BURNABY, B.C., April 20 /CNW/ - Photon Control Inc. ("Photon Control")
(TSX-V: PHO), a leading developer of innovative measurement technologies, released
its audited consolidated financial results for the fourth quarter ended
December 31, 2010 and for the year.
In 2010, Photon Control saw an encouraging start to the year which
resulted in strong sales and revenue growth, and sustained
profitability throughout this period. In addition, Photon Control took
decisive actions to enhance lean manufacturing, operational efficiency
and risk mitigation process by implementing pro-active management of
operations and financial planning.
During the first half of 2010, Photon Control's product sales rose
substantially contributing to strong performance, record sales and
earnings during the six months period, surpassing sales volumes for all
of 2009. As anticipated, the second half of 2010 continued to report a
strong sales revenue enabling Photon Control to achieve the record
annual sales figures of $13.4 million.
Product sales in fiscal 2010 were $13.4 million compared to $5.4 million
in 2009 and greater than any previous annual sales figures reported by
Photon Control. During Q4 2010, Photon Control achieved solid sales
and profit results for the quarter. Q4 2010 sales were $2.9 million
compared to $2.6 million in Q4 2009, an increase of $0.3 million or
In 2010, Photon Control's sales to the semiconductor sector have more
than doubled compared to last year and contributed significantly to the
annual and Q4 2010 financial results. Also, the Company continued to
grow revenues in other sectors which included the sale of analytical
products, flare gas meters and fibre optic temperature sensors,
representing an increase of approximately 40% over 2009
The fourth quarter of 2010 continued to report a strong order backlog.
At December 31, 2010 Photon Control's backlog stood at $2.0 million
and, as at the date of this news release, at $2.8 million. This
represents the value of sales orders already fulfilled in Q1 2011
and/or waiting to be fulfilled in 2011.
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. commercializes and develops innovative measurement
technologies specializing in Oil & Gas, Semiconductor, Power and
Manufacturing industries world wide. Photon Control's products have
competitive advantages in both performance and cost. Photon Control's
mission is to preserve and improve human life through the creation of
innovative measurement technologies. Headquartered in Burnaby, BC,
Photon Control Inc is listed on the TSX Venture, trading under the
symbol ''PHO." Additional information about the company can be found at
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.
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