BURNABY, BC, May 8, 2013 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, released its unaudited financial results for the first quarter ended March 31, 2013.
In Q1 2013, Photon Control recorded sales of $2.8 million, approximately 10% lower than sales of $3.1 million in Q1 2012. This decrease in sales over the same period last year is mainly due to delivery rescheduling and additional product development time. Photon Control's net earnings before taxes for Q1 2013 was $391,227 as compared with $591,427 for the same period in 2012. However, the Company saw improvement in both product sales and net earnings before taxes when compared to the fourth quarter of 2012. In Q1 2013, product sales increased by $0.7 million or approximately 33% and net earnings before taxes increased by $255,216 or approximately 188% compared to the previous quarter Q4 2012.
In Q1 2013, Photon Control participated in the Photonics West trade exhibition in San Francisco, California and presented its Spectrometer product line, unveiled the new Specsoft Pro software, Optical Temperature Sensors and promoted its OEM manufacturing capabilities. In addition, Photon Control met with distributors at the trade exhibition to identify and discuss new market opportunities and expansion strategies. Photon Control also attended the Australasian Oil & Gas Trade Exhibition in Perth, Australia. While in Australia, the Company presented the Focus® Optical Flow Meter and Downhole Pressure Temperature System and has signed a non-disclosure agreement with a potential distributor in order to start and develop the business relationship. Photon Control continues to identify and evaluate opportunities to enhance its operational results and to diversify its product range and, in Q1 2013, has hired a Technical Sales Coordinator to further develop sales opportunities for the Company.
Photon Control has had positive financial results including net earnings for the last four fiscal years, and the first quarter of 2013. In addition, the upward trend of sales order backlog continued during the first quarter of 2013. At March 31, 2013 Photon Control's sales order backlog stood at $2.2 million.
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 and 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 http://www.photon-control.com/investorrelations.html
Neither the 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