API Technologies Posts Revenue of $52.3M in Fiscal Q2
July 8, 2015 | PRNewswireEstimated reading time: 2 minutes
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.
Suggested Items
Northrop Grumman Honors Suppliers for Excellence
03/14/2024 | Northrop GrummanNorthrop Grumman Corporation honored more than 70 suppliers for their outstanding contributions in 2023. In an annual recognition event, the companies included women-, minority- and veteran-owned small businesses as well as those operating in underdeveloped areas.
Cicor Acquires TT Electronics IoT Solutions
03/04/2024 | Cicor Technologies Ltd.The Cicor Group has signed an agreement to acquire TT Electronics IoT Solutions Ltd, with three production sites in the UK and China.
AEM, Texas Aerospace Technologies Bolster Partnership for Latin America
02/26/2024 | AEM Corp.Canadian avionics manufacturer, Anodyne Electronics Manufacturing Corp. (AEM), is pleased to announce a partnership expansion with Texas Aerospace Technologies, a subsidiary of Texas Aerospace Services, to add AEM’s new MTP136D modern panel-mount P25 VHF FM Forest Service radio to its lineup of product offerings for their Latin American customers.
RTX's Collins Aerospace to Provide Air India with Avionics Hardware
02/22/2024 | RTXCollins Aerospace, an RTX business, has been selected by Air India for a full suite of avionics hardware catering to the airline's expanding Boeing 737 MAX fleet.
BAE Systems Secures Regulatory Approvals for Acquisition of Ball Aerospace
02/14/2024 | BUSINESS WIREFurther to the announcement of 17 August 2023, BAE Systems has now received the necessary regulatory approvals and will be executing steps in the coming days to complete the acquisition of Ball Aerospace from Ball Corporation.