- Quarterly Sales Record of $6.8 Million
- Quarterly Net Earnings Record of $3.7 Million
- Record Backlog of $6.9 Million
BURNABY, BC, May 27, 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 first quarter ended March 31, 2015. Building on record performance in 2014, Photon Control experienced further growth during 2015 achieving the best quarter sales, profit and order backlog results on record.
Product sales for the first quarter of 2015 reached $6.8 million, representing an increase of $1.0 million or approximately 17% compared with $5.8 million reported for the same period in 2014 and an increase of$0.8 million compared with $6.0 million reported in Q4 2014.
Photon Control's profit before taxes in the first three months of 2015 was$3.7 million representing an increase of approximately 80% compared with a profit before taxes of $2.1 million reported for the same period in 2014 and $2.2 million reported in Q4 2014.
Photon Control sustained strong order backlog, ending the first quarter of 2015 with a new sales order backlog record of $6.9 million. This represents the value of sales orders already fulfilled or to be fulfilled in the current fiscal year 2015.
Basic earnings per share for the first quarter of 2015 was $0.03, with working capital at March 31, 2015 of approximately $23.0 million.
"Our first quarter of 2015 marked the best financial performance in Photon Control's history, achieving new quarterly records in both sales and earnings, together with a record sales order backlog," saidChristopher Weston, President of Photon Control. "I am very proud of the performance of the entire team at Photon Control, as we continue to grow the business and build long term value for all of our stakeholders."
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". Additional information about the company can be found at www.photon-control.com/investorrelations.html