veteran training programs, and how this effort is helping companies fill jobs that might otherwise go unfilled.



Copyright © 2020 I-Connect007. All rights reserved.