ProPhotonix Limited ProPhotonix Trading Update and Enhanced Facility (6237U)
December 04 2013 - 1:00AM
UK Regulatory
TIDMPPIR TIDMPPIX
RNS Number : 6237U
ProPhotonix Limited
04 December 2013
December 4, 2013
ProPhotonix Limited
("ProPhotonix" or "the Company")
Provides Trading Update and Announces Enhanced Financing
Facility
ProPhotonix Limited (London Stock Exchange - AIM: PPIX and PPIR,
OTC: STKR), a designer and manufacturer of LED illumination
systems, laser diode modules and a laser diode distributor with
operations in Ireland and the U.K.,provides a 2013 trading update
and announces expanded credit facility.
2013 Trading Update
The Company expects continuing improvement in revenue growth in
the second half 2013 with full year 2013 revenue expected to be not
less than $15.0 million, a 7.9% growth in revenue over 2012. Second
half forecast revenue of $7.6 million would be 3.7% above first
half revenue and 7.3% above 2012 second half revenue. The increase
in revenue and first half cost reductions are expected to improve
second half EBITDA versus the first half EBITDA loss of $275,000,
net of the non-recurring charges.
Financing
ProPhotonix has entered into an expanded working capital credit
facility ("Facility") with Barclays Bank PLC for a two year term,
furthering the seven year credit relationship. The Facility is
increased from GBP650,000 ($1,065,415 at December 3, 2013) to
GBP1,400,000 ($2,294,740 at December 3, 2013) secured by the
accounts receivable of the Company. The ultimate credit
availability is dependent upon the value of eligible debtors.
Tim Losik, President and CEO stated, "I am pleased with the
revenue growth in 2013 which is driven by improving orders from
existing customers and the addition of new customers. Bookings
through November 30 were $16.5 million versus $13.1 million for the
comparable period of 2012, a 25.5% increase. We continue to nurture
our existing client relationships and are active in finding new
customers for our existing product ranges. We also remain active in
developing new products for demanding LED and laser opportunities.
Our opportunity pipeline continues to grow as does our optimism.
Looking to the future, we are focused on achieving sustained
positive EBITDA during 2014 and subsequently sufficient positive
EBITDA to support the total cash requirement of ProPhotonix. Our
continuing financial improvement is enhanced by the increased
Facility provided by Barclays Bank PLC which extends a seven year
credit relationship."
Enquiries:
ProPhotonix Limited Tel: +1 603 870 8220
Tim Losik, President & CEO ir@prophotonix.com
N+1 Singer Tel: +44 (0)207 496 3000
Andrew Craig/ Ben Wright
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, USA,
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.
Cautionary Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical fact, including without
limitation, those with respect to ProPhotonix's goals, plans and
strategies set forth herein are forward-looking statements. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: uncertainty that cash balances
may not be sufficient to allow ProPhotonix to meet all of its
business goals; uncertainty that ProPhotonix's new products will
gain market acceptance; the risk that delays and unanticipated
expenses in developing new products could delay the commercial
release of those products and affect revenue estimates; the risk
that one of our competitors could develop and bring to market a
technology that is superior to those products that we are currently
developing; and ProPhotonix's ability to capitalize on its
significant research and development efforts by successfully
marketing those products that the Company develops. Forward-looking
statements represent Management's current expectations and are
inherently uncertain. All Company, brand, and product names are
trademarks or registered trademarks of their respective holders.
ProPhotonix undertakes no duty to update any of these
forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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