APA Optics, Inc. has Loss of 11 Cents a Share for Second Quarter of Fiscal Year 2000
Company Reports that Its New Multi-Mode DWDM Product is Nearing Release to the Fiber Communications Marketplace
Minneapolis, MN. APA Optics, Inc. (NASDAQ: APAT), today reported that it had a loss of $955,512 for the second quarter of its 2000 fiscal year, ended September 30, 1999, as compared to the loss of $660,228 experienced in the second quarter of fiscal year 1999. Revenues for the fiscal 2000 second quarter totaled $36,029, down from the $246,437 reported for the same period of fiscal 1999. On a per share basis, the loss for the second quarter of the current fiscal year was eleven cents a share, $0.11, as compared to the loss of eight cents a share, $0.08, in the second quarter of fiscal year 1999.
Anil K. Jain, the president and chief executive officer of APA Optics, said the greater loss resulted from increased costs due to inventory purchases and fabrication and marketing activities while awaiting the results of customer evaluations of new products.
APA Optics said it has filed patents for and expects to soon make available its new multi-mode dense wavelength division multiplexed (DWDM) product for use in the telecommunications industry. "This device has the potential to play a significant role in short-haul, high speed communications," said Jain. "APA will have a broader range of DWDM components available for integration into higher speed communications systems and for updating existing installations."
For the first six months of fiscal year 2000, the Company had a loss of $1,872,102, or 22 cents a share, as compared to the loss of $1,138,373, or 13 cents a share, reported for the first six months of fiscal 1999. Revenues for the first six months totaled $102,626, as compared to $494,994 for the same period of fiscal 1999.
APA Optics had a cash balance of $2,097,810 at September 30, 1999, compared to a cash balance of $2,812,849 at March 31, 1999. The cash decrease is due largely to the losses the Company experienced during the first six months of fiscal 2000. During September and October 1999, APA raised approximately $1,875,000 through a private placement of the Company s common stock. The Company believes it has sufficient working capital to sustain operations through fiscal 2000.
Statements in this report with respect to future sales prospects and other matters to occur in the future are forward looking statements and are subject to uncertainties from factors, many of which are beyond the Company s control. These factors include, but are not limited to, the continued development of the Company s products, acceptance of those products by potential customers, the Company s ability to sell such products at a profitable price, the Company s readiness for year 2000, and the Company s ability to fund its operations.
APA Optics, Inc. develops, manufactures and markets advanced products for the fiber optic communications, optoelectronics and laser industries, including wavelength division multiplexed (WDM) components, ultraviolet (UV) detectors, nitride epitaxial layers and custom optics.
Contacts: APA Optics, Inc. Anil K. Jain; Tel: 612-784-4995 or The Wallace Group Roy Wallace; Tel: 651-452-9800
APA Optics, Inc.
Anil K. Jain; Tel: 612-784-4995 or The Wallace Group Roy Wallace; Tel: 651-452-9800
