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API Technologies Reports Results for the Fiscal First Quarter Ended February 28, 2014

  • Revenue of $58.9 million
  • Capital structure simplification announced March 26

ORLANDO, Fla.– (Business Wire) – April 9, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced results for the fiscal first quarter ended February 28, 2014.

“We delivered solid results this quarter, highlighted by Adjusted EBITDA expansion, cash generation, and overall margin improvements,” said Bel Lazar, President and Chief Executive Officer of API Technologies. “We continue to see sales funnel growth and strong customer adoption of our differentiated products across a diverse set of end markets. Furthermore, the simplification of our capital structure and reduction in API’s net liabilities related to the recent redemption of preferred stock delivers value to our shareholders.”

API Technologies Receives New $2.1 Million Order for Optical Network Solutions

ORLANDO, Fla.– (Business Wire) – April 2, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced that it has received a new $2.1 million Power and Electromagnetic Integrated Solutions (EIS) order from a leading optical network company, host to the world’s largest wireless, broadband, and telecom providers.

The -48V DC Power Distribution Units are an integrated API Technologies solution, aimed at ensuring consistent clean power to the Optical Transport Network (OTN) and preventing system outages. The solution incorporates soft start, surge suppression, alarming, and EMI filtering capabilities to provide EMC protection and ensure consistent performance.

API Technologies Announces First Quarter Earnings Call

ORLANDO, Fla.– (Business Wire) – March 28, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced that it would issue its earnings release for the fiscal first quarter ended February 28, 2014 after the market closes on April 9, 2014. A conference call to review the Company’s results will be held on April 10, 2014 at 10 a.m. Eastern Daylight Time. Bel Lazar, President and Chief Executive Officer, and Phil Rehkemper, Executive Vice President and Chief Financial Officer, will host the call.

API Technologies Announces Preferred Stock Redemption and Consolidation of Credit Facilities

ORLANDO, Fla.– (Business Wire) – March 26, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced the redemption of all of its Series A Preferred Stock for $27.6 million. Additionally, the Company amended its credit agreement with Guggenheim Corporate Funding, LLC, as administrative agent, to provide for an additional $55.0 million term loan. The proceeds of the incremental term loan were primarily used to redeem the Series A Preferred Stock and to pay off the Company’s asset backed revolving loan facility.

Bel Lazar, President and Chief Executive Officer of API Technologies said: “This transaction results in an immediate reduction in API’s net liabilities and simplifies our capital structure without incurring any dilution to our equity holders.”

About API Technologies Corp.

Power Systems and EMI Solutions to be Highlighted by API Technologies at APEC 2014

Power management products, power filters, and film capacitors to be spotlighted

Orlando, FL – February 28, 2014 – API Technologies Corp. (NASDAQ:ATNY), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, will showcase its Power Systems and Electromagnetic Integrated Solutions product lines at Booth #1133 during the Applied Power Electronics Conference (APEC). The APEC 2014 Exhibition takes place March 17-19, 2014 at the Fort Worth Convention Center in Fort Worth, TX.

Durable, Low Pressure Overmolded Backshell Cable Assemblies Available from API Technologies

Backshells Offer Improved Reliability and Superior Strain Relief

Orlando, FL February 24, 2014 – API Technologies Corp. (NASDAQ:ATNY), a leading provider of high performance RF/microwave, power and security solutions for critical and high-reliability applications, now offers durable, low pressure overmolded backshells on connector interfaces from its Electromagnetic Integrated Solutions (EIS) product line, the leader in EMI/RFI components and interconnects. This simplified backshell design is readily available and more cost-effective than its metal counterpart.

API Technologies Reports Results for the Fiscal Fourth Quarter Ended November 30, 2013

  • Fourth quarter revenue of $59.1 million, up 10.7% over prior fiscal year fourth quarter
  • Revenue from continuing operations for fiscal year 2013 of $244.3 million compared to $242.4 million in fiscal year 2012
  • Term loan repayments totaling $92.4 million through February 12, 2014

ORLANDO, Fla.– (Business Wire) – February 12, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced results for the fiscal fourth quarter and twelve months ended November 30, 2013.

API Technologies Wins New $3.9 Million Order for Microwave Subsystems from MBDA for Use in Sea Ceptor Program

ORLANDO, Fla.– (Business Wire) – February 11, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced that it has received a new, $3.9 million order for microwave subsystems from MBDA for use in the Sea Ceptor program, MBDA’s next generation, single-tier, all-weather air defense system.

No additional information is available due to the secure nature of this program. 

API Technologies Earns FIPS 140-2 Publication Validation for Cryptographic Module from NIST: Module Added to Short List of Products Qualified to Protect Sensitive Government and Military Information

ORLANDO, Fla.– (Business Wire) - February 7, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, announced today that its Common Cryptographic Module has been validated by the National Institute of Standards and Technology’s (NISTs) Federal Information Processing Standard (FIPS) Publication 140-2.

This standard’s validation assures the U.S. Department of Defense, and its agencies, that API’s Common Cryptographic Module meets the rigorous security requirements for government and military use. Only modules tested and validated to FIPS 140-2 (and its predecessor FIPS 140-1) meet the applicability requirements to protect sensitive information.

API Technologies Announces Fourth Quarter Earnings Call

ORLANDO, Fla.– Business Wire – January 30, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, today announced that it would issue its earnings release for the fiscal fourth quarter and year-ended November 30, 2013 after the market closes on February 12, 2014. A conference call to review the Company’s results will be held on February 13, 2014 at 10 a.m. EST. Bel Lazar, President and Chief Executive Officer, and Phil Rehkemper, Executive Vice President and Chief Financial Officer, will host the call.

