ProPhotonix Limited ProPhotonix Fiscal 2017 Trading Update (4051D)
January 31 2018 - 1:00AM
UK Regulatory
TIDMPPIX
RNS Number : 4051D
ProPhotonix Limited
31 January 2018
January 31, 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
ProPhotonix Limited
("ProPhotonix" or "the Company")
ProPhotonix announces its Fiscal 2017 Trading Update
ProPhotonix Limited (London Stock Exchange -- AIM: PPIX and
PPIR, OTC: STKR), a high technology designer and manufacturer of
LED illumination systems and laser diode modules, with operations
in Ireland and the United Kingdom, today announces a fiscal 2017
trading update subject to final audit.
Revenue for the full year 2017 is expected to be approximately
$17.6 million (2016: $16.2 million), a record annual revenue for
the group. The revenue split for the two business units is: LED
$8.3 million (2016: $6.8 million) and for Lasers $9.3 million
(2016: $9.4 million). The revenue growth stems from an increase in
sales to several major customers, partially offset by a decrease in
sales to one large laser customer that converted to an alternate
technology in the second quarter of 2017. The order book as of
December 31, 2017, is $7.3 million (2016: $5.6 million), a record
backlog for our two business units.
The Company has invested in the future growth of the business
and implemented a new performance based stock option program for
employee incentivization, which has resulted in a significant
increase in non-cash compensation charges associated with these
stock option grants. The investments include the hiring of
additional sales personnel in the fourth quarter of 2016, increased
engineering and development costs associated with several large
original equipment manufacturing ("OEM") projects, as well as the
continuing investment in the UV LED product development. Operating
income for the full year 2017 is expected to be approximately $1.0
million (2016: $1.5 million) after accounting for these additional
expenses. Excluding the impact of a non-cash stock compensation
expense of $0.6 million in 2017 versus $0.2 million in 2016,
operating income would have remained approximately flat versus
2016.
The Company also expects to report record earnings before
interest, taxes, stock--based compensation and impairment charges,
depreciation, and amortization (EBITDA), a non-GAAP measure of
financial performance, for the full year 2017 of approximately $1.9
million (2016: $1.5 million).
The Directors expect that the Company's audited results for the
year will be released in April 2018.
Tim Losik, President and CEO of ProPhotonix, stated -- "We
continue our positive financial momentum from the past three years,
including the achievements of consecutive half-yearly periods of
positive EBITDA, operating income, and net income. In addition, the
term debt of the Company was fully repaid during 2017 providing a
healthy financial position and the ability to consider discussions
with lenders for borrowing to continue the growth of the business.
We are committed to the partnerships we have with our current
customers, while progressing our product offering to attract new
customers and expand into new markets. The strong order book
positions us well for the start of 2018 and our progress on the
development of the UV LED product and other OEM and laser
initiatives will further position us during 2018 and beyond."
Enquiries: ir@prophotonix.com
ProPhotonix Limited
Tim Losik, President and Tel: +1 603 893 8778
CEO
Cantor Fitzgerald Europe
(Nominated Adviser and Broker) Tel: +44 (0)207 894 7000
Andrew Craig
Richard Salmond
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a
high technology designer and manufacturer of LED illumination
systems and laser diode modules for industry leading OEMs and
medical equipment companies. In addition, the Company distributes
premium diodes for Ushio (formerly 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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