- Quarterly Sales of $7.2 Million
- Quarterly Net Earnings of $2.1 Million
- Earnings per Share (Basic) of $0.02
BURNABY, BC, May 30, 2016 /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, 2016.
The significant progress achieved in fiscal 2015 made a positive impact on Photon Control's start of the current fiscal year. In Q1 2016, the Company saw a continued strong level of sales, posting the second-best quarterly revenue in the Company's history. Product sales for Q1 2016 were $7.2 M representing an increase of $0.4 M or approximately 6% compared with $6.8 M during the same period in 2015. Profit before taxes for Q1 2016 was $2,140,899 compared to Q1 2015 profit before taxes of $3,721,407. Foreign exchange loss for the three months ended March 31, 2016 was approximately ($0.7) M compared to foreign exchange gain of approximately $1.1 M during the same period in 2015.
Earnings per share (basic) for the first quarter of 2016 was $0.02, with working capital of approximately $32.2 M at March 31, 2016.
The first quarter of 2016 continued to demonstrate a solid sales order backlog, standing at $6.1 M at March 31, 2016. This represents the value of sales orders already fulfilled or to be fulfilled in the fiscal year 2016. During the current fiscal year, Photon Control has sustained a strong order backlog which, at the date of this news release, stood at $6.6 M.
During Q1 2016, Photon Control purchased 130,000 common shares under its Normal Course Issuer Bid share buyback and subsequent to Q1, the Company has purchased a further 189,500 shares to date. All purchased shares have been cancelled.
"Our first quarter of 2016 results reflect continued strength in our operational performance and we remain fully committed to executed well on our strategy and returning value to shareholders," said Christopher Weston, President and CEO of Photon Control.
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes 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.html
This News Release contains "forward looking statements" within the meaning of applicable Canadian securities legislation. Such forward looking statements concern the business and anticipated financial performance of the Company and include, without limitation, statements with respect to the Company's objectives, goals, liquidity, sources of capital, expectations of sales and continued development of technologies and products.
These forward looking statements are based on certain factors and assumptions, including, without limitation, the Company's ability to successfully complete new purchase orders along the timelines expected; continued and future demand for the Company's products; continued sales to the Company's major customers; the continued financial health of the semiconductor industry; and the Company's ability to continue and further enhance revenue diversification and open new market opportunities.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, uncertainties in the availability and cost of financing for the Company to enable the Company to achieve its goals; uncertainties relating to the market for the Company's products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility in the markets and product mix; risks relating to the Company's present reliance on four major customers for the majority of its sales; risks relating to the Company's reliance on the financial health of the semiconductor industry; risks relating to the development of competing technologies and the possibility of increased competition; the effect of slow growth in the United States, the Company's principal market, as well as in Canada and other economies generally and other economic trends and conditions in the markets that the Company and its customers serve; risks associated with technical difficulties or delays in product introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; uncertainties in factors that may result in a reduction in capital expenditures and/or delayed buying decisions affecting demand for the Company's products; risks relating to currency fluctuations, particularly between the Canadian and United States dollars; and risks in pursuing additional development projects to support existing customers or pursue other business opportunities.
The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward looking statements. The Company's forward looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, readers should not place undue reliance on forward looking statements. The Company undertakes no obligation to update or revise any forward looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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: For Investor Relations Inquiries please contact: Helena Rebec, CPIR, Chief Administrative Officer / IR, [email protected], 604.422.8861 Ext 101