Click here to close now.




















Welcome!

Microsoft Cloud Authors: Adine Deford, Elizabeth White, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

ProPhotonix Limited - Annual Financial Report

SALEM, NH -- (Marketwired) -- 03/25/14 --




                          ProPhotonix Limited
                    ("ProPhotonix" or "the Company")

     PRELIMINARY RESULTS FOR THE YEAR ENDED DECEMBER 31, 2013

ProPhotonix Limited (London Stock Exchange - AIM: PPIX and PPIR, OTC:
STKR), a designer and manufacturer of LED illumination systems and
laser diode modules with operations in Ireland and the United Kingdom,
today announces its unaudited preliminary results for the year ended
December 31, 2013.

Annual General Meeting

The Company will hold the Annual General Meeting of the Shareholders on
May 22, 2014 at 10:00 AM London Summer Time at the offices of K&L Gates
LLP, One New Change, London EC4M 9AF. The Record date is set at April
7, 2014 for all shareholders of record.

Financial Highlights

- Revenue increased 12% to $15.6 million
- Gross profit increased 38.6% to $6.0 million
- Gross profit margin improved to 38.3%
- Operating loss declined 62% to $1.2 million(1)
- EBITDA loss declined 73.8% to $0.7 million(1)
- Order bookings increased 17% to $17.6 million
- Backlog at December 31, 2013 of $6.9 million grew 31%
- Percentage revenue by market sectors: industrial 79%, medical
  16%, and homeland security & defense 5%
- Percentage revenue by geography: 52% Europe, 31% North America
  and 17% Rest of World
- On June 20, 2013, the Company secured new loan financing with net
  availability of $2.5 million through an existing lender to the
  Company alongside a new lender.
- On November 29, 2013, the Company entered into an amendment to an
  existing revolving credit facility with Barclays Bank to increase
  the existing credit facility from GBP650,000 ($1.1 million) to
  GBP1,400,000 ($2.3 million) and extending the duration through the
  minimum of November 30, 2015.
- Available borrowing capacity of $1.8 million from its loan
  facilities at December 31, 2013

(1) Includes $582,000 non-recurring charges

Tim Losik, President & CEO, Commented:"During 2013 the Company experienced
an improvement in business
activity with order bookings increasing 17% and the December 31, 2013
backlog up 31% from December 31, 2012; ending 2013 with a book-to-bill
ratio of 1.13 (2012:1.08). Of particular note are the 69% increase in
bookings and 40% growth in revenue for the Americas region which has
been a significant regional growth focus. New customer activity is a
cornerstone for our growth and I am pleased that we are continuously
partnering with new customers. Revenue from new customers accounted
for $1.5 million of total revenue growth across several market sectors,
including: 3D Scanning for 3D printing, Warehouse Robotics, Transport
Container Monitoring and Inspection, Medical Devices, UV curing,
Aeronautics, and Industrial Automation and Inspection."The revenue increase
and cost reductions resulted in dramatic
improvement in operating performance and results. During the second
half of 2013, we realized significant improvement in operating
performance versus the first half 2013. Comparative improvements in the
second half 2013 versus first half 2013 (excluding the restructuring
and one-time charges of $582K in the first half) include: Operating
loss decreased 84% narrowing from ($517,000) to ($82,000) and EBITDA
improved 164% from a loss of ($275,000) to a positive EBITDA of
$177,000. However, these improvements were somewhat offset by
non-cash changes in foreign currency exchange rates and the resulting
increase in material purchase prices, and shifts in product mix;
thereby depressing second half gross profit. The improvements in
second half operating income and EBITDA are primarily the result of
reductions in general and administrative costs. We always seek to
mitigate the effects of shifts in the revenue mix, but predicting and
controlling this can be difficult."

Full Year 2013 Financial Results

Revenue for the year ended December 31, 2013 was $15.6 million, an
increase of 12% compared with $13.9 million in 2012. Gross profit was
$6.0 million compared to $4.3 million in 2012. Gross profit margin
increased to 38.3% from 31.0% in 2012 due to a shift in product mix and
an increase in volume.

