BURNABY, BC, Nov. 26 /CNW/ - Photon Control Inc. ("Photon") (TSX-V: PHO), a leading developer of photonic sensors, released its unaudited financial results for Q309.
During the third quarter of 2009, Photon achieved strong sales and profit growth, making Q309 its most profitable quarter ever. Revenue for the third quarter of 2009 was $1.5 million compared with revenue of $0.7 million for the second quarter of 2009, representing an increase of 114%. The profit for the quarter ending September 30, 2009 was $0.34 million ($0.00 per share) as compared to the loss for the quarter ended June 30, 2009 of $0.19 million ($0.00 per share).
As anticipated, increased orders and revenues from Photon's semiconductor base contributed significantly to Q309 results. Photon continued to grow revenues in other sectors as part of its diversification strategy while maintaining the same level of its Gross Margin at 46% compared to the previous quarter. The third quarter was also impacted by significant increase in Photon's order backlog, which reached a new record level of $2.6 million. As at the date of this report, Photon's Order Backlog stood at $2.8 million. This represents the total value of sales orders to be fulfilled, of which $1.5 million is expected to be completed by year-end.
Photon will be holding its annual general meeting on December 3, 2009, at 2:00 pm, at the head office of Photon Control Inc., Suite 200 - 8363 Lougheed Highway, Burnaby, British Columbia.
Photon's financial results and MD&A are available at www.sedar.com and will be posted on Photon'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. develops and manufactures opto-electronic products for measurement and control. All Photon's products have competitive advantages in both performance and cost. Markets for Photon's products include semiconductor capital equipment, oil and gas, power industry, life sciences and research.
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SOURCE Photon Control Inc.
For further information: For further information: Helena Rebec, Acting Investor Relations Manager, (604) 422-8861 x 101, firstname.lastname@example.org