Quarterly Sales Record of $4.6 Million
Net Earnings of $1.1 Million
BURNABY, BC, Nov. 20, 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 nine months ended
September 30, 2013.
In Q3 2013, Photon Control experienced an increase in sales, gross
margins and profit results compared to Q3 of 2012. Photon Control's
product sales in Q3 2013 reached a new record level for a quarter of
$4.6 million, approximately 92% higher than product sales in Q3 2012.
Photon Control's net earnings for Q3 2013 were $1,121,950, a
significant increase of approximately 262% compared to net earnings of
$309,524 for the same period in 2012. The achieved results in the third
quarter of 2013 reflect a higher volume of orders from the
semiconductor sector coupled with the Company's enhanced operational
Product sales for the nine months ended September 30, 2013 totalled
$11.0 million, compared to $8.3 million during the same period last
year, surpassing the entire 2012 sales revenue. The net earnings for
the nine months ended September 30, 2013 was $2,256,694, approximately
48% higher compared to $1,523,804 for the same period in 2012, also
surpassing the entire 2012 net earnings by approximately 32%.
The upward trend of sales order backlog continued during the third
quarter of 2013. As at September 30, 2013, Photon Control's sales
order backlog stood at a record high of $4.0 million. This represents
the value of sales orders already fulfilled or to be fulfilled in Q4
2013. As at the date of this news release, Photon Control's sales
order backlog stood at $3.8 million.
During Q3 2013, Photon Control has purchased 100,000 common shares under
the Normal Couse Issuer Bid. Subsequently, during October 2013, the
Company has purchased 461,000 common shares. The shares purchased by
the Company were cancelled on September 27 and November 6, 2013
"We are very proud of the solid results achieved by Photon Control
during the first nine months of 2013, and in particular the third
quarter which reached a record level of product sales and sales order
backlog. These results highlight our team's commitment and technical
expertise to build a strong product portfolio and a high level of
customer satisfaction, and we look forward to continuing to grow the
Photon Control brand and market presence," said Christopher Weston,
President of Photon Control.
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, manufactures and distributes 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 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