RE:Q2 Financial Results Looking Good
Quarterly Sales Record of $9.0 Million Quarterly Net Earnings Record of $3.75 Million Quarterly Earnings per Share of $0.03 BURNABY, BC, Aug. 26, 2015 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, released its unaudited financial results for the second quarter ended June 30, 2015. Building on its record performance reported in Q1 2015, Photon Control experienced further growth during Q2 2015 achieving new quarterly records in both sales and profit. Product sales for the second quarter of 2015 reached $9.0 million, representing an increase of $4.9 million or approximately 120% compared with $4.1 million reported for the same period in 2014 and an increase of $2.2 million compared with $6.8 million reported in Q1 2015. Photon Control's profit before taxes for the second quarter of 2015 was $3,751,072 representing an increase of approximately 290% compared with a profit before taxes of $960,603 reported for the same period in 2014. Q2 2015 net earnings was only slightly higher than Q1 2015 net earnings of $3,721,407 despite increased Q2 2015 revenue. The major difference in net earnings was primarily due to a foreign exchange loss of ($138,002) in Q2 2015 whereas there was an unusually high foreign exchange gain of $952,126 in the previous Q1 2015. Product sales for the six months ended June 30, 2015 totalled $15.8 million, approximately 60% higher compared to the same period last year. The Company's profit before taxes for the six months ended June 30, 2015 was $7,472,479, approximately 146% higher compared to the same period in 2014, surpassing the entire 2014 profit before taxes by approximately 6%. Photon Control continued a strong order backlog in 2015, ending the second quarter with the order backlog of $5.3 million. Basic earnings per share for the second quarter of 2015 was $0.03, with working capital at June 30, 2015 of approximately $27.0 million. "We are pushing for excellence in everything we do here at Photon," said Christopher Weston, President of Photon Control. "The growth and continued profitability we are experiencing is a result of our collective initiatives to improve the products, achieve design-ins at strategic accounts, improve operating efficiencies, and support our customers' demanding requirements. Our focus now is on building for our future Read more at https://www.stockhouse.com/news/press-releases/2015/08/26/photon-control-reports-second-quarter-2015-financial-results#2Rh2bilJJcWegqS3.99