ANN ARBOR, Mich.– Advanced Photonix, Inc.® (NYSE Amex: API) (the “Company”) today reported results for the first quarter ended June 29, 2012.

Financial Highlights for the First Quarter Ended June 29, 2012

• Net sales for the quarter were $6.2 million, a decrease of $1.9 million or 23% from the first quarter ended July 1, 2011. Sequentially, revenues were down 4% relative to the fourth quarter of fiscal 2012.

• Gross profit margin for Q1 FY2013 was 36.1% of sales compared to 41.6% for the same quarter of fiscal 2012. Price pressures in our high-speed optical receiver (HSOR) product line prior to cost reduction efforts and lower volumes affected the rate and gross margin dollars.

• Current quarter net loss was $993,000 or $0.03 per diluted share, as compared to a quarterly profit of $18,000, or $0.00 per diluted share for the quarter ended July 1, 2011.

• The Non-GAAP net loss for the first quarter of fiscal 2013 was $689,000 or $0.02 per diluted share, as compared to a Non-GAAP net loss of $96,000, or $.00 per diluted share, for the first quarter last year.

• Adjusted EBITDA (which is defined as GAAP earnings before interest, taxes, depreciation, amortization and stock compensation), was a negative $456,000 for the first quarter of fiscal 2013 as compared to positive adjusted EBITDA of $206,000 for the quarter ended July 1, 2011.

Operating Expenses

The Company’s total operating expenses for the quarter were $3.2 million, down 15% compared to the $3.8 million reported for the first quarter last year. As a percent of revenue, total operating expenses were 51.8% compared to 46.9% for the first quarter last year.

Balance Sheet

The Company finished the quarter with $3.2 million in cash similar to March 31, 2012. The balance of current assets less current liabilities, as of June 29, 2012, was $6.7 million and the Company reported a current ratio of 2.5 to 1.

Richard Kurtz, Chairman and Chief Executive Officer, commented, “We continue to believe that our fiscal 2013 will have a restrained first half. Recent orders in the telecommunications market combined with increasing adoption of our T-Ray® products leads us to reaffirm that revenues in the second half of our fiscal 2013 should be approximately 35% higher than the first half, assuming our supply chain can respond accordingly. We are seeing an increasing number of opportunities for us to grow in existing markets and expand into new markets.”

Conference Call

The Company will hold a conference call to discuss the results for the first quarter ended June 29, 2012 on Monday, August 13, 2012, at 4:30 PM EDT. Participants can dial into the conference call at 888-680-0869 (617-213-4854 for international) using the passcode 55447755. A question and answer period will take place at the end of the discussion.

The call will be webcast live and can be accessed at Advanced Photonix’s web site at: https://investor.advancedphotonix.com.

An audio replay of the call will be available shortly thereafter and will remain on-line until August 20, 2012. The replay number is 888.286.8010 (617.801.6888 for international) and the passcode is 25632878.