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.
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™ 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 µm 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:
Mark W. Blodgett, CEO
Tel: +44 (0)12 7971 7170
ir@prophotonix.com
Andrew Craig/Ben Wright
Tel: +44 (0)113 241 0130
Chris Lane / Alice Coubrough
Tel: +44 (0) 20 7367 5100
Isabel Richardson
Tel: +44 (0) 20 7492 0500
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.
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.
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Pre-close trading update for the year ended 31 December 2011 |