ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
|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
Dec. 19, 2014 05:00 AM EST Reads: 2,950
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Dec. 19, 2014 04:00 AM EST Reads: 2,371
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Dec. 18, 2014 09:45 PM EST Reads: 1,462
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 11:30 AM EST Reads: 1,562
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Dec. 18, 2014 11:00 AM EST Reads: 2,687
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Dec. 18, 2014 10:30 AM EST Reads: 2,867
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Dec. 18, 2014 10:15 AM EST Reads: 2,651
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 10:00 AM EST Reads: 2,299
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 09:00 AM EST Reads: 2,066
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
Dec. 18, 2014 06:00 AM EST Reads: 1,152
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Dec. 17, 2014 11:15 PM EST Reads: 2,095
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 11:00 PM EST Reads: 2,130
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 08:00 PM EST Reads: 2,107
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Dec. 17, 2014 06:30 PM EST Reads: 2,013
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Dec. 17, 2014 11:45 AM EST Reads: 2,212
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Dec. 16, 2014 11:45 PM EST Reads: 2,081
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Dec. 15, 2014 11:45 PM EST Reads: 2,506
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 15, 2014 10:30 AM EST Reads: 8,120
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
Dec. 15, 2014 10:00 AM EST Reads: 3,271
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Dec. 15, 2014 10:00 AM EST Reads: 2,395