BURNABY, BC, March 28 /CNW/ - Photon Control Inc. ("Photon") (TSX-V:
PHO), a leading developer of photonic sensors, released its audited financial
results for 2007 and unaudited results for Q407.
For the fiscal year ended December 31, 2007, revenue was $6.1 million,
equal to revenue for the year ended December 31, 2006. While the Company had
anticipated the start of orders for products developed in 2006 and 2007 for
OEM sale to the semiconductor capital equipment market, these did not
Revenue for the fourth quarter of 2007 was $1.5 million compared with
revenue of $1.9 million for the fourth quarter of 2006, representing a
decrease of 21%. Gross Margin for 2007 was 41% compared to 45% for 2006.
Cash in hand at the end of 2007 was $1 million.
The loss for the fiscal year ended December 31, 2007 was $2.4 million
($0.03 per share) down 35% compared to the fiscal year ended December 31, 2006
when the loss was $3.7 million ($0.05 per share). The decrease in loss was
principally due to expense reduction, including restructuring to focus R&D
activities on the semiconductor capital equipment market. For 2007, General
and administration expenses were down $93,979; Research and development
expense decreased by $1,500,397; Business development and marketing expense
decreased by $397,008.
Photon's President, S. Robert Blair comments, "When anticipated sales in
2007 of some new products were deferred into 2008, the Company focussed on
lowering operating loss. In doing so, we retained our core strengths,
including our highly capable teams with established reputations for rapidly
delivering quality products. As such, we are ready to ramp up and deliver our
new semiconductor capital equipment systems and to respond to the aggressive
marketing underway for our new sulphur analyser and flare gas measurement
Photon audited financial results are available at www.sedar.com and on
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
About Photon Control Inc. www.photon-control.com
Photon Control Inc. develops and manufactures opto-electronic 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
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