BURNABY, BC, March 22, 2013 /CNW/ - Photon Control Inc. ("Photon
Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, released its
audited financial results for the fourth quarter and the fiscal year
ended December 31, 2012.
In fiscal year 2012, Photon Control recorded sales of $10.4 million,
approximately 10% lower than sales of $11.5 million in fiscal 2011.
However, the Company saw improvement in both profitability and
operating expenses during 2012. Photon Control's net earnings both
before and after tax was $1.7 million, a 143% increase compared to
$0.7 million in 2011.
Photon Control's product sales in Q4 2012 were $2.1 million,
representing an increase of $0.1 million or approximately 5% compared
with $2.0 million during the same period last year. This increase in
sales is due primarily to delivery rescheduling. Net earnings before
taxes for Q4 2012 was $136,011 as compared to a loss before taxes of
$516,957 for the same period in 2011.
During 2012, Photon Control continued to identify and evaluate
opportunities to enhance its operational results and to diversify its
product range. The Company dedicated more efforts to assessing and
analyzing the market for the purpose of improving the effectiveness of
sales and to further improve its capability to open new market
opportunities and revenue streams. In 2012, Photon Control began 5 new
distributorship relationships for Spectrometers, Optical Sensors, and
Optical Flow Meters in the following markets: China, Hong Kong, Korea,
In Q4 2012, Photon Control participated in the Semicon Europa trade
exhibition in Dresden, Germany. The Company presented its Spectrometer
and Optical Sensor product lines, with demonstrations of the new
FluoTemp GT-HT temperature converter, as well as promoting its OEM
manufacturing capabilities. In addition, Photon Control met with
potential distributors and customers at the trade exhibition to
identify and discuss new market opportunities and expansion strategies.
The fourth quarter of 2012 continued to demonstrate a solid sales order
backlog. At December 31, 2012 Photon Control's sales order backlog
stood at $1.2 million. This represents the value of sales orders
already fulfilled in Q1 2013 and/or waiting to be fulfilled in 2013. As
at the date of this news release, 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