Welcome!

Microsoft Cloud Authors: Stackify Blog, Liz McMillan, David H Deans, Automic Blog, Pat Romanski

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
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...
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...
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 ...
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.
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.
@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.
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 & ...
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).
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...
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.
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.
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...
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...
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...
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...
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...
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...
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 ...
@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...
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.