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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Prophotonix Limited | LSE:PPIX | London | Ordinary Share | COM SHS $0.001 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.75 | 8.50 | 9.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPPIX
RNS Number : 3311Z
ProPhotonix Limited
14 March 2017
March 14, 2017
ProPhotonix Limited
("ProPhotonix" or "the Company")
PRELIMINARY RESULTS FOR THE YEARED DECEMBER 31, 2016
Annual General Meeting Date
ProPhotonix Limited (London Stock Exchange - AIM: PPIX, 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 its unaudited preliminary results for the year ended December 31, 2016.
Annual General Meeting and Posting of Results
The Company will hold the Annual General Meeting of the Shareholders on May 18, 2017 at 2:00 PM British Summer Time at the offices of K&L Gates LLP, One New Change, London EC4M 9AF. Only shareholders who hold shares at the close of business on the record date of March 23, 2017 may vote at the Annual General Meeting. The Company intends to publish the audited accounts for 2016 and post them to the Company's web site on or about April 6, 2017.
Financial Highlights
-- Revenue increased 13% to $16.2 million (2015: $14.4 million) -- Net Income increased 348% to $1.3 million (2015: $0.3 million) -- EBITDA increased 49% to $1.8 million (2015: $1.2 million) -- Operating profit increased 89% to $1.5 million (2015: $0.8 million) -- Gross profit margin improved to 45.4% (2015: 41.4%) -- Gross profit increased 24% to $7.4 million (2015: $6.0 million) -- Order bookings of $16.7 million (2015: $15.7 million) -- 1.03 Book-to-Bill ratio (2015: 1.09)
-- Percentage revenue by market sectors: industrial 82%, medical 14%, and homeland security & defense 4% (2015: industrial 79%, medical 17%, and homeland security and defense 4%)
-- Percentage revenue by geography: 48% Europe,42% North America and 10% Rest of World (2015: 47% Europe, 41% North America and 12% Rest of World)
-- Term debt declined $1.1 million to $0.4 million at December 31, 2016
-- Available borrowing capacity of $0.4 million from its revolving credit facility at December 31, 2016 (2015: $0.5 million)
Tim Losik, President & CEO, Commented:
"We continued our positive financial momentum from the prior year and have now achieved seven consecutive half-yearly periods of positive EBITDA, five consecutive half-yearly periods of positive operating income, and a second year of net income. As compared to 2015, sales grew 13% to $16.2 million, operating income increased 89%, EBITDA increased 49%, and net income increased 348% as a result of the improvement in operating income, reduced financing costs and a contingent tax benefit. We also paid down $1.1 million of term debt in accordance with the various loan provisions. In addition, the ProPhotonix team continues to execute on its long term strategies by successfully launching new products, which we believe will help set the stage for 2017 and beyond."
Full Year 2016 Financial Results
Revenue increased by 13% during 2016 and the gross margin rate improved to 45% resulting from a volume increase and better product mix. Operating expenses totaled $5.9 million (2015: $5.2 million) with sales and marketing expenses up 15% compared to last year at $2.1 million, research and development expenses up $0.2 million, approximately 25%, while general and administrative expenses increased by approximately $0.3 million, 11% over 2015. The Company achieved an operating profit of $1.5 million (2015: $0.8 million) and EBITDA of $1.8 million (2015: $1.2 million). These factors contributed to ProPhotonix's financial improvement and positive net income of $1.3 million (2015: $0.3 million). The balance sheet also continued to improve in 2016. Term debt declined by $1,100,000 to $402,000 as at December 31, 2016.
During 2016, order bookings increased 6% to $16.7 million (2015: $15.7 million), with the book-to-bill ratio at
1.03 (2015: 1.09). Our order book at December 31, 2016 was $5.6 million (2015: $5.6 million).
Customer and Product Development Initiatives:
During the year, the ProPhotonix engineering team completed the development of several products and implemented a number of new technology capabilities. Furthermore, we announced the Company's Cobra (TM) Cure FX2 and FX3 products, as well as our new Cobra (TM) RGB LED line light. We signed a services agreement with a major medical company in 2016, working to develop a lighting solution for their application. In addition, we entered into an EU funded Fast Track to Innovation program to partner with other participants, including the end customer, in the development of a high power digital laser for a railway industry inspection system. The grant estimate is for up to EUR360,000 with completion of the entire development project on June 1, 2018.
Building toward the future:
As noted in the Statement to the Shareholders in last year's annual report, the Company's longer term strategy continues to be one of strategic repositioning to include a market(s) directed product portfolio complementing our robust OEM centered business. During 2016, a substantial amount of R&D costs were incurred relating to the development of Cobra Cure products and the multispectral LED products. ProPhotonix has and will continue to make such investments in fulfillment of our strategy. On December 6, 2016, ProPhotonix announced the expansion of its sales team to increase our world-wide sales coverage; with expected further expansion in 2017.
Strategy and Markets
ProPhotonix consists of two business units: an LED systems manufacturing business based in Ireland (Cork), and a laser modules production and laser diode distribution business located in the United Kingdom (Hatfield Broad Oak). Corporate headquarters and the North American sales activities are based in Salem, New Hampshire, USA. The fundamental strategy of the Company is growth in revenue through its existing customers, new customer activity, and new product and market expansion.
We continue to focus on two promising opportunities, concentrating our engineering talents in defined market areas that we believe are poised for fast market expansion. The first of these is the UV LED and laser market for various applications, including printing, curing, bonding, 3D printing, bio-luminescence, medical microscopy and other applications. As noted above, the Company continued its progress in this area with the follow-on COBRA Cure(TM) product releases. We plan to launch new higher power products while continuously evolving our current product lines to serve this market in 2017 and beyond.
Our remaining focus is on the continuing market requirement for multi-wavelength devices and systems, both laser and LED solutions. Increasingly, customers are seeking multi-wavelength solutions requiring innovative optics, complex electronics, on-board sensing capabilities and sophisticated software control. We see opportunities which include a broad range of applications in printing, microscopy, industrial inspection and sorting, embedded camera and sensor calibration, solar simulation and security markets. As noted, the Company has introduced two new products addressing this market (RGB and Multispec). We intend to enhance and expand this offering as market demand dictates.
ProPhotonix sells its products principally into three markets: industrial (primarily machine vision illumination), medical, and homeland security and defense. The Company foresees growth opportunities in all three markets it serves which are briefly described below:
Industrial (Machine Vision)
Within the industrial market, machine vision is the term used to describe computerized analysis for controlling manufacturing processes, for example automated inspection. In terms of quality and speed, lighting is often a critical component in machine vision and the Company manufactures both LED systems and lasers designed specifically for this market.
Medical
The medical and dental market requires many different LED systems and laser modules for unique processes, procedures, and applications. The Company provides a variety of products for medical and dental applications to current customers including, a world leader in stationary imaging equipment, a portable x-ray equipment and dental imaging manufacturer, and a surgical illumination device manufacturer. The Company intends to broaden its product marketing effort in the medical field since it offers significant long-term revenue growth opportunities.
Homeland Security & Defense
LED systems, laser modules and laser diodes are used in a wide variety of applications in the security and defense fields. The Company currently supplies several defense sighting manufacturers in the US and Europe, as well as leading manufacturers of Auto Number Plate Recognition systems. This market offers significant growth opportunities for ProPhotonix over the next several years and the Company is currently marketing its laser and LED capabilities to additional security and optical character recognition systems companies in this market space.
Outlook
ProPhotonix begins 2017 with a strong order book, and is working with several prospective customers utilizing the Cobra (TM) Cure FX series of products for their specific applications. However, there are many complexities and uncertainties which may adversely affect ProPhotonix: economic slowdown, Brexit uncertainty and an ever changing world-wide political landscape. Our management does not dwell on these uncontrollable matters, but remains acutely aware of the necessity for swift response and change if needed. With the backdrop of uncertainty, we remain positive about our business pipeline and confident in our ability to achieve continued positive momentum toward our profitability objectives.
Enquiries:
ProPhotonix Limited Tel: +1 603 893 8778 Tim Losik, President and CEO ir@prophotonix.com Stockdale Securities Limited Tel: +44 (0) 20 7601 Tom Griffiths and David Coaten 6100 Nominated Adviser and Broker
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a high technology 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 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
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PROPHOTONIX LIMITED
Condensed Consolidated Statements of Income and Comprehensive Income
($ in thousands except share and per share data)
Years Ended
December 31,
---------------------------------------
2016 2015
(Unaudited) (Audited)
----------------- -------------------
Revenue $ 16,245 $ 14,411
Cost of Revenue (8,862) (8,441)
----------------- -------------------
Gross Profit 7,383 5,970
----------------- -------------------
Research & Development Expenses (814) (654)
Selling, General & Administrative Expenses (5,077) (4,526)
Operating Income 1,492 790
Other Income, net 344 131
Foreign Currency Translation Losses (360) (259)
Warrant & Debt Acquisition Expense (88) (158)
Interest Expense (133) (224)
----------------- -------------------
Income Before Taxes 1,255 280
Income Taxes - -
----------------- -------------------
Net Income $ 1,255 $ 280
Other Comprehensive Income:
Foreign currency translation (19) 170
----------------- -------------------
Total Comprehensive Income $ 1,236 $ 450
================= ===================
Net Income Per Share:
Basic and diluted:
Basic net income per share $0.015 $0.003
Diluted net income per share $0.014 $0.003
----------------- -------------------
Shares used in per share calculations - Basic 83,665,402 83,665,402
----------------- -------------------
Shares used in per share calculations - Diluted 90,740,402 83,665,402
------------------------------------------------ ----------------- -------------------
FINANCIAL STATEMENTS
PROPHOTONIX LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands except share and per share data)
2016 2015
December 31 (Unaudited) (Audited)
Assets
Current assets:
Cash and cash equivalents $ 911 $ 434
Accounts receivable, less allowances of $30 in 2016 and
$21 in 2015 2,302 2,751
Inventories 2,155 1,550
Prepaid expenses and other current assets 298 140
Total current assets 5,666 4,875
Net property, plant and equipment 342 132
Goodwill 372 385
Other long-term assets 74 81
Total assets $ 6,454 $ 5,473
Liabilities and Stockholders' Equity
Current liabilities:
Revolving credit facility $ 1,049 $ 1,334
Current portion of long-term debt 402 966
Accounts payable 1,454 1,260
Accrued expenses 1,823 1,035
Current portion of capital lease 68 -
Total current liabilities 4,796 4,595
Long-term debt, net of current portion - 508
Long-term capital lease obligations, net of current
portion 52 -
Other long term liabilities - 178
Total liabilities 4,848 5,281
Stockholders' Equity:
Common stock, par value $0.001; shares authorized
250,000,000 at December 31, 2016 and at
December 31, 2015; 83,665,402 shares issued and
outstanding at December 31, 2016 and at December
31, 2015 84 84
Additional paid-in capital 112,038 111,860
Accumulated deficit (111,479 ) (112,734 )
Accumulated other comprehensive income 963 982
Total stockholders' equity 1,606 192
Total liabilities and stockholders' equity $ 6,454 $ 5,473
PROPHOTONIX LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
2016 2015
Years Ended December 31 (Unaudited) (Audited)
Cash flows from operating
activities
Net income $ 1,255 $ 280
Adjustments to reconcile net income
to net cash provided by operating
activities:
Stock-based compensation
expense 178 277
Depreciation and
amortization 75 101
Foreign exchange (gain) 74 (51)
Amortization of debt
discount and financing
costs 60 130
Provision for inventories 120 95
Provision for bad debts 9 4
Other changes in assets and
liabilities:
Accounts receivable 360 (362)
Inventories (809) (127)
Prepaid expenses and other
current assets (168) 22
Accounts payable 246 (58)
Accrued expenses 836 136
Other assets and liabilities 6 (47)
Net cash provided by operating
activities 2,242 400
Investing
Purchase of property, plant and
equipment (121 ) (77 )
Net cash used in investing
activities (121 ) (77 )
Financing
Borrowings of revolving credit
facilities, net (237) 312
Capital lease (66) -
Principal repayment of long-term
debt (1,100 ) (750 )
Net cash used in financing
activities (1,403) (438)
Effect of exchange rate on cash (241) 218
Net change in cash and equivalents 477 103
Cash and equivalents at beginning 434 331
of period
Cash and equivalents at end of
period $ 911 $ 434
Supplemental cash flow information:
Cash paid for interest $ 133 $ 224
PROPHOTONIX LIMITED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(in thousands)
Common Stock
Additional Accumulated Other Total
Par Paid in Accumulated Comprehensive Stockholders'
Shares $0.001 Capital Deficit Income Equity (Deficit)
Balance December 31, 2014
...................................... 83,665 $ 84 $ 111,583 $ (113,014) $ 812 $ (535)
Share based compensation, net of
forfeitures .................... - - 277 - - 277
Translation adjustment ..... - - - - 170 170
Net Income ....................... - - - 280 - 280
Balance December 31, 2015
...................................... 83,665 $ 84 $ 111,860 $ (112,734) $ 982 $ 192
Share based compensation, net of
forfeitures .................... - - 178 - - 178
Translation adjustment ..... - - - - (19) (19)
Net Income ....................... - - - 1,255 - 1,255
Balance December 31, 2016
...................................... 83,665 $ 84 $ 112,038 $ (111,479) $ 963 $ 1,606
Notes to unaudited Preliminary Results
Basis of Presentation
The financial information set out in this document does not constitute the Company's statutory accounts for 2015 and 2016 or the Company's annual audited accounts for 2016 to be published and sent to its shareholders in accordance with Rule 19 of the AIM Rules for Companies. The 2016 accounts included herein are unaudited and therefore subject to change at the time the audited accounts are issued. The 2016 unaudited preliminary financial statements were prepared under US GAAP and were approved on March 13, 2017, by the Directors for issue on March 14, 2017. A copy of this announcement is available on the Company's website at www.prophotonix.com. It is intended that the Company's 2016 annual report and audited accounts will be available to shareholders on or about April 6, 2017.
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.
Use of Non-GAAP Financial Measures
The Company provides non-GAAP financial measures, such as EBITDA, to complement its consolidated financial statements presented in accordance with GAAP. Non-GAAP financial measures do not have any standardized definition and, therefore, are unlikely to be comparable to similar measures presented by other reporting companies. These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial and operating performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by identifying certain expenses, gains and losses that, when excluded from the GAAP results, may provide additional understanding of the Company's core operating results or business performance, which management uses to evaluate financial performance for purposes of planning for future periods. However, these non-GAAP financial measures are not intended to supersede or replace the Company's GAAP results.
The Company uses EBITDA (earnings before interest, taxes, depreciation, amortization, and stock-based compensation) as a non-GAAP financial measure in this press release. A reconciliation of net income to EBITDA for the total year 2016 and 2015 is as follows:
(in thousands)
Year Ended December 31,
2016 2015
------------- -----------
Net Income $ 1,255 $ 280
Plus:
Interest and other expense, net 237 510
Depreciation 75 101
Stock based compensation 178 277
EBITDA $ 1,745 $ 1,168
------------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BCGDXGGBBGRX
(END) Dow Jones Newswires
March 14, 2017 03:00 ET (07:00 GMT)
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