ORLANDO, FL -- API Technologies reported EMS revenue of $10.8 million in the fourth-quarter, flat year-over-year and down 17.3% sequentially as a major electronic warfare system program was pushed out.

The company said a program that would have been worth about $5.5 million in revenue and $1.5 million in EBITDA was pushed out due to engineering design changes. API expects to ship that product in its current fiscal year.

Adjusted EBITDA for the segment was a loss of $600,000, and the book-to-bill for the segment was 0.9. The EMS segment's gross margins fell from 4.9% to -13.7%.

For the year, API's EMS segment had total revenue of $55.3 million, down 6.7% year-over-year, but the unit swung to a net profit of $400,000, versus a loss of about $500,000 a year ago. President and CEO Bel Lazar forecast revenue of about $60 million for fiscal 2014 and improved EBITDA. Backlogs as of Nov. 30 were down 32% to $25 million.

The company's overall GAAP operating loss was 3.7 million, up from an operating loss of $5.1 million in 2012, on revenue of $244.3 million.

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