- Quarterly Sales Record of $4.6 Million
- Net Earnings of $1.1 Million
BURNABY, BC, Nov. 20, 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 three and nine months ended September 30, 2013.
In Q3 2013, Photon Control experienced an increase in sales, gross margins and profit results compared to Q3 of 2012. Photon Control's product sales in Q3 2013 reached a new record level for a quarter of $4.6 million, approximately 92% higher than product sales in Q3 2012. Photon Control's net earnings for Q3 2013 were $1,121,950, a significant increase of approximately 262% compared to net earnings of $309,524 for the same period in 2012. The achieved results in the third quarter of 2013 reflect a higher volume of orders from the semiconductor sector coupled with the Company's enhanced operational efficiency.
Product sales for the nine months ended September 30, 2013 totalled $11.0 million, compared to $8.3 million during the same period last year, surpassing the entire 2012 sales revenue. The net earnings for the nine months ended September 30, 2013 was $2,256,694, approximately 48% higher compared to $1,523,804 for the same period in 2012, also surpassing the entire 2012 net earnings by approximately 32%.
The upward trend of sales order backlog continued during the third quarter of 2013. As at September 30, 2013, Photon Control's sales order backlog stood at a record high of $4.0 million. This represents the value of sales orders already fulfilled or to be fulfilled in Q4 2013. As at the date of this news release, Photon Control's sales order backlog stood at $3.8 million.
During Q3 2013, Photon Control has purchased 100,000 common shares under the Normal Couse Issuer Bid. Subsequently, during October 2013, the Company has purchased 461,000 common shares. The shares purchased by the Company were cancelled on September 27 and November 6, 2013 respectively.
"We are very proud of the solid results achieved by Photon Control during the first nine months of 2013, and in particular the third quarter which reached a record level of product sales and sales order backlog. These results highlight our team's commitment and technical expertise to build a strong product portfolio and a high level of customer satisfaction, and we look forward to continuing to grow the Photon Control brand and market presence," said Christopher Weston, President of Photon Control.
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, manufactures and distributes 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 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