API Technologies Posts $6.3M Net Loss for 3Q FY2015


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API Technologies Corp., a leading provider of high performance RF, microwave, millimeterwave, power, and security solutions, today announced results for the fiscal third quarter ended August 31, 2015. The results reflect the inclusion of Inmet and Weinschel, which the Company acquired after the start of the quarter, on June 8, 2015.

"We delivered significantly improved third quarter performance, demonstrating the impact our focus on operational improvement is beginning to have on the business," said Robert Tavares, president and chief executive officer of API. "The integration of Inmet and Weinschel are substantially complete to our plan and already benefiting our top line. API is keenly focused on creating long-term value for our customers and shareholders."

API Technologies reported fiscal third quarter revenue of $68.0 million. GAAP gross margin as a percentage of sales was 26.5% for the fiscal third quarter of 2015. For the fiscal third quarter, the company posted a net loss of $6.3 million. Adjusted EBITDA for the fiscal third quarter of 2015 was $9.9 million, or 14.6% of revenue.

For the nine months ended August 31, 2015, API Technologies reported revenue of $171.1 million, while GAAP gross margin was 24.5%. The company posted a net loss of $12.8 million for the nine months ended August 31, 2015. Adjusted EBITDA was $19.8 million, or 11.6% of revenue.

About API Technologies

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.

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