Photon Control Reports Fourth Quarter and Strong Year End 2010 Financial Results

BURNABY, B.C., April 20 /CNW/ - Photon Control Inc. ("Photon Control") (TSX-V: PHO), a leading developer of innovative measurement technologies, released its audited consolidated financial results for the fourth quarter ended December 31, 2010 and for the year.

In 2010, Photon Control saw an encouraging start to the year which resulted in strong sales and revenue growth, and sustained profitability throughout this period.  In addition, Photon Control took decisive actions to enhance lean manufacturing, operational efficiency and risk mitigation process by implementing pro-active management of operations and financial planning.

During the first half of 2010, Photon Control's product sales rose substantially contributing to strong performance, record sales and earnings during the six months period, surpassing sales volumes for all of 2009.  As anticipated, the second half of 2010 continued to report a strong sales revenue enabling Photon Control to achieve the record annual sales figures of $13.4 million.

Product sales in fiscal 2010 were $13.4 million compared to $5.4 million in 2009 and greater than any previous annual sales figures reported by Photon Control.  During Q4 2010, Photon Control achieved solid sales and profit results for the quarter.  Q4 2010 sales were $2.9 million compared to $2.6 million in Q4 2009, an increase of $0.3 million or 12%.

In 2010, Photon Control's sales to the semiconductor sector have more than doubled compared to last year and contributed significantly to the annual and Q4 2010 financial results.  Also, the Company continued to grow revenues in other sectors which included the sale of analytical products, flare gas meters and fibre optic temperature sensors, representing an increase of approximately 40% over 2009 non-semiconductor sales.

The fourth quarter of 2010 continued to report a strong order backlog.  At December 31, 2010 Photon Control's backlog stood at $2.0 million and, as at the date of this news release, at $2.8 million.  This represents the value of sales orders already fulfilled in Q1 2011 and/or waiting to be fulfilled in 2011.

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. commercializes and develops innovative measurement technologies specializing in Oil & Gas, Semiconductor, Power and Manufacturing industries world wide. Photon Control's products have competitive advantages in both performance and cost. Photon Control's mission is to preserve and improve human life through the creation of innovative measurement technologies. Headquartered in Burnaby, BC, Photon Control Inc is listed on the TSX Venture, trading under the symbol ''PHO." Additional information about the company can be found at www.photon-control.com/investorrelations.

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.


SOURCE Photon Control Inc.

For further information:

Company Contact:

                    Helena Rebec, Acting Investor Relations Manager
604.422.8861 x 101
hrebec@photon-control.com

 


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