ADVANCED PHOTONIX INC

CIK:0000869986|SEC Filings

Note 7 - Earnings Per Share

9 Months Ended

Dec. 26, 2014

Note 7. Earnings Per Share

The Company’s net earnings per share calculations are in accordance with FASB ASC 260-10. Accordingly, basic earnings (loss) per share are computed by dividing net earnings (loss) by the weighted average number of shares outstanding for each period. The calculation of loss per share is as follows:

	Three months ended
Basic and Diluted	December 26, 2014			December 27, 2013
Weighted Average Basic Shares Outstanding		37,381,000			31,243,000
Dilutive effect of Stock Options and Warrants		--			--
Weighted Average Diluted Shares Outstanding		37,381,000			31,243,000
Net loss	$	(701,000	)	$	(1,618,000	)
Basic and Diluted loss per share	$	(0.02	)	$	(0.05	)

	Nine months ended
Basic and Diluted	December 26, 2014			December 27, 2013
Weighted Average Basic Shares Outstanding		35,860,000			31,223,000
Dilutive effect of Stock Options and Warrants		--			--
Weighted Average Diluted Shares Outstanding		35,860,000			31,223,000
Net loss	$	(1,337,000	)	$	(3,121,000	)
Basic and Diluted loss per share	$	(0.04	)	$	(0.10	)

The dilutive effect of stock options and warrants for each of the periods was not included in the calculation of diluted loss per share because to do so would have had an anti-dilutive effect as the Company had a net loss for the period.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Dec. 26, 2014	Dec. 27, 2013
Cash flows from operating activities:
Net loss	$ (1,337,000)us-gaap_NetIncomeLoss	$ (3,121,000)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	448,000us-gaap_Depreciation	1,297,000us-gaap_Depreciation
Amortization of intangible assets	539,000us-gaap_AmortizationOfIntangibleAssets	769,000us-gaap_AmortizationOfIntangibleAssets
Amortization of debt discount	107,000	143,000
Stock based compensation expense	52,000us-gaap_ShareBasedCompensation	110,000us-gaap_ShareBasedCompensation
Change in fair value of warrant liability	(231,000)us-gaap_FairValueAdjustmentOfWarrants	213,000us-gaap_FairValueAdjustmentOfWarrants
Changes in operating assets and liabilities:
Accounts receivable – net	1,271,000	(389,000)
Inventories	(238,000)us-gaap_IncreaseDecreaseInInventories	(759,000)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other assets	(303,000)	291,000
Accounts payable and accrued expenses	(1,505,000)	1,186,000
Net cash used in operating activities	(1,197,000)	(260,000)
Cash flows from investing activities:
Capital expenditures	(198,000)	(109,000)
Proceeds from sale of equipment	125,000
Patent expenditures	(275,000)	(176,000)
Net cash used in investing activities	(348,000)	(285,000)
Cash flows from financing activities:
Payments on bank term loan	(223,000)us-gaap_RepaymentsOfBankDebt	(250,000)us-gaap_RepaymentsOfBankDebt
Net proceeds (payments) on bank line of credit	(601,000)	1,128,000
Payments on MEDC/MSF term loans		(276,000)us-gaap_RepaymentsOfUnsecuredDebt
Payments on PFG term loan	(536,000)us-gaap_RepaymentsOfSecuredDebt	(537,000)us-gaap_RepaymentsOfSecuredDebt
Payments on capital lease	(19,000)	(21,000)
Net proceeds from issuance of Class A Common Stock	2,914,000
Taxes paid on net share settlement		(2,000)
Net cash provided by financing activities	1,535,000	42,000
Net decrease in cash and cash equivalents	(10,000)	(503,000)
Cash and cash equivalents at beginning of period	120,000	619,000
Cash and cash equivalents at end of period	110,000	116,000
Supplemental disclosure of cash flow information:
Cash paid for interest	222,000us-gaap_InterestPaid	283,000us-gaap_InterestPaid
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of equipment through capital lease		$ 82,000us-gaap_CapitalLeaseObligationsIncurred

