API Nanotronics Reports Record First Quarter Revenues of $7.9 Million

NEW YORK, NY, October 10 / MARKET WIRE/ -- API Nanotronics Corp. (OTCBB: APIA) ("API") (the "Company"), a leading supplier of electronic components, nano-optics and nanotechnology research and development to the defense and communications sectors, today announced first quarter operating results for the period ended August 31, 2008. Financial Highlights for the First Quarter 2009 -- Net revenue for the first quarter of fiscal 2009 was $7.9 million, an 11% increase over fiscal 2008 first quarter revenue of $7.1 million; -- Gross profit increased to $2.1 million in the first quarter of fiscal 2009 compared to $2.0 million in the first quarter of fiscal 2008 as the Company began to restructure its domestic operations and transfer select manufacturing to China; -- GAAP net loss for the quarter was $0.89 million or $0.03 per share,... [read full story]