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
-Improved 2H order bookings and shipments
SALEM, NH / ACCESSWIRE / January 16, 2020 / ProPhotonix Limited (PPIX.L)(OTC PINK: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.