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Dec. 26, 2014	Mar. 31, 2014
Current assets:
Cash and cash equivalents	$ 110,000	$ 120,000
Receivables, net	3,814,000us-gaap_AccountsReceivableNetCurrent	5,085,000us-gaap_AccountsReceivableNetCurrent
Inventories	4,987,000us-gaap_InventoryNet	4,749,000us-gaap_InventoryNet
Prepaid expenses and other current assets	725,000	444,000
Total current assets	9,636,000us-gaap_AssetsCurrent	10,398,000us-gaap_AssetsCurrent
Equipment and leasehold improvements, net	1,769,000us-gaap_PropertyPlantAndEquipmentNet	2,144,000us-gaap_PropertyPlantAndEquipmentNet
Goodwill	4,579,000us-gaap_Goodwill	4,579,000us-gaap_Goodwill
Intangibles and patents, net	2,678,000	2,942,000
Other assets	160,000us-gaap_OtherAssetsNoncurrent	138,000us-gaap_OtherAssetsNoncurrent
Total Assets	18,822,000us-gaap_Assets	20,201,000us-gaap_Assets
Current liabilities:
Accounts payable	1,580,000us-gaap_AccountsPayableCurrent	2,661,000us-gaap_AccountsPayableCurrent
Accrued compensation	790,000	701,000
Accrued subcontracting costs	226,000api_AccruedContractCost	344,000api_AccruedContractCost
Other accrued expenses	713,000us-gaap_OtherAccruedLiabilitiesCurrent	1,108,000us-gaap_OtherAccruedLiabilitiesCurrent
Current portion of long-term debt--PFG	714,000us-gaap_SecuredDebtCurrent	714,000us-gaap_SecuredDebtCurrent
Current portion of long-term debt – MEDC/MSF	116,000us-gaap_UnsecuredDebtCurrent	654,000us-gaap_UnsecuredDebtCurrent
Current portion of capital lease	8,000us-gaap_CapitalLeaseObligationsCurrent	20,000us-gaap_CapitalLeaseObligationsCurrent
Current portion of long-term debt - bank line of credit	1,546,000us-gaap_LinesOfCreditCurrent	2,147,000us-gaap_LinesOfCreditCurrent
Current portion of long-term debt - bank term loan	83,000us-gaap_LoansPayableToBankCurrent	306,000us-gaap_LoansPayableToBankCurrent
Total current liabilities	5,776,000us-gaap_LiabilitiesCurrent	8,655,000us-gaap_LiabilitiesCurrent
Long-term debt, capital lease	29,000	36,000
Warrant liability	178,000us-gaap_DerivativeLiabilitiesNoncurrent	409,000us-gaap_DerivativeLiabilitiesNoncurrent
Total liabilities	6,886,000us-gaap_Liabilities	9,894,000us-gaap_Liabilities
Class A Common Stock, $.001 par value, 100,000,000 authorized; December 26, 2014 – 37,381,413 shares issued and outstanding, March 31, 2014 – 31,203,213 shares issued and outstanding	37,000us-gaap_CommonStockValue	31,000us-gaap_CommonStockValue
Additional paid-in capital	61,712,000us-gaap_AdditionalPaidInCapital	58,752,000us-gaap_AdditionalPaidInCapital
Accumulated deficit	(49,813,000)	(48,476,000)
Total shareholders' equity	11,936,000us-gaap_StockholdersEquity	10,307,000us-gaap_StockholdersEquity
Total Liabilities and Shareholders’ Equity	18,822,000	20,201,000
Partners For Growth [Member]
Current liabilities:
Long-term Debt, Less Current Portion	365,000	794,000
Michigan Economic Development Corporation Loan Agreement [Member]
Current liabilities:
Long-term Debt, Less Current Portion	$ 538,000