BURNABY, BC, April 2 /CNW/ - Photon Control Inc. ("Photon") (TSX-V: PHO),
a leading developer of photonic sensors, released its audited financial
results for 2006 and unaudited results for Q4 2006.
For the fiscal year ended December 31, 2006, revenue was $6.1 million
compared with $2.9 million for the year ended December 31, 2005, representing
an increase of 110% in revenue over the prior year. The increase in revenue
for 2006 results primarily from an increase in sales of Photon's new and
established products to its two major customers in the semiconductor capital
Revenue for the fourth quarter of 2006 was $1.9 million compared with
revenue of $0.9 million for the fourth quarter of 2005, representing an
increase of 120%.
Gross Margin for 2006 was 44.5% compared to 40.2% for 2005.
Cash in hand at the end of 2006 was $2.4 million and at the end of the
first quarter of 2007 was $2.1 million.
The loss for the fiscal year ended December 31, 2006 was $3.7 million
($0.05 per share) down 26% compared to the fiscal year ended December 31, 2005
when the loss was $5.0 million ($0.09 per share). The decrease in loss was
principally due to increased gross margin contribution from sales. During the
latter part of the year, restructuring to reduce expenditures took place, but
the 2006 savings were offset by severance expense. For 2006, General and
administration expenses were down ($15,927) while Research and development
expense increased by $248,959; Business development and marketing expense
increased by $135,817.
"In Q4 2006 Photon proceeded as intended by recording its highest
Quarterly Revenue to date and so achieving near break even for conservation of
cash working capital," states Robert Blair, the Company's Executive Chair and
President. "In 2007, the steps will include faster growth of revenue from
semiconductor customers and sales starting to oil and gas and power sectors.
The sectors chosen by Photon are prosperous and needing supply of the kinds of
products Photon has been developing for them, from the latest in chip
manufacture components, to reliable measurement of gas emissions, to power
system preventative maintenance information. Photon's technologies and work
force are performing strongly at this time."
Photon audited financial results are available at www.sedar.com and on
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 x 108, email@example.com