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API Technologies Reports Q3

ORLANDO, Fla. — API Technologies Corp. (OTCBB: ATNY), a provider of secure communications, electronic systems and subsystems, and contract manufacturing services to the global defense and aerospace industries, today announced third quarter and nine months financial results for the period ended February 28, 2011. The results include the operations of SenDEC Corporation following the date of acquisition on January 21, 2011.

Financial Highlights for the Third Quarter Ended February 28, 2011

  • Revenue was $24.6 million, a 40.5% increase from $17.5 million in the same quarter of fiscal 2010;
  • Gross profit was $4.6 million compared to $4.5 million in the previous year's third quarter'
  • Gross margin was 18.9% as compared to 25.5% in the same 2010 quarter;
  • Net loss was $10.6 million as compared to net loss of $6.6 million in the previous year's quarter; the loss in the current quarter included approximately $8.9 million in transaction expenses related to the SenDEC acquisition; and
  • $13.5 million in cash and marketable securities on balance sheet. Financial Highlights for the Nine Months Ended February 28, 2011
  • Revenue was $79.6 million, a 107.1% increase from $38.4 million for the same period of fiscal 2010;
  • Gross profit was $18.0 million compared to $9.4 million;
  • Gross margin was 22.6% as compared to 24.6% in the same period of fiscal 2010; and
  • Net loss was $11.6 million as compared to $9.4 million in the comparable period of the previous year; net loss for the current nine months included approximately $8.9 million in transaction expenses related to the SenDEC acquisition. Read the full press release.

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