Photon Control Reports Second Quarter 2013 Financial Results
BURNABY, BC, Aug. 21, 2013 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, released its unaudited financial results for the three and six months ended June 30, 2013.
In Q2 2013, Photon Control saw an improvement in sales, gross margins and profit results when compared to the same quarter in the prior year 2012. In Q2 2013, Photon Control recorded sales of $3.7 million, representing an increase of $0.9 million or approximately 32% compared with $2.8 million in Q2 2012. Photon Control's net earnings before taxes for Q2 2013 was $743,516 as compared to net earnings before taxes of $622,853 for the same period in 2012, an increase of approximately 19%.
Product sales for the six months ended June 30, 2013 were $6.4 million, representing an increase of approximately 9% compared to $5.9 million during the same period last year. The net earnings for the six months ended June 30, 2013 was $1,134,743, approximately 7% lower compared to the net earnings of $1,214,280 for the same period in 2012, mainly due to an increase of lawsuit provision of $270,000 but offset by higher foreign exchange of $208,446.
Photon Control has had positive financial results including net earnings for the last four fiscal years, and the first half of the current fiscal year 2013. In addition, the upward trend of sales order backlog continued during the second quarter of 2013. At June 30, 2013 Photon Control's sales order backlog stood at $3.3 million.
In Q2 2013, Photon Control participated in the Laser World of Photonics trade exhibition in Munich, Germany along with Photonics North in Ottawa. The Company presented its Spectrometer product line, unveiled the new Specsoft Pro software, Optical Temperature Sensors and promoted its OEM manufacturing capabilities. In addition, Photon Control met with distributors at the trade exhibition to identify and discuss new market opportunities and expansion strategies. Photon Control also participated in the Gas & Oil Conference in Calgary, Alberta. The company displayed the FOCUS® Optical Flow Meter and presented a paper on the technology of the FOCUS® Optical Flow Meter.
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