ProPhotonix Limited Announces Interim Results for Half Year Ended June 30, 2020
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ProPhotonix Limited Announces Interim Results for Half Year Ended June 30, 2020

Thursday, September 10, 2020 2:00 AM
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Earnings

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.

SALEM, NH / ACCESSWIRE / September 10, 2020 / ProPhotonix Limited (AIM:PPIX)(OTC PINK: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 interim results for the six months ended June 30, 2020.

Financial Highlights

  • Revenue decreased 3.7% to $6.9 million (H1-2019: $7.2 million)
  • Gross profit increased 21.7% to $3.3 million (H1-2019: $2.7 million)

· Operating income (excluding stock compensation expense of $50,000) of $0.3 million (H1-2019: $0.6 million operating loss, excluding stock compensation credit $0.5 million).

· Net income of $0.3 million (H1-2019: $0.2 million net loss)

  • Adjusted EBITDA of $0.4 million (H1-2019: $0.5 million loss).
  • Order bookings of $6.8 million (H1-2019: $7.5 million)

· Book-to-Bill ratio of 0.99 (H1-2019: 1.04)

  • Percentage revenue by market sectors: 84% industrial, 15% medical and 1% security & defense (H1-2019: 73% industrial, 23% medical and 4% security & defense)
  • Percentage revenue by geography: 41% Europe, 53% North America and 6% Rest of World (H1-2019: 40% Europe, 58% North America and 2% Rest of World)

Tim Losik, President & CEO, commented:

Financial

"Revenues in the first half of 2020 decreased 3.7% over the same period 2019 primarily due to a decrease of $0.8 million in LED product sales offset by a net increase in Laser and Diode product sales of $0.5 million. Gross profit margin improved to 47.1% compared with 37.2% for the same period in 2019, mainly due to a shift in product mix and the absorption of manufacturing overhead into inventory. In the first half of 2020 we experienced an operating profit of $0.3 million compared to operating loss of $0.1 million in 2019. The operating profit for first half of 2020 was primarily a result of higher profit margins and cost reduction measures put in place to lower the cost structure in response to the Director's concern over the potential negative economic impact associated with COVID-19. Excluding the stock option expense/benefit, operating income in the first half 2020 was $0.3 million as compared to an operating loss of $0.6 million in 2019. Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and impairment charges) was a profit of $0.4 million, as compared to a loss of $0.5 million in the first half of 2019.

The cash position of the Company improved to $1.9 million as compared to $1.5 million at year end, due to increased operating profits, strict working capital management, and various Covid-19 related State aid. The debt position of the Company improved substantially in the first half of 2020 as it repaid the $0.9 million revolving credit facility in full. As of June 30, 2020, the Company held a net cash position of $1.3 million versus a net debt position as of December 31, 2019 of $0.1 million."

Trading update

Given the inherent uncertainties surrounding COVID-19, the Board continues to believe it is inappropriate to provide forward looking guidance to investors and analysts at the current time.

Click on, or paste the following link into your web browser, to view the full announcement.

http://www.rns-pdf.londonstockexchange.com/rns/5375Y_1-2020-9-9.pdf

Enquiries:

ProPhotonix Limited

Tim Losik, President & CEO

Tel: +1 603 893 8778

[email protected]

   

WH Ireland Limited

   
     

Katy Mitchell

Matthew Chan

Nominated Adviser and Broker

Tel: +44 (0) 20 7220 1666

 
     

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: ProPhotonix Limited

ProPhotonix Limited
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