Photon Control Reports Third Quarter 2015 Financial Results
23 Nov, 2015, 16:30 ET
- Quarterly Sales of $6.0 Million
- Quarterly Net Earnings of $2.6 Million
- Quarterly Earnings per Share of $0.02
- Nine Months 2015 Sales and Net Earnings Surpassed the Entire FY 2014 Results
BURNABY, BC, Nov. 23, 2015 /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 third quarter ended September 30, 2015. Building on its record performance reported during the first half of 2015, sales and net earnings of the Company's first nine months of the year have already surpassed the entire FY 2014 results.
Product sales for the third quarter of 2015 reached $6.0 million, representing an increase of $0.9 million or approximately 18% compared with $5.1 million reported for the same period in 2014. Photon Control's profit before taxes for the third quarter of 2015 was $2,643,235 representing an increase of approximately 40% compared with a profit before taxes of $1,882,310 reported for the same period in 2014. Photon Control's product sales remain solid and mainly concentrated within the semiconductor sector, while the non-semiconductor sales experienced an increase in some sectors, oil and gas in specific, mainly due to the Company's specific market and sales initiatives.
Although Q3 2015 results were lower than Q1 and Q2 2015 record breaking quarters, the third quarter of 2015 still rank as the 5th best quarter for revenue and 3rd best quarter for profit before taxes. Product sales for the nine months ended September 30, 2015 totalled $21.8 million, approximately 45% higher compared to the same period last year, surpassing the entire 2014 product sales by approximately 4%. The Company's profit before taxes for the nine months ended September 30, 2015 was $10,115,714, approximately 106% higher compared to the same period in 2014, surpassing the entire 2014 profit before taxes by approximately 42%.
Photon Control continued a solid order backlog in 2015, ending the third quarter with the order backlog of $4.8 million and at the date of this report, the Company's sales order backlog stood at $5.3 million.
Basic earnings per share for the third quarter of 2015 was $0.02 and $0.07 for the first nine months of 2015, with working capital at September 30, 2015 of approximately $29.2 million.
"We are very pleased to continue reporting strong results in the current 2015 fiscal year," said Christopher Weston, President/CEO of Photon Control. "Our team's expertise and technical capability provides a solid platform for the Company's future growth. Photon Control's focus on operational excellence, financial discipline and commitment to customer-satisfaction will continue to create value for all of our stakeholders."
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
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