- Annual Sales Record of $21 Million
- Annual Net Earnings Record of $7.1 Million
- Record Backlog of $5.8 Million
BURNABY, BC, March 31, 2015 /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, 2014.
Building on record performance in 2013, Photon Control experienced further growth during 2014 achieving the best annual sales and profit results on record. Product sales for the full fiscal year 2014 reached $21.0 million, making it the strongest year on record, representing an increase of $3.7 million or approximately 22% compared with $17.3 million reported in 2013. In Q4 2014, Photon Control posted the second-best quarterly revenue in the Company's history. Product sales for the three months ended December 31, 2014 was $6.0 million, representing a slight decrease of $0.1 million or approximately 2% compared with the record-high product sales of $6.1 million during the same period in 2013.
Photon Control's 2014 profit before taxes was $7,102,692 representing a new record level and an increase of approximately 55% compared with a profit before taxes of $4,595,050 reported in the fiscal year 2013. Profit before taxes for the three months ended December 31, 2014 was $2,187,668 representing the second-best quarterly result on record, a slight decrease of $150,689 or approximately 6% compared with the record-high profit before taxes of $2,338,357 during the same period in 2013.
Earnings per share for the full fiscal year 2014 was $0.05 per share, with working capital at December 31, 2014 of approximately $18.9 million. Photon Control sustained strong order backlog, ending fiscal year 2014 with a new sales order backlog record of $5.8 million.
In fiscal year 2014, product sales for both the semiconductor and non-semiconductor sector topped annual records of 2013 however, the semiconductor segment continued to drive the Company's business. In terms of geographic distribution, Photon Control product sales saw the biggest increase in the United States, an increase of approximately 23%, while China remained the Company's second largest market. In the rest of the world, accounting for approximately 31% of the Company's total fiscal 2014 revenue, product sales increased by approximately 60% compared to fiscal 2013.
"Fiscal year 2014 marked the best financial performance in Photon Control's history, achieving new annual records in both sales and earnings," said Christopher Weston, President of Photon Control. "I am very proud of the commitment of our team at Photon Control and the progress we have made over the last few years to become a world leader in optical sensing technologies."
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & 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
This News Release contains "forward looking statements" within the meaning of applicable Canadian securities legislation. Such forward looking statements concern the business and anticipated financial performance of the Company and include, without limitation, statements with respect to the Company's objectives, goals, liquidity, sources of capital, expectations of sales and continued development of technologies and products.
These forward looking statements are based on certain factors and assumptions, including, without limitation, the Company's ability to successfully complete new purchase orders along the timelines expected; continued and future demand for the Company's products; continued sales to the Company's major customers; the continued financial health of the semiconductor industry; and the Company's ability to continue and further enhance revenue diversification and open new market opportunities.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, uncertainties in the availability and cost of financing for the Company to enable the Company to achieve its goals; uncertainties relating to the market for the Company's products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility in the markets and product mix; risks relating to the Company's present reliance on four major customers for the majority of its sales; risks relating to the Company's reliance on the financial health of the semiconductor industry; risks relating to the development of competing technologies and the possibility of increased competition; the effect of slow growth in the United States, the Company's principal market, as well as in Canada and other economies generally and other economic trends and conditions in the markets that the Company and its customers serve; risks associated with technical difficulties or delays in product introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; uncertainties in factors that may result in a reduction in capital expenditures and/or delayed buying decisions affecting demand for the Company's products; risks relating to currency fluctuations, particularly between the Canadian and United States dollars; and risks in pursuing additional development projects to support existing customers or pursue other business opportunities.
The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward looking statements. The Company's forward looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, readers should not place undue reliance on forward looking statements. The Company undertakes no obligation to update or revise any forward looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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.
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