BURNABY, BC, May 8, 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 first quarter ended March 31, 2013.
In Q1 2013, Photon Control recorded sales of $2.8 million, approximately
10% lower than sales of $3.1 million in Q1 2012. This decrease in
sales over the same period last year is mainly due to delivery
rescheduling and additional product development time. Photon Control's
net earnings before taxes for Q1 2013 was $391,227 as compared with
$591,427 for the same period in 2012. However, the Company saw
improvement in both product sales and net earnings before taxes when
compared to the fourth quarter of 2012. In Q1 2013, product sales
increased by $0.7 million or approximately 33% and net earnings before
taxes increased by $255,216 or approximately 188% compared to the
previous quarter Q4 2012.
In Q1 2013, Photon Control participated in the Photonics West trade
exhibition in San Francisco, California and 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 attended the Australasian
Oil & Gas Trade Exhibition in Perth, Australia. While in Australia, the
Company presented the Focus® Optical Flow Meter and Downhole Pressure
Temperature System and has signed a non-disclosure agreement with a
potential distributor in order to start and develop the business
relationship. Photon Control continues to identify and evaluate
opportunities to enhance its operational results and to diversify its
product range and, in Q1 2013, has hired a Technical Sales Coordinator
to further develop sales opportunities for the Company.
Photon Control has had positive financial results including net earnings
for the last four fiscal years, and the first quarter of 2013. In
addition, the upward trend of sales order backlog continued during the
first quarter of 2013. At March 31, 2013 Photon Control's sales order
backlog stood at $2.2 million.
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