Trading Update and New Product Launch (8064V)
January 19 2012 - 2:00AM
UK Regulatory
TIDMPPIR TIDMPPIX
RNS Number : 8064V
ProPhotonix Limited
19 January 2012
19 January 2012
ProPhotonix Limited
("ProPhotonix" or "the Company")
Pre-close trading update for the year ended 31 December 2011
New Product Launch
ProPhotonix Limited, (London Stock Exchange - AIM: PPIX and
PPIR, OTC: STKR.PK), a designer and manufacturer of LED light
engines and laser diode modules as well as a distributor of premium
laser diodes, today provides a pre-close update in respect of the
year ended 31 December 2011.
The Company's revenues and loss before tax are in line with
market expectations for the full year in spite of mixed trading in
the last quarter of 2011, where the Company experienced a slowdown
in orders and shipments for certain of its product lines. In the
first half of the year the Company's LED division benefited from
particularly strong shipments to the German solar panel production
equipment industry, which dropped off significantly later in the
year. Management is not expecting a recovery in orders in this
segment until H2 2012 due to the global overcapacity in the solar
panel market. Subject to finalisation of the annual audit and any
potential changes thereafter, revenue for the financial year ended
31 December 2011 is expected to be approximately $17 million and
EBITDA is expected to be neutral. The Company ended the year with a
strong cash position of approximately $4.1 million.
Outlook
The Board is focused on 2012 being a year of further
diversification of customers and product lines. The Company will
continue to invest to broaden its LED and laser module portfolio
and to strengthen its sales capabilities in order to broaden its
customer base and grow its overall business. The investments made
during H2 2011 in the sales force, R&D, engineering capacity
and the development of new distribution channels in Asia are
expected to generate further momentum in the business during 2012.
In the last quarter of 2011, the Company doubled the size of its US
sales force, including a new country sales manager, and it is in
the process of strengthening its European sales force. In addition,
the R&D team was nearly doubled in 2011 to capitalize on
several substantial opportunities and further customer led
product-line development. The Company has made significant progress
on a number of important new revenue opportunities in the areas of
medical, automotive, and semiconductor inspection. Several of these
opportunities bode well for a significant increase in revenue in
the second half of the current year and into 2013.
It is expected that the audited results for the year ended 31
December 2011 will be reported on March 1, 2012.
New Product Launch:
The Company is pleased to announce that it has extended its
machine vision solutions with InViso(TM) Micro, an extension to its
highly successful InViso laser diode module product line.
Machine Vision systems enable the inspection of products
throughout the manufacturing process and allow manufacturers to
ensure that their products conform to the exact specifications to
which they were initially designed.
InViso combines a flat form factor with a "no tools required"
external focus to produce an extremely uniform laser line. Its
unique form factor provides instant alignment and expedites
integration while ensuring a high-degree of repeatability. InViso
Micro incorporates all the existing InViso features while
delivering fine line widths down to 16 um at 120 mm working
distance. Both InViso models are available in a range of
wavelengths and power levels up to 100mW. InViso and InViso Micro
were designed and developed at the Company's R&D center in
Cork, Ireland.
Commenting on the InViso Micro launch, Mark W. Blodgett,
Chairman and CEO of ProPhotonix, said: "InViso Micro was a direct
result of our close working relationship with our customers. They
are facing new and stringent requirements for their applications
and we are giving them energy efficient technology solutions they
need to gain better performance, easier integration, and more
flexibility."
"We are committed to maintaining and broadening our reputation
as innovative solution providers in the machine vision industry.
InViso Micro is a step in that direction and will allow us to
expand sales to the automated inspection market."
The Company will showcase InViso Micro in Booth 1201 at
Photonics West in San Francisco, January 24 - January 26 2012.
Enquiries:
ProPhotonix Limited Tel: +44 (0)12 7971
Mark W. Blodgett, CEO 7170
ir@prophotonix.com
Nominated Adviser and Broker Tel: +44 (0)113 241
Brewin Dolphin Limited 0130
Andrew Craig/Ben Wright
Cubitt Consulting Tel: +44 (0) 20 7367
Chris Lane / Alice Coubrough 5100
RD:IR Tel: +44 (0) 20 7492
Isabel Richardson 0500
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, Ondax, 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, and the United
Kingdom. For more information about ProPhotonix and its innovative
products, visit the Company's web site at www.prophotonix.com.
Safe Harbor 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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