SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current
Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 22, 2004
ADVANCED POWER TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-16047 |
|
93-0875072 |
(State
or other jurisdiction of |
|
(Commission File No.) |
|
(I.R.S.
Employer |
405 SW Columbia Street,
Bend, Oregon 97702
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code:
(541) 382-8028
Item 5. Other Events and Required Disclosure
On July 22, 2004, the Registrant announced the following financial results and developments:
For the second quarter of 2004, revenues were a record $18.1 million, up 45 percent from $12.5 million in the same period in fiscal 2003 and up sequentially 20 percent from $15.1 million in the first quarter of 2004. Net income in accordance with generally accepted accounting principles (GAAP) was $869,000, or $0.08 per diluted share. This compares to the net loss of $119,000, in the same period in fiscal 2003, or $(0.01) per share, and to a net income in the first quarter of 2004 of $283,000 or $0.03 per diluted share. On a GAAP basis, gross margin for the second quarter of 2004 was 38.0 percent of revenue compared to 35.5 percent in the same period in fiscal 2003 and 36.1 percent in the prior quarter.
Selling, general and administrative (SG&A) expenses in the second quarter of 2004 were $5.1 million and included $1.3 million of legal fees related to a patent litigation matter active during the quarter. Summary judgment in favor of the Company, dismissing IXYS Corporations claims of patent infringement against the Company, was granted by the U.S. District Court on June 16, 2004. The Court held that IXYS United States Patent Nos. 5,486,715 and 5,801,419 are not infringed by APTs power MOSFET products, and further held that IXYSs patents are invalid because obvious.
2
ADVANCED POWER TECHNOLOGY, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
(unaudited)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
||||||||
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Revenues, net |
|
$ |
18,061 |
|
$ |
12,487 |
|
$ |
33,154 |
|
$ |
23,646 |
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold |
|
10,915 |
|
7,777 |
|
20,282 |
|
15,529 |
|
||||
Amortization of technology rights & other |
|
274 |
|
280 |
|
548 |
|
564 |
|
||||
Total cost of goods sold |
|
11,189 |
|
8,057 |
|
20,830 |
|
16,093 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
6,872 |
|
4,430 |
|
12,324 |
|
7,553 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
783 |
|
668 |
|
1,670 |
|
1,501 |
|
||||
Selling, general and administrative |
|
5,130 |
|
3,703 |
|
9,240 |
|
7,394 |
|
||||
Restructuring charges |
|
115 |
|
|
|
321 |
|
240 |
|
||||
Total operating expenses |
|
6,028 |
|
4,371 |
|
11,231 |
|
9,135 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
|
844 |
|
59 |
|
1,093 |
|
(1,582 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
||||
Interest, net |
|
41 |
|
52 |
|
81 |
|
108 |
|
||||
Other, net |
|
12 |
|
(145 |
) |
6 |
|
(134 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) before income taxes |
|
897 |
|
(34 |
) |
1,180 |
|
(1,608 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
Provision (benefit) for income taxes |
|
28 |
|
85 |
|
28 |
|
(480 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
Net Income (loss) |
|
$ |
869 |
|
$ |
(119 |
) |
$ |
1,152 |
|
$ |
(1,128 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Net Income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.08 |
|
$ |
(0.01 |
) |
$ |
0.11 |
|
$ |
(0.11 |
) |
Diluted |
|
$ |
0.08 |
|
$ |
(0.01 |
) |
$ |
0.10 |
|
$ |
(0.11 |
) |
Weighted average number of shares used in the computation of net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||
Basic |
|
10,605 |
|
10,404 |
|
10,556 |
|
10,402 |
|
||||
Diluted |
|
11,261 |
|
10,404 |
|
11,212 |
|
10,402 |
|
3
ADVANCED POWER TECHNOLOGY, INC
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
June 30, 2004 |
|
Dec. 31, 2003 |
|
||
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
10,168 |
|
$ |
11,564 |
|
Short term investments in available-for-sale securities |
|
3,800 |
|
4,000 |
|
||
Accounts receivable, net |
|
10,895 |
|
7,564 |
|
||
Inventories, net |
|
12,944 |
|
12,382 |
|
||
Prepaid and other current assets |
|
2,414 |
|
2,436 |
|
||
Total current assets |
|
40,221 |
|
37,946 |
|
||
|
|
|
|
|
|
||
Property and equipment, net |
|
11,174 |
|
11,002 |
|
||
Long term investments in available-for-sale securities |
|
2,005 |
|
1,000 |
|
||
Other assets |
|
53 |
|
174 |
|
||
Intangible assets, net |
|
8,272 |
|
8,811 |
|
||
Goodwill |
|
15,570 |
|
15,570 |
|
||
Total assets |
|
$ |
77,295 |
|
$ |
74,503 |
|
|
|
|
|
|
|
||
Liabilities and Stockholders Equity |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
|
$ |
4,771 |
|
$ |
3,471 |
|
Accrued expenses |
|
2,423 |
|
2,695 |
|
||
Total current liabilities |
|
7,194 |
|
6,166 |
|
||
|
|
|
|
|
|
||
Other long term liabilities |
|
117 |
|
127 |
|
||
Total liabilities |
|
7,311 |
|
6,293 |
|
||
|
|
|
|
|
|
||
Stockholders equity: |
|
|
|
|
|
||
Common stock |
|
108 |
|
106 |
|
||
Additional paid in capital |
|
89,116 |
|
88,625 |
|
||
Treasury stock |
|
(1,761 |
) |
(1,761 |
) |
||
Deferred stock compensation |
|
|
|
(21 |
) |
||
Accumulated other comprehensive income |
|
417 |
|
309 |
|
||
Accumulated deficit |
|
(17,896 |
) |
(19,048 |
) |
||
Total stockholders equity |
|
69,984 |
|
68,210 |
|
||
Total liabilities and stockholders equity |
|
$ |
77,295 |
|
$ |
74,503 |
|
4
Item 12. Results of Operations and Financial Condition
The Registrants media release dated July 22, 2004, regarding results for the quarter ended June 30, 2004 and guidance for the quarter ending September 30, 2004, is attached hereto as Exhibit 99.1. This information is being furnished under Item 12 of Form 8-K, and shall not be deemed filed for purposes of Section 18 or the Securities Exchange Act of 1934, or incorporated by reference in any filing under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Section 13 of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized this 23rd day of July, 2004.
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ADVANCED POWER TECHNOLOGY, INC. |
||
|
|
||
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BY: |
/s/ GREG M. HAUGEN |
|
|
|
Greg M. Haugen |
|
|
|
Vice President, Finance and Administration, |
|
|
|
Chief Financial Officer and Secretary |
|
|
|
(Principal Financial Officer) |
EXHIBIT LIST
Exhibit |
|
Description |
|
|
|
99.1 |
|
Media Release dated July 22, 2004, Advanced Power Reports Strong Second Quarter Results, Sees Increasing Revenue and Profit by the Third Quarter. |
5