BURNABY, BC, Nov. 21, 2012 /CNW/ - Photon Control Inc. ("Photon Control"
and the "Company") (TSX-V: PHO), a leading developer of innovative measurement technologies, released
its unaudited financial results for the third quarter ended September
30, 2012.
Although Photon Control experienced increased volatility in customer
orders during the current fiscal year, the Company recorded solid sales
and profit results for the third quarter of 2012. Q3 2012 product
sales were $2.4 million, representing a decrease of approximately 11%
compared to $2.7 million during the same period last year, primarily
due to a slowdown in the semiconductor sector. The Company's net
profit for the three months ended September 30, 2012 was $309,524 when
compared to $404,836 for the same period in 2011. However, the net
profit of $1,523,804 for the nine months ended September 30, 2012
represented an increase of approximately 23% compared to the $1,237,691
for the same period in 2011. Third quarter 2012 results were primarily
attributable to solid sales volumes, reduced operating and research &
development expenses, lower legal fees, but offset by incurred foreign
exchange losses.
During the first nine months of 2012, Photon Control continued to
identify and evaluate opportunities to enhance its operational results
and to diversify its product range, and has sought to open new market
opportunities and revenue streams. In Q3 2012, Photon Control
participated in the Semicon West trade exhibition in San Francisco,
California. The Company presented its Spectrometer and Optical Sensor
product lines, unveiled the new FluoTemp GT-HT temperature converter,
as well as promoted its OEM manufacturing capabilities. In addition,
Photon Control met with distributors and customers at the trade
exhibition to identify and discuss new market opportunities and
expansion strategies. In September 2012, Photon Control participated in
the World Heavy Oil Congress in Aberdeen, Scotland and presented the
Focus® Optical Flow Meter and Downhole Pressure and Temperature Sensor
System. At this exhibition the Company had great visibility and gained
valuable knowledge about new market opportunities. Also, during the
third quarter of 2012, the Company has signed a new distributorship
agreement in the Asian market for Spectrometers and Optical Sensors.
At September 30, 2012 Photon Control's sales order backlog stood at $1.2
million. Photon Control continues to analyze and monitor industry
trends and customer needs in order to ensure proper budgeting and
operational efficiency programs, and remains encouraged by a solid
sales order backlog of $1 million as of the day of this report. This
represents the value of sales orders already fulfilled in Q4 2012
and/or waiting to be fulfilled in Q1 2013.
Photon Control's financial results and MD&A are available at www.sedar.com and will be posted on Photon Control's website.
Forward-Looking Statements: This news release contains forward looking
statements, including statements regarding the business and anticipated
financial performance of the Company, which involve risks and
uncertainties. These risks and uncertainties may cause the Company's
actual results to differ materially from those contemplated by the
forward-looking statements. Factors that might cause or contribute to
such differences include, among others, competitive pressures,
competing technologies and the market acceptance of the Company's
photonic-based products as a replacement to existing technologies and
products. Readers are encouraged to consider the other risks and
uncertainties discussed in and additional information contained in the
Company's required financial statements and filings filed on SEDAR at www.sedar.com.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. designs and manufactures a wide range of optical
sensors and instruments to measure temperature, pressure, position, and
flow. These products are used by original equipment manufacturers (OEM)
as well as end-users in the Semiconductor, Oil and Gas, Power, Life
Science, and Manufacturing industries. Photon Control's products
provide high accuracy and reliability in extreme conditions and are
supported by a team of experts that offer onsite installation,
training, and support. Photon Control Inc. also provides engineering
services for customized optical measurement systems. Headquartered in
an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control
Inc. is listed on the TSX Venture Exchange, trading under the symbol
''PHO". Additional information about the company can be found at http://www.photon-control.com/investorrelations.html
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Photon Control Inc.