ProPhotonix Limited Trading Update 2019 (9301Z)
January 16 2020 - 2:00AM
UK Regulatory
TIDMPPIX
RNS Number : 9301Z
ProPhotonix Limited
16 January 2020
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.
January 16, 2020
ProPhotonix Limited
("ProPhotonix" or the "Group")
Trading Update
Improved 2H order bookings and shipments
ProPhotonix Limited (London Stock Exchange - AIM: PPIX, OTC:
STKR), a leading technology designer and manufacturer of LED
illumination systems and laser diode modules, with operations in
Ireland and the United Kingdom, is pleased to announce a trading
update for the year ended December 31, 2019.
Trading conditions improved in the second half of 2019 as
compared to the first half 2019 with orders placed approximating
$9.3 million (1H 2019: $7.1 million), an increase of 30%, and
revenue recognized of approximately $7.8 million (1H 2019: $7.1
million), an increase of 9%. Importantly, much of this increase was
from the Group's larger and more important customers, albeit not
yet having recovered to 2018 run-rate levels. This second half
performance resulted in orders placed for the full year totaling
approximately $16.5 million (2018: $16.1 million) and revenue
recognized of approximately $14.9 million (2018: $16.4 million), in
line with previous guidance.
Tim Losik, CEO, commented:
"The Board is pleased with the rebound in business in the second
half of the year following a resumption of orders from the Group's
largest laser module customer and increases in orders from and
shipments to other major customers. Despite this improved customer
activity, there remain a number of key accounts who have yet to
resume their activity to the levels in 2018. However, following
recent discussions with many of these other customers, the outlook
for 2020 is more positive than 2019.
"Our strategy, to support our significant OEM customer base and
to make continued investments in new product introductions,
continues to be a priority for the Board. We continue to invest in
production and technical capability as we take on new customers and
develop products. These investments, which will occur in advance of
realized revenue, will allow us to complete the production build
out necessary for OEM and UV LED products."
Enquiries:
ProPhotonix Limited Tel: +1 603 893 8778
Tim Losik, President and CEO Email: ir@prophotonix.com
Cantor Fitzgerald Europe Tel: +44 (0)207 894 7000
(Nominated Adviser and Broker)
David Foreman
Luke Philippou
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, 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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