|By Marketwired .||
|March 25, 2014 03:50 AM EDT||
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
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 28, 2017 01:15 AM EDT Reads: 9,248
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 28, 2017 12:45 AM EDT Reads: 1,667
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 28, 2017 12:15 AM EDT Reads: 1,360
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 27, 2017 10:45 PM EDT Reads: 2,428
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 27, 2017 10:30 PM EDT Reads: 2,450
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 27, 2017 10:30 PM EDT Reads: 1,296
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Apr. 27, 2017 10:15 PM EDT Reads: 9,241
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 27, 2017 10:15 PM EDT Reads: 1,471
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 27, 2017 10:00 PM EDT Reads: 2,062
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 27, 2017 09:45 PM EDT Reads: 893
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Apr. 27, 2017 09:15 PM EDT Reads: 9,120
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Apr. 27, 2017 09:15 PM EDT Reads: 7,299
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 27, 2017 09:15 PM EDT Reads: 1,282
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 27, 2017 08:45 PM EDT Reads: 2,508
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 27, 2017 08:00 PM EDT Reads: 1,143
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 27, 2017 07:45 PM EDT Reads: 2,317
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 27, 2017 06:45 PM EDT Reads: 2,234
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 27, 2017 06:45 PM EDT Reads: 763
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 27, 2017 06:30 PM EDT Reads: 2,841
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 27, 2017 06:00 PM EDT Reads: 1,059