Operating expenses, excluding intangible amortization charges, totaled
$7.0 million versus $7.3 million in 2012. Sales and marketing expenses
decreased 12% in 2013 over 2012, while general and administrative and
research and development expenses were approximately flat over the same
period and include restructuring and one-time charges of $0.6 million
taken in the first half of 2013. The operating loss was $1.2 million,
as compared to a $3.1 million loss in 2012 and EBITDA was a loss of
$0.7 million versus a loss of $2.6 million in 2012. Net loss was $1.2
million compared to the 2012 net loss of $2.9 million. Included in the
operating expenses, operating loss and EBITDA is approximately $0.6
million of restructuring and one-time charges.

Strategy and Markets

ProPhotonix consists of two business units: an LED systems
manufacturing business based in Ireland (Cork), and a laser modules
production and laser diode distribution business located in the United
Kingdom (Hatfield Broad Oak). Corporate headquarters and the North
American sales activities are based in Salem, New Hampshire, USA. The
fundamental strategy of the Company is growth in revenue through its
existing customers, new customer activity, and new product and market
expansion. ProPhotonix's short-term strategy is to reach sustained
positive EBITDA, cash flow, and net income as soon as possible. These
goals will be accomplished through a relentless focus on cost
management and most importantly through revenue growth.

ProPhotonix growth in the medium-term will be accomplished with new
customer wins with the conversion of development orders into longer run
orders, and also through expansion into new markets and with new
products. In addition to the few important areas where we are
currently focused, we will continuously evaluate additional high growth
opportunities by geography and business line.

ProPhotonix sells its products principally into three markets:
industrial (primarily machine vision illumination), medical, and
homeland security and defense. The Company foresees growth
opportunities in all three markets it serves which are briefly
described below:

Industrial (Machine Vision)

Within the industrial market, machine vision is the term used to
describe computerized analysis for controlling manufacturing processes,
for example automated inspection. In terms of quality and speed,
lighting is often a critical component in machine vision and the
Company manufactures both LED systems and lasers designed specifically
for this market. The recently enhanced 3D Pro Laser line generatorsand
improved LED line light family specifically address this market.

Medical

The Company has experienced successes in the medical (including dental)
market and has gained a foothold in the market, supplying a variety of
applications, with current customers including the world leader in
stationary imaging equipment, a portable x-ray equipment manufacturer,
a dental imaging manufacturer and also a pioneer in the manufacturing
of devices offering eye tracking capability utilizing ProPhotonix's
custom infrared LED arrays. The Company intends to broaden its product
marketing effort in the medical field since it offers significant
long-term revenue growth opportunities.

Homeland Security & Defense

LED systems, laser modules and laser diodes are used in a wide variety
of applications in the security and defense fields. The Company
currently supplies several defense sighting manufacturers in the US and
Europe, as well as leading manufacturers of Auto Number Plate
Recognition systems. This market offers significant growth
opportunities for ProPhotonix over the next several years and the
Company is currently marketing its laser and LED capabilities to
additional security and optical character recognition systems companies
in this market space.

Outlook

ProPhotonix begins 2014 with the strongest ever backlog at our business
units and with the necessary funding in place to move forward in 2014.
Included in 2013 bookings are about $800,000 of customer bookings
relating to new customer projects (non-recurring engineering
development), of which approximately $700,000 will be recognized
revenue in 2014. We expect to begin shipping trial and production
orders resulting from these projects during 2014 and thereafter. These
potential high volume OEM (custom) applications include illuminators
for the semiconductor, optical sorting, endoscopy, and vascular imaging
markets. We look forward to another year of progress in 2014 and expect
that first half revenue will be in the range of $7.8 and $8.2 million.

Enquiries:

ProPhotonix Limited            Tel: +1 603 870 8220
Tim Losik, President and CEO   [email protected]

N+1 Singer                     Tel: +44 (0) 207 496 3000
Andrew Craig/ Ben Wright
Nominated Adviser and Broker

About ProPhotonix

ProPhotonix Limited, headquartered in Salem, New Hampshire, is an
independent designer and manufacturer of diode-based laser modules and
LED systems for industry leading OEMs and medical equipment companies.
In addition, the Company distributes premium diodes for Oclaro, Osram,
QSI, Panasonic, and Sony. The Company serves a wide range of markets
including the machine vision, industrial inspection, security, and
medical markets. ProPhotonix has offices and subsidiaries in the U.S.,
Ireland, U.K., and Europe. For more information about ProPhotonix and
its innovative products, visit the Company's web site at
www.prophotonix.com.

Click on, or paste the following link into your web browser, to view
the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/0602D_1-2014-3-24.pdf





                    This information is provided by RNS


          The company news service from the London Stock Exchange

END

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...