BURNABY, BC, Nov. 23, 2011 /CNW/ - Photon Control Inc. ("Photon
Control") (TSX-V: PHO), a leading developer of optical sensors and measurement instruments,
released its unaudited financial results for the third quarter ended
September 30, 2011.
In 2011, despite the Company's concern as to the health of the global
economy including softening business activity within the semiconductor
sector, Photon Control was able to record solid volume of orders during
Q3 2011, achieving the ninth consecutive quarter of profitability.
Product sales in Q3 2011 were $2.7 million compared to $3 million in Q3
2010, a decrease of approximately 10% due primarily to lower sales to
semiconductor sector, which were partially offset by maintained level
of sales to non-semiconductor sector. Sales to non-semiconductor
sector were approximately $0.4 million, representing a decrease of
approximately 33% compared to $0.6 million in Q3 2010 however, compared
to the previous quarter Q2 2011 the sales to this sector increased by
The profit for Q3 2011 was $404,836 representing a decrease of
approximately 37% compared to Q3 2010 profit of $639,182. However, the
Company showed an increase in profit of approximately 7% compared to
the previous quarter Q2 2011.
Although Photon Control's volume of orders, revenues and resource
utilization have continued to be solid, the Company's results in Q3
2011 have been notably impacted by: continued high levels of services
and legal fees, lower sales volumes and drop in value of U.S. dollar
compared to 2010.
With heightened efforts of brand awareness in Asia during Q3 2011,
Photon Control signed two non-exclusive distribution agreements for
spectrometers and temperature sensors for Thailand and Indonesia. In
addition, the Company attended Semicon West 2011 tradeshow in San
Francisco, California in July 2011. Photon Control presented its
Spectrometers and Temperature Sensors systems as well promoted the
Company's OEM manufacturing capabilities along with seeking new
distributorship. Subsequently, the Company is preparing to launch a new
website in Q4 2011 that clearly conveys the Company's objective and
At September 30, 2011 Photon Control's backlog stood at $1 million.
This represents the total value of committed sales orders fulfilled and
waiting to be fulfilled in Q4 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. designs and manufactures 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.
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:
Helena Rebec, Chief Administrative Officer
604.422.8861 x 101