FINANCIAL RESULTS APA Enterprises, Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, March 31, 2007 2007 ------------ ------------ Assets: Cash and cash equivalents $ 3,304,645 $ 1,266,176 Available for sale securities 2,825,000 5,450,000 Accounts receivable, net 2,418,651 1,697,811 Inventories 1,595,282 1,312,681 Property, plant and equipment, net 1,773,739 1,656,011 Other assets 3,424,251 3,015,832 Assets of discontinued operations - 1,324,047 ------------ ------------ Total assets $ 15,341,568 $ 15,722,558 ============ ============ Liabilities: Current liabilities $ 2,309,727 $ 2,010,726 Long-term liabilities 408,437 235,348 Liabilities of discontinued operations 410,717 - Shareholders equity: Common stock 118,723 118,723 Additional-paid-in-capital 52,037,207 52,018,729 Accumulated deficit (39,943,243) (38,660,968) ------------ ------------ Total shareholders equity 12,212,687 13,476,484 ------------ ------------ Total liabilities and shareholders equity $ 15,341,568 $ 15,722,558 ============ ============ APA Enterprises, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Six Months Ended September 30 September 30 ------------------------ ------------------------- 2007 2006 2007 2006 ----------- ----------- ------------ ----------- REVENUES $ 5,389,634 $ 4,891,085 $ 10,296,680 $ 9,963,271 COST OF REVENUES 3,622,122 3,414,021 7,079,023 7,053,745 ----------- ----------- ------------ ----------- GROSS PROFIT 1,767,512 1,477,064 3,217,657 2,909,526 OPERATING EXPENSES Selling, general and administrative 1,707,111 1,468,112 3,684,694 2,954,363 Gain on disposal of assets (net) (13,079) (1,129) (13,079) 2,162 ----------- ----------- ------------ ----------- 1,694,032 1,466,983 3,671,615 2,956,525 ----------- ----------- ------------ ----------- INCOME (LOSS) FROM OPERATIONS 73,480 10,081 (453,958) (46,999) OTHER INCOME, net 77,863 89,054 129,979 187,811 ----------- ----------- ------------ ----------- EARNINGS(LOSS) BEFORE INCOME TAXES 151,343 99,135 (323,979) 140,812 INCOME TAXES 27,270 24,270 51,640 43,250 ----------- ----------- ------------ ----------- NET INCOME (LOSS) FROM CONTINUING OPERATIONS $ 124,073 $ 74,865 $ (375,619) $ 97,562 ----------- =========== ============ =========== LOSS FROM DISCONTINUED OPERATIONS (4,573) (475,298) (914,820) (610,013) ----------- ----------- ------------ ----------- NET INCOME (LOSS) $ 119,500 $ (400,433) $ (1,290,439) $ (512,451) =========== =========== ============ =========== NET INCOME (LOSS) PER SHARE: Continuing operations $ 0.01 $ (0.01) $ (0.03) $ 0.01 =========== =========== ============ =========== Discontinued operations $ (0.00) $ (0.04) $ (0.08) $ (0.05) =========== =========== ============ =========== Basic and diluted $ 0.01 $ (0.03) $ (0.11) $ (0.04) =========== =========== ============ =========== WEIGHTED AVERAGE SHARES OUTSTANDING: Basic and diluted 11,872,331 11,872,331 11,872,331 11,872,331 =========== =========== ============ ===========APA Enterprises, Inc., designs, manufactures and markets a variety of fiber optic and copper components to the data communication and telecommunication industries. Additional information about APA Enterprises is available at http://www.apaenterprises.com.
Contact Information: APA Enterprises, Inc. Contact Information: Cheri Beranek Podzimek Chief Executive Officer Investor-Relations@apaenterprises.com 763-476-6866