**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C.20549**

 

**FORM 10-K/A**

**Amendment No. 1**

 

| **ý**                                      |   | **ANNUAL REPORT PURSUANT TO SECTION  13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**     |
|-------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
|                                            |   |                                                                                          |
| **For the fiscal year ended December 31, 2003** |
|                                            |
| **OR**                                          |
|                                            |   |                                                                                          |
| **o**                                           |   | **TRANSITION REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

 

**Commission file number 001-16047**

 

**ADVANCED POWER TECHNOLOGY, INC.**

(Exact name of registrant as specified in itscharter)

* *

| **Delaware**                                                    |   | **93-0875072**                           |
|-----------------------------------------------------------------|--------|------------------------------------------|
| (State or other jurisdiction of  incorporation or organization) |   | (I.R.S. Employer  Identification Number) |

 

**405 SW Columbia Street, Bend, Oregon 97702**

(Address of principal executive offices andzip code)

 

**(541) 382-8028**

(Registrant’s telephone number)

 

Securities registered pursuant toSection 12(b) of the Act:

**None**

 

Securities registered pursuant toSection 12(g) of the Act:

**Common Stock, par value $.01 per share**

 

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Indicate by check mark whether the Registrant (1) has filed allreports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) hasbeen subject to the filing requirements for the past 90 days. Yes ý  No o

 

Indicate by check mark if disclosure of delinquent filers pursuant toItem 405 of Regulation S-K is not contained herein, and will not becontained to the best of the registrant’s knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of thisForm 10-K or in any amendment to this Form 10-K/A. o

 

Indicate by check mark whether the Registrant is an accelerated filer(as defined in Rule 12b-2 of the Act). Yes ý  No o

 

The aggregate market value of the voting stock held by non-affiliatesof the Registrant as of June 30, 2003, the last trade date for the end of ourmost recent fiscal second quarter, was $47 million based upon thecomposite closing price of the Registrant’s Common Stock on the Nasdaq NationalMarket System on that date.

 

The number of shares of the Registrant’s Common Stock outstanding as ofMarch 1, 2004 was 10,509,632 shares.

 

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the registrant’s proxy statement in connection with its2004 Annual Meeting of Shareholders are incorporated by reference intoPart III.

 

 

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**ADVANCED POWER TECHNOLOGY, INC.**

 

**EXPLANATORY NOTE**

**(Amounts in thousands)**

 

We are filing this AmendmentNo. 1 to our annual report on Form 10-K for the year ended December 31, 2003 asfiled with the Securities and Exchange Commission on March 10, 2004. Thisamendment corrects a typographical error on page F-4 in the ConsolidatedStatements of Stockholders’ Equity and Comprehensive Income (Loss). The openingDecember 31, 2000 balances for Additional Paid In Capital and Deferred StockCompensation of $66,826 and $(330), respectively, were blank on the previousfiling and now have been included. The corrected schedule is included below.

 

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**ADVANCED POWERTECHNOLOGY, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY ANDCOMPREHENSIVE INCOME (LOSS)**

