SALEM, NH--(Marketwire - Jul 28, 2011) -
28 July 2011
ProPhotonix Limited
("ProPhotonix" or "the Company")
HALF-YEAR RESULTS
Robust revenue growth, solid margins and increased LED production
capacity
Revenue increased 25%; gross margin up to 38.9%
ProPhotonix Limited, (London Stock Exchange - AIM: PPIX and PPIR, OTC:
STKR.PK), a designer and manufacturer of LED light engines and laser
diodes modules with operations in Ireland and the U.K., today announces
its financial results for the second quarter and half-year ended June
30, 2011.
Half-Year 2011:
* Revenue increased 25% to $8.9 million (H1 2010: $7.1 million), up
20% adjusting for impact of currency fluctuation
* LED revenue increased 57% to $4.7 million (H1 2010: $3.0 million)
* Gross profit increased 31% from $2.6 million to $3.5 million
* Gross profit margin improved to 38.9% (2010: 37.1%)
* EBITDA profit of $0.3 million vs. $0.2 million loss in 2010
(excluding AIM flotation expenses and facility lease termination
charges)
* Order bookings of $9.6 million
* Percentage revenue by market sectors: industrial 73%, medical
19%, and homeland security & defense 8%
* Percentage revenue by geography: 57% Europe, 35% North America
and 8% Rest of World.
Second Quarter 2011:
* Revenue increased by 25% to $4.6 million (Q2 2010: $3.7 million),
up 15% adjusting for impact of currency fluctuation
* Revenue up 6% sequentially versus the first quarter of 2011
* LED revenue increased 41% to $2.4 million (Q2 2010: $1.7 million)
* Gross profit increased 25% from $1.5 million to $1.8 million
* Gross profit margin 39.7% (Q2 2010: 39.8% & Q1 2011: 38.0%)
* EBITDA profit of $0.2 million vs. break-even, net of AIM
expenses, in 2010, and break-even in Q1, 2011
* Order bookings of $4.6 million; ending backlog of $6.5 million
* Percentage revenue by market sectors: industrial 69%, medical
24%, and homeland security & defense 7%
* Percentage revenue by geography: 59% Europe, 31% North America
and 10% Rest of World
* Appointment of Luster LightTech as the Company's exclusive
distributor of machine vision illumination products in China and Hong
Kong"We delivered a strong second quarter with 25% revenue growth and 6%
sequential growth, which represents the seventh consecutive quarter of
revenue growth and significant improvement in overall profitability,"
said Mark W. Blodgett, Chairman & CEO. "At the end of the period,
ProPhotonix achieved break-even at the operating income level and its
first meaningful EBITDA profit. The Company continued to see excellent
momentum in its growth initiatives, particularly selling LED products
into the medical, solar and homeland security markets," added Blodgett.
Recent Highlights:
* Raised $5.1 million (GBP3.3million), in July 2011, through the
placement of new common shares at $0.22 (14 pence) per share with
institutional investors.
ProPhotonix will host a conference call at 14:30 B.S.T (09:30 E.D.T.)
on 28 July 2011. The conference call title is 'ProPhotonix - Interim
Results Conference Call' and the details are as follows:
Local number Toll free
United Kingdom +44 (0) 208 515 2301 +44 (0) 800 358 5271
United States +1 480 629 9677 +1 877 941 1467
Enquiries:
ProPhotonix Limited Tel: +44 (0)12 7971 7170
Mark W. Blodgett, CEO ir@prophotonix.com
Brewin Dolphin Limited Tel: +44 (0)113 241 0130
Neil Baldwin / James White
Cubitt Consulting Tel: +44 (0) 20 7367 5100
Chris Lane / Alice Coubrough
RD:IR Tel: +44 (0) 20 7492 0500
Isabel Richardson
A copy of the half year results is available on the Company's website.
To view the full announcement go to www.prophotonix.com
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 Opnext, QSI,
Sanyo, and Sony. The Company serves a wide range of markets including
the machine vision, industrial inspection, defense, sensors, 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 .
This information is provided by RNS
The company news service from the London Stock Exchange
END
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