BURNABY, BC, May 19 /CNW/ - Photon Control Inc. ("Photon Control") (TSX-V: PHO), a leading developer of photonic sensors, released its unaudited financial results for the first quarter (Q1) of 2010, ending March 31, 2010, with the achievement of strong sales and profit growth for a third consecutive quarter.
Photon Control saw an encouraging start to the current fiscal year which resulted in new sales and record profits for the quarter during Q1 2010. These results were mainly attributed to the significant recovery in the semiconductor market and improved order activity in combination with Photon Control's enhanced cost management and operational efficiency activities.
Product sales in Q1 2010 were $3.6 million compared to $0.6 million in Q1 2009, an increase of $3 million or 500% primarily due to the improved semiconductor market conditions and supported by a steady flow of non-semiconductor product orders. Photon Control was able to achieve its third consecutive profitable quarter in Q1 2010 with $894,158 profit compared to Q1 2009 loss of $160,592.
Photon Control's sales to the semiconductor market increasing substantially from quarter to quarter, reaching a new record level for a quarter in Q1 2010 of $3.2 million. Photon Control also continued initiatives to diversify its product range which was reflected in Q1 2010 sales to non-semiconductor customers of $0.4 million, an increase of approximately 30% over Q1 2009 non-semiconductor sales.
The first quarter of 2010 continued to report a significant increase in Photon Control's order backlog. At March 31, 2010 the Company's order backlog stood at $3.2 million, an increase of $2.9 million over Q1 2009. This represents the total value of committed sales orders fulfilled and waiting to be fulfilled in the second and third quarter of 2010.
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 www.sedar.com.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. commercializes and manufactures opto-electronic products for measurement and control. All Photon Control's products have competitive advantages in both performance and cost. Markets for Photon Control's products include semiconductor capital equipment, oil and gas, power industry, life sciences and research.
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: For further information: Company Contact: Helena Rebec, Acting Investor Relations Manager, (604) 422-8861 x 101, email@example.com