RONKONKOMA, NY -- API Technologies swung to a fiscal first-quarter net profit of $800,000, up from a loss of $800,000 last year.

For the period ended Aug. 31, revenue was $29.1 million, up 221% from last year. Gross profit was $6.9 million, up more than 300%, and gross margin was 23.8%, down 30 basis points. Adjusted EBITDA was $2.9 million, up from a loss of $200,000 in the previous year.

"The company's emphasis on value-add engineered defense products continues to generate positive results throughout our operations," said Phillip DeZwirek, chairman and CEO of the contract electronics assembler.

During the period, API completed the sale of a facility in Hauppauge, NY, for $1.4 million, and completed the consolidation of its two Canadian facilities into one manufacturing location. It also announced several program wins, including multi-million deals from the US Army, Raytheon and Northrop Grumman.