BURNABY, BC, May 28 /CNW/ - Photon Control Inc. ("Photon") (TSX-V: PHO),
a leading developer of photonic sensors, released its unaudited financial
results for Q109.
Revenue for the first quarter of 2009 was $0.6 million compared with
revenue of $1.4 million for the fourth quarter of 2008. Gross Margin for Q109
was 47% compared to 34% for Q408.
The loss for the quarter ended March 31, 2009 was $0.16 million ($0.00
per share) as compared to the profit for the quarter ended December 31, 2008
of $0.04 million ($0.00 per share), primarily due to the prevailing business
environment slowdown across the semiconductor sector, reduction in sales to
one of the Company's major accounts and global economic conditions. Photon
took positive action to mitigate these circumstances by reducing operating
expenses, improving gross margins and generating new sales to
non-semiconductor customers. Also, in Q109 the company reduced salary expenses
by approximately 20% through participation in the Work-Sharing program which
is part of the Employment Insurance program under Human Resources and Skills
Development Canada. During these tough economic conditions, Photon continues
to deliver high quality, value-added services to its customers.
As at May 28, 2009, Photon's Order Backlog stood at $0.8 million,
compared to $0.3 million for Q109.
Interim President Michael Weston, comments, "In 2009 Photon continued an
initiative to establish new sources of revenues for existing and future
products by continuing support of its diversification strategy, opening market
opportunities and developing relationships with new distributors. Also, we
continue to take decisive actions to achieve lean manufacturing, improved
operational efficiency and effective cost savings solutions."
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
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: Company Contact: Helena Rebec, Acting Investor
Relations Manager, (604) 422-8861 x 101, firstname.lastname@example.org