API Nanotronics Corp (APIA.OB), formed to develop the next generation of nanotechnology based products, today announced record first quarter revenues of $7.9 million, an 11% increase over the previous year’s first quarter revenues. Gross profits for the quarter increased by 5% over the previous year’s first quarter, as API began to restructure operations and transfer select manufacturing to China. API continues to implement cost-saving consolidation, while investing in the research and development of nanotechnology. The company’s balance sheet remains strong, showing $4.2 million in cash and marketable securities, along with $100,000 in long-term debt.
Stephen B. Pudles, API’s CEO, said, “Revenues continue to grow and the nanotechnology platform is proving successful when applied to a variety of sophisticated optical component solutions. We believe the steps we are taking will deliver tangible positive results in the immediate future.”
API Nanotronics, based in Hauppauge, NY, is the parent company of API Electronics and its numerous subsidiaries, which manufacture high-grade electronics for customers in the defense and communications industries, such as Honeywell, General Dynamics, Lockheed Martin, the U.S. Department of Defense, and customers in 34 countries.
The company is also developing a leadership position in the R&D and manufacture of nanotechnology and MEMS products. API Nanotronics was formed as an umbrella company to broaden the scope of API’s products, offering customers the opportunity to develop advanced nanotechnology products in the company’s new state of the art facility, under the oversight of top nanotechnology scientists and engineers. In July, API announced it had received awards for its nanotechnology accomplishments.
Let us hear your thoughts below:
