ProPhotonix Limited ProPhotonix annouces results -3-

 Proceeds from issuance of long-term debt                                           175                            800 
 Principal repayment of long-term debt                                           (292 )                         (339 ) 
 Debt issuance costs                                                                  -                         (398 ) 
 
 Net cash provided by financing activities                                           27                            501 
 
 Effect of exchange rate on cash                                                   (64)                             69 
 
 Net change in cash and equivalents                                                (71)                          (876) 
 Cash and equivalents at beginning of year                                          402                          1,278 
 
 Cash and equivalents at end of period                                            $ 331                          $ 402 
 
 Supplemental cash flow information: 
 Cash paid for interest                                                           $ 303                          $ 263 
 Common stock issued in connection with financing                                   $ -                          $ 193 
 Warrants issued in connection with financing                                       $ -                           $ 55 
 
 
 

PROPHOTONIX LIMITED

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' 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, 2012 
 .........................    76,059           $ 76        $ 110,893               $ (110,521)                     $ 222                   $ 670 
Share based compensation, 
 net of forfeitures 
 .................              -                 -              169                         -                         -                     169 
Issuance of common stock 
 to settle liabilities 
 ...................          7,606               8              185                         -                         -                     193 
Issuance of warrants for 
 financings 
 .................              -                 -               55                         -                         -                      55 
Translation adjustment ..       -                 -                -                         -                     (368)                   (368) 
Net loss 
 .........................      -                 -                -                   (1,153)                         -                 (1,153) 
 
 
 
Balance December 31, 2013 
 .........................    83,665           $ 84        $ 111,302               $ (111,674)                   $ (146)                 $ (434) 
 
Share based compensation, 
 net of forfeitures 
 .................              -                 -              280                         -                         -                     280 
Translation adjustment...                                                                                            958                     958 
Net loss 
 .........................      -                 -                -                   (1,340)                         -                 (1,340) 
 
 
Balance December 31, 2014 
 .........................    83,665           $ 84        $ 111,583               $ (113,013)                     $ 812                 $ (535) 
 
 

Values may not add due to rounding

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 2013 and 2014 or the Company's annual audited accounts for 2014 to be published and sent to its shareholders in accordance with Rule 19 of the AIM Rules for Companies. The 2014 accounts included herein are unaudited and therefore subject to change at the time the audited accounts are issued. The 2014 unaudited preliminary financial statements were prepared under US GAAP and were approved on March 18, 2015, by the Directors for issue on March 19, 2015. It is intended that the Company's 2014 annual report and audited accounts will be available to shareholders on or about April 2, 2015.

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 loss to EBITDA for the total year 2014 and 2013 is as follows:

 
                                                               (in thousands) 
                                                           Year Ended December 31, 
                                                               2014              2013 
                                                     ------------------------  -------- 
 Net Loss                                                             (1,340)   (1,153) 
 Plus: 
  Interest and other expense / (income), net                            1,436        45 
  Depreciation                                                            158       212 
  Intangible asset amortization                                           100       120 
  Stock based compensation                                                280       169 
  Taxes                                                                     -      (73) 
                                                     ------------------------  -------- 
 EBITDA profit / (loss)                                                   634     (680) 
                                                     ------------------------  -------- 
      Restructuring and nonrecurring charges                                -       582 
                                                     ------------------------  -------- 
 Adjusted EBITDA profit / (loss)                                          634      (98) 
                                                     ------------------------  -------- 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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