ProPhotonix Limited, a high technology designer and manufacturer of
LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom, announced its unaudited preliminary results for the year ended December 31, 2016.
The company plans to publish the audited accounts for 2016 and post them to its website on or about April 6, 2017.
(ProPhotonix/ LEDinside)
Financial Highlights
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Revenue increased 13% to $16.2 million (2015: $14.4 million)
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Net Income increased 348% to $1.3 million (2015: $0.3 million)
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EBITDA increased 49% to $1.8 million (2015: $1.2 million)
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Operating profit increased 89% to $1.5 million (2015: $0.8 million)
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Gross profit margin improved to 45.4% (2015: 41.4%)
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Gross profit increased 24% to $7.4 million (2015: $6.0 million)
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Order bookings of $16.7 million (2015: $15.7 million)
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1.03 Book-to-Bill ratio (2015: 1.09)
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Percentage revenue by market sectors: industrial 82%, medical 14%, and homeland security & defense 4% (2015: industrial 79%, medical 17%, and homeland security and defense 4%)
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Percentage revenue by geography: 48% Europe,42% North America and 10% Rest of World (2015: 47% Europe, 41% North America and 12% Rest of World)
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Term debt declined $1.1 million to $0.4 million at December 31, 2016
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Available borrowing capacity of $0.4 million from its revolving credit facility at December 31, 2016 (2015: $0.5 million)
Strategy and Markets
ProPhotonix consists of two business units: an LED systems manufacturing business and a laser modules production and laser diode distribution business. The fundamental strategy of the company is growth in revenue through its existing customers, new customer activity, and new product and market expansion.
ProPhotonix continues to focus on two promising opportunities, concentrating its engineering talents in defined market areas that the company believes are poised for fast market expansion. The first of these is the UV LED and laser market for various applications, including printing, curing, bonding, 3D printing, bio-luminescence, medical microscopy and other applications.
The company continued its progress in this area with the follow-on COBRA Cure™ product releases and plans to launch new higher power products while continuously evolving current product lines to serve this market in 2017 and beyond.
The remaining focus is on the continuing market requirement for multi-wavelength devices and systems, both laser and LED solutions. Increasingly, customers are seeking multi-wavelength solutions requiring innovative optics, complex electronics, on-board sensing capabilities and sophisticated software control.
ProPhotonix sees opportunities which include a broad range of applications in printing, microscopy, industrial inspection and sorting, embedded camera and sensor calibration, solar simulation and security markets. It has introduced two new products addressing this market (RGB and Multispec) and intends to enhance and expand this offering as market demand dictates.
ProPhotonix sells its products principally into three markets: industrial (primarily machine vision illumination), medical, and homeland security and defense. The company foresees growth opportunities in all three markets it serves.
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