BURNABY, BC, Aug. 21 /CNW/ - Photon Control Inc. ("Photon") (TSX-V: PHO),
a leading developer of photonic sensors, released its unaudited financial
results for Q208.
Revenue for the second quarter of 2008 was $1.5 million compared with
revenue of $1.4 million for the first quarter of 2008, representing an
increase of 11%. Gross Margin for Q208 was 38% compared to 37% for Q108. Cash
in hand at June 30, 2008 was $0.1 million and usage of the Company's bank line
of credit was nil as of June 30, 2008.
The loss for the quarter ended June 30, 2008 was $0.5 million ($0.01 per
share) as compared to the quarter ended March 31, 2008 of $0.7 million ($0.01
Michael Weston, Interim President, would like to thank the Photon
management team and all the staff for their support and commitment on
reallocation of resources to meet the challenges of the U.S. market and
strengthening of the Canadian dollar. This will lead us toward a much stronger
Q3 and Q4.
Photon's financial results and MD&A are available at www.sedar.com and
will be posted on Photon'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
About Photon Control Inc. www.photon-control.com
Photon Control Inc. develops and manufactures opto-electronic products
for measurement and control.
All Photon's products have competitive advantages in both performance and
cost. Markets for Photon's products include semiconductor capital equipment,
oil and gas, power industry, life sciences and research.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents herein.
For further information:
For further information: Company Contact: Helena Rebec, Assistant
Corporate Secretary, (604) 422-8861 x 101, email@example.com