API Technologies Introduces Radiation Tolerant Voltage Controlled Surface Acoustic Wave Oscillators (VCSOs)

Manufactured using a MIL-PRF-38534 Class K certified facility

Orlando, FL – January 23, 2014 - API Technologies Corp. (NASDAQ:ATNY) a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, now offers a new line of radiation tolerant voltage controlled Surface Acoustic Wave (SAW) oscillators (VCSO) for space, satellite communications, and aerospace systems. API Technologies is the first manufacturer of radiation tolerant VCSOs utilizing a MIL-PRF-38534 Class K certified facility.

API Technologies Receives New $1.4 Million Order for Power Systems

ORLANDO, Fla.– January 22, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, announced today that it has received a new, $1.4 million order for TPS75 Tactical Power Supplies. The Company-designed power systems, which debuted at the Association of the United States Army (AUSA) Annual meeting and Exposition in October, will be used by the U.S. Department of Defense as a lightweight, mobile power supply to support a variety of C4ISR, UAV, and mission control applications.

API Technologies’ Circular Connectors Address Strict Safety Requirements for Lightning Protection

New Connectors Meet RTCA/DO-160 Section 22 Standards

ORLANDO, Fla. – January 8, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, announced today that their EMI filtered and unfiltered circular connectors are now available to meet the standards for RTCA/DO-160 Section 22 Lightning Requirements. RTCA/DO-160 Section 22 outlines environmental conditions and testing procedures for airborne equipment, particularly for protection against lightning, to provide increased safety, system capacity, and overall efficiency.

API Technologies Announces New Switched Multiplexer with Integrated Low Noise Amplifier

Designed for Radar, EW, and ELINT Applications

Orlando, FL - January 07, 2014 – API Technologies Corp. (NASDAQ:ATNY) a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, is now offering a switched multiplexer that includes an integrated Low Noise Amplifier (LNA).  

Designed for radar, Electronic Warfare (EW) and Electronics Intelligence (ELINT) applications, this new multiplexer provides excellent broadband performance across the 2 GHz to 18 GHz range using suspended substrate stripline (SSS) technology. 

Specifically suited for agile receiver front ends and directional finding systems, API’s switched multiplexer provides a 20 dB gain with a 5 dB noise figure and fast switching at 100 nanoseconds as well as low DC power consumption of only 5.25 watts. Sub-octave filter bands used in the multiplexer provide excellent harmonic rejection and high isolation. 

API Technologies Completes Sale/Leaseback of State College, PA Facility

ORLANDO, Fla. & STATE COLLEGE, PA – January 6, 2014 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, announced today the completion of a sale/leaseback transaction for its State College, PA location, located at 1900 West College Avenue, to Store Capital, a real estate investment firm, for $15.6 million. The Company used $14.3 million of the proceeds to pay down the Company’s term loan facility with Guggenheim Corporate Funding, LLC. As of August 31, 2013, the Company’s last reported financial quarter, the Company had $88.0 million in term debt obligations. As of January 3, 2014, the term loan balance is now $72.6 million.

New 2-18 GHz Broadband Synthesizer Announced by API Technologies

ORLANDO, Fla – December 12, 2013 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, announced today the first in a new series of broadband synthesizers ideally suited for military requirements and high-end commercial applications such as microwave receivers, microwave telemetry systems, uplink communication platforms, instrumentation, and military communication systems. The new 2-18 GHz broadband synthesizer features a wideband design with low phase noise and excellent broadband performance, and is packaged in a hermetic, laser-welded housing.

API Technologies Achieves AS9100 Rev C Certifications for Two Additional Facilities

ORLANDO, Fla. – December 11, 2013 - API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, announced today that it received two additional AS9100 Rev C aerospace site certifications, one for its RF/Microwave facility in Delmar, Delaware, and the other for its magnetics manufacturing operation in State College, Pennsylvania.

The AS9100 Rev C certification is based on the IAQG 9100-series standard quality management system requirements which are an internationally recognized quality management standard for the aerospace and defense industry. AS9100 certification involves a third-party verification process that includes a detailed review of the Company's quality processes and documentation. 

API Technologies’ Great Yarmouth Facility Expands Environmental Testing Facilities for Electronics

ORLANDO, Fla. and GREAT YARMOUTH, United Kingdom — November 20, 2013 — API Technologies Corp. (NASDAQ:ATNY) (“API” or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, announced today that in response to a recent contract win, it has expanded its environmental testing capabilities in the Company’s Great Yarmouth (UK) location. 

“Our dynamic and climatic test services help our customers resolve any end product quality issues. We can provide extremely accurate environmental test simulations that precisely mimic the working environment of a product in the field,” said Matthew Richards, Senior Vice President and Managing Director, RF/Microwave & Microelectronics (RF2M UK), API Technologies Corp. 

API Technologies Named to Deloitte’s 2013 Technology Fast 500™ List for Third Consecutive Year

ORLANDO, Fla.  — November 13, 2013  — API Technologies Corp. (NASDAQ:ATNY) (“API” or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced it ranked 153 on Deloitte’s Technology  Fast 500™, an annual ranking of the fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America. This marks API Technologies’ third, consecutive year of recognition on Deloitte’s Technology Fast 500 list.