Photon Control Reports Second Quarter 2013 Financial Results
TSX.V: PHO
In Q2 2013, Photon Control saw an improvement in sales, gross margins and profit results when compared to the same quarter in the prior year 2012. In Q2 2013, Photon Control recorded sales of $3.7 million , representing an increase of $0.9 million or approximately 32% compared with $2.8 million in Q2 2012. Photon Control’s net earnings before taxes for Q2 2013 was $743,516 as compared to net earnings before taxes of $622,853 for the same period in 2012, an increase of approximately 19%.
Product sales for the six months ended June 30, 2013 were $6.4 million , representing an increase of approximately 9% compared to $5.9 million during the same period last year. The net earnings for the six months ended June 30, 2013 was $1,134,743 , approximately 7% lower compared to the net earnings of $1,214,280 for the same period in 2012, mainly due to an increase of lawsuit provision of $270,000 but offset by higher foreign exchange of $208,446 .
Photon Control has had positive financial results including net earnings for the last four fiscal years, and the first half of the current fiscal year 2013. In addition, the upward trend of sales order backlog continued during the second quarter of 2013. At June 30, 2013 Photon Control’s sales order backlog stood at $3.3 million .
In Q2 2013, Photon Control participated in the Laser World of Photonics trade exhibition in Munich , Germany along with Photonics North in Ottawa . The Company presented its Spectrometer product line, unveiled the new Specsoft Pro software, Optical Temperature Sensors and promoted its OEM manufacturing capabilities. In addition, Photon Control met with distributors at the trade exhibition to identify and discuss new market opportunities and expansion strategies. Photon Control also participated in the Gas & Oil Conference in Calgary , Alberta. The company displayed the FOCUS® Optical Flow Meter and presented a paper on the technology of the FOCUS® Optical Flow Meter.