BURNABY, B.C., April 24 /CNW/ - Photon Control Inc. ("Photon") (TSX-V:
PHO), a leading developer of photonic sensors, issues this preliminary report
of its unaudited financial results for Q1 2007.
Sales Orders from its semiconductor customers were steady for Photon's
quarter ended March 31, 2007 with gross sales of approximately $1,825,000, as
compared to Q4 2006 sales of $1,877,614. Gross margin on sales for Q1 2007 is
approximately $785,000, as compared to $802,924 in Q4 2006, resulting in a
gross margin percentage of approximately 43% for Q1 2007.
Preliminary amounts for other expenses for Q1 2007, along with their
comparable amounts for Q4 2006, are as follows: General and Administrative
$360,000 (Q4 2006: $359,291), Research and Development $690,000 (Q4 2006:
$803,665), Business Development and Marketing $55,000 (Q4 2006: $293,543), and
Amortization $60,000 (Q4 2006: $52,095). In total, expenses other than cost of
sales amounted to approximately $1,170,000 for Q1 2007 as compared to
$1,434,995 for Q4 2006. Net loss for Q1 2007 is approximately $385,000 as
compared to $632,071 for Q4 2006.
President Robert Blair comments that, "One of the objectives that
management and shareholders are highly concerned with is Photon's evolution
into achieving earnings. Photon moved closer to this objective in Q1 2007,
with its quarterly operating loss down to approximately $385,000 including
approximately $230,000 from non-cash expense items. Meanwhile additional
products are ready for sales launch in 2007 with customer interest evident."
In Q1 2007 Photon closed the third tranche of a private placement that
resulted in net proceeds of approximately $398,000. Cash on hand on March 31,
2007 was approximately $1,985,000.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. develops and manufactures optoelectronic 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.
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
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: Lauren Nickel, Investor Relations, (604)
422-8861 x108, firstname.lastname@example.org