**(In thousands, exceptshare amounts)**

 
|                                            |   | **Common Stock** |   | **Treasury Stock** |   | **Additional  Paid-In** |     | **Deferred   Stock** |   | **Accumulated Other  Comprehensive** |   | **Comprehensive  Income** |    | **Accumulated** |   |       |   |
|-------------------------------------------------|--------|------------------|--------|--------------------|--------|-------------------------|----------|----------------------|--------|--------------------------------------|--------|---------------------------|---------|-----------------|--------|------------|--------|
|                                            |   | **Shares**       |   | **Amount**         |   | **Shares**              |     | **Amount**           |   | **Capital**                          |   | **Compensation**          |    | **Income**      |   | **(Loss)** |   | **Deficit** |   | **Total** |   |
| Balance, December 31, 2000                      |   | 8,515,818        |   | $                  | 85     |                    | (108,857 | )                    | $      | (1,700                               | )      | $                         | 66,826  |            | $      | (330)      |   | $ | 64 |   |   |   | $ | (13,827 | ) | $ | 51,118 |   |
| Exercise of stock options                       |   | 320,819          |   | 3                  |   | —                  |     | —               |   | 471                                  |   | —                    |    | —          |   |       |   | — |   | 474 |   |
| Tax benefit from exercise of  options           |   | —           |   | —             |   | —                  |     | —               |   | 304                                  |   | —                    |    | —          |   |       |   | — |   | 304 |   |
| Stock compensation                              |   | —           |   | —             |   | —                  |     | —               |   | 39                                   |   | —                    |    | —          |   |       |   | — |   | 39 |   |
| Amortization of deferred stock  compensation    |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | 164                       |    | —          |   |       |   | — |   | 164 |   |
| Net income                                      |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | —          |   | $          | 1,796  |   | 1,796 |   | 1,796 |   |
| Unrealized gain on investments                  |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | 61              |   | 61         |   | — |   | 61 |   |
| Foreign currency translation                    |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | (8              | )      | (8         | )      | — |   | (8 | ) |
| Comprehensive income                            |   |             |   |               |   |                    |     |                 |   |                                 |   |                      |    |            |   | $          | 1,849  |   |   |   |   |   |
| Balance, December 31, 2001                      |   | 8,836,637        |   | 88                 |   | (108,857                | )        | (1,700               | )      | 67,640                               |   | (166                      | )  | 117             |   |       |   | (12,031 | ) | 53,948 |   |
| Issuance of shares for  acquisition             |   | 1,522,976        |   | 15                 |   | —                  |     | —               |   | 16,205                               |   | —                    |    | —          |   |       |   | — |   | 16,220 |   |
| Issuance of stock options for  acquisition      |   | —           |   | —             |   | —                  |     | —               |   | 4,093                                |   | —                    |    | —          |   |       |   | — |   | 4,093 |   |
| Deferred stock compensation  due to acquisition |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | (497                      | )       | —          |   |       |   | — |   | (497 | ) |
| Exercise of stock options                       |   | 143,606          |   | 2                  |   | —                  |     | —               |   | 365                                  |   | —                    |    | —          |   |       |   | — |   | 367 |   |
| Tax benefit from exercise of  options           |   | —           |   | —             |   | —                  |     | —               |   | 180                                  |   | —                    |    | —          |   |       |   | — |   | 180 |   |
| Amortization of deferred  compensation          |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | 485                       |    | —          |   |       |   | — |   | 485 |   |
| Stock compensation                              |   | —           |   | —             |   | —                  |     | —               |   | 14                                   |   | —                    |    | —          |   |       |   | — |   | 14 |   |
| Forfeiture of stock options                     |   | —           |   | —             |   | —                  |     | —               |   | (7                                   | )      | 7                         |    | —          |   |       |   | — |   | — |   |
| Net loss                                        |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | —          |   | $          | (3,687 | ) | $ | (3,687 | ) | (3,687 | ) |
| Unrealized loss on investments                  |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | (68             | )      | (68        | )      | — |   | (68 | ) |
| Foreign currency translation                    |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | 117             |   | 117        |   | — |   | 117 |   |
| Comprehensive loss                              |   |             |   |               |   |                    |     |                 |   |                                 |   |                      |    |            |   | $          | (3,638 | ) |   |   |   |   |
| Balance, December 31, 2002                      |   | 10,503,219       |   | 105                |   | (108,857                | )        | (1,700               | )      | 88,490                               |   | (171                      | )  | 166             |   |       |   | (15,718 | ) | 71,172 |   |
| Exercise of stock options                       |   | 33,496           |   | —             |   | —                  |     | —               |   | 75                                   |   | —                    |    | —          |   |       |   | — |   | 75 |   |
| Exercise of stock warrants                      |   | 43,215           |   | 1                  |   | (7,993                  | )        | (61                  | )      | 60                                   |   | —                    |    | —          |   |       |   | — |   | — |   |
| Amortization of deferred stock  compensation    |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | 150                       |    | —          |   |       |   | — |   | 150 |   |
| Net loss                                        |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | —          |   | $          | (3,330 | ) | $ | (3,330 | ) | (3,330 | ) |
| Unrealized loss on investments                  |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | (3              | )      | (3         | )      | — |   | (3 | ) |
| Foreign currency translation                    |   | —           |   | —             |   | —                  |     | —               |   | —                               |   | —                    |    | 146             |   | 146        |   | — |   | 146 |   |
| Comprehensive loss                              |   |             |   |               |   |                    |     |                 |   |                                 |   |                      |    |            |   | $          | (3,187 | ) |   |   |   |   |
| Balance, December 31, 2003                      |   | 10,579,930       |   | $                  | 106    |                    | (116,850 | )                    | $      | (1,761                               | )      | $                         | 88,625  |            | $      | (21        | )      | $ | 309 |   |   |   | $ | (19,048 | ) | $ | 68,210 |   |

 

See accompanying notes toconsolidated financial statements.

 

F-4

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**SIGNATURES**

 

Pursuant to the requirements of Sections 13 or 15(d) of the SecuritiesExchange Act of 1934, as amended, the Registrant has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized on March16, 2004. 

 

 
|   | ADVANCED POWER TECHNOLOGY, INC. |
|--------|---------------------------------|
|   | By:                             |   | /s/ GREG M. HAUGEN |   |
|   |                            | Greg M. Haugen |
|   |                            | Vice President, Finance and Administration,  Chief Financial Officer and Secretary |

 

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