BURNABY, BC, Aug. 27 /CNW/ - Photon Control Inc. ("Photon") (TSX-V: PHO),
a leading developer of optical sensors, released its unaudited financial
results for quarter ended June 30, 2009.
Revenue for the second quarter of 2009 was $0.7 million compared with
revenue of $0.6 million for the first quarter of 2009. Gross Margin for Q209
was 46% compared to 38% for Q208. Photon is expecting revenues to continue to
increase in 2009, contributing to stronger Q309 and Q409.
The loss for the quarter ended June 30, 2009 was $0.19 million ($0.00 per
share) as compared to the loss for the quarter ended March 31, 2009 of $0.16
million ($0.00 per share), primarily due to challenging global economic and
business conditions and significant demand volatility across the semiconductor
sector including the reduction in sales to one of the Company's major
accounts. However, Photon was able to streamline operating expenses and
strengthen its industry diversification in order to mitigate the impact of
lower sales volumes. This change in marketing strategy has resulted in having
approximately 35% revenue from the semiconductor sector compare to close to
80% this time last year, while increasing Photon's sales in other sectors.
As at August 27, 2009, Photon's Sales Order Backlog stood at $2.3
million, compared to $0.8 million for Q209. In order to fulfil this
significant 175% increase in Sales Order Backlog, Photon is returning to a
five-day work week.
Interim President Michael Weston comments, "Photon continues to deliver
high quality, value-added services to its customers in spite of these slowing
economic conditions, and is taking additional steps to improve its operational
efficiency. The three-consecutive monthly increase in sales to semiconductor
sector during the second quarter of 2009 reflects improving conditions in this
market. At the same time, our focus is to continue expanding and diversifying
Photon's customer base."
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
Neither 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.
For further information:
For further information: Company Contact: Helena Rebec, Acting Investor
Relations Manager, (604) 422-8861 x 101, firstname.lastname@example.org