Photon Control Reports Third Quarter 2012 Financial Results
BURNABY, BC, Nov. 21, 2012 /CNW/ - Photon Control Inc. ("Photon Control" and the "Company") (TSX-V: PHO), a leading developer of innovative measurement technologies, released its unaudited financial results for the third quarter ended September 30, 2012.
Although Photon Control experienced increased volatility in customer orders during the current fiscal year, the Company recorded solid sales and profit results for the third quarter of 2012. Q3 2012 product sales were $2.4 million, representing a decrease of approximately 11% compared to $2.7 million during the same period last year, primarily due to a slowdown in the semiconductor sector. The Company's net profit for the three months ended September 30, 2012 was $309,524 when compared to $404,836 for the same period in 2011. However, the net profit of $1,523,804 for the nine months ended September 30, 2012 represented an increase of approximately 23% compared to the $1,237,691 for the same period in 2011. Third quarter 2012 results were primarily attributable to solid sales volumes, reduced operating and research & development expenses, lower legal fees, but offset by incurred foreign exchange losses.
During the first nine months of 2012, Photon Control continued to identify and evaluate opportunities to enhance its operational results and to diversify its product range, and has sought to open new market opportunities and revenue streams. In Q3 2012, Photon Control participated in the Semicon West trade exhibition in San Francisco, California. The Company presented its Spectrometer and Optical Sensor product lines, unveiled the new FluoTemp GT-HT temperature converter, as well as promoted its OEM manufacturing capabilities. In addition, Photon Control met with distributors and customers at the trade exhibition to identify and discuss new market opportunities and expansion strategies. In September 2012, Photon Control participated in the World Heavy Oil Congress in Aberdeen, Scotland and presented the Focus® Optical Flow Meter and Downhole Pressure and Temperature Sensor System. At this exhibition the Company had great visibility and gained valuable knowledge about new market opportunities. Also, during the third quarter of 2012, the Company has signed a new distributorship agreement in the Asian market for Spectrometers and Optical Sensors.
At September 30, 2012 Photon Control's sales order backlog stood at $1.2 million. Photon Control continues to analyze and monitor industry trends and customer needs in order to ensure proper budgeting and operational efficiency programs, and remains encouraged by a solid sales order backlog of $1 million as of the day of this report. This represents the value of sales orders already fulfilled in Q4 2012 and/or waiting to be fulfilled in Q1 2013.
Photon Control's financial results and MD&A are available at www.sedar.com and will be posted on Photon Control's website.
Forward-Looking Statements: This news release contains forward looking statements, including statements regarding the business and anticipated financial performance of the Company, which involve risks and uncertainties. These risks and uncertainties may cause the Company's actual results to differ materially from those contemplated by the forward-looking statements. Factors that might cause or contribute to such differences include, among others, competitive pressures, competing technologies and the market acceptance of the Company's photonic-based products as a replacement to existing technologies and products. Readers are encouraged to consider the other risks and uncertainties discussed in and additional information contained in the Company's required financial statements and filings filed on SEDAR at www.sedar.com.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. designs and manufactures a wide range of optical sensors and instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". Additional information about the company can be found at http://www.photon-control.com/investorrelations.html
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Photon Control Inc.For further information:
Helena Rebec, Chief Administrative Officer
604.422.8861 x 101