ProPhotonix Limited AGM Statement and Trading Update (7538H)
22 Mai 2014 - 8:01AM
UK Regulatory
TIDMPPIR TIDMPPIX
RNS Number : 7538H
ProPhotonix Limited
22 May 2014
May 22, 2014
ProPhotonix Limited
("ProPhotonix" or "the Company")
AGM statement and Trading Update
Tim Losik, President & CEO of ProPhotonix Limited
("ProPhotonix" or "the Group"), will give the following update at
its Annual General Meeting held today:
"The Group's trading performance since the beginning of the year
builds on our leadership position within the high growth sectors of
the LED and laser markets. Thus far in the first half 2014, we have
secured one significant two-year customer contract that is part of
the total backlog of $8.4 million as of May 16(th) . In addition,
several significant prototype products have recently shipped to
customers and we await final design modifications for the
transition to production units during the second half 2014. We
affirm our current expectations of first half revenue in the range
of $7.8 to $8.2 million. While pleased with the on-going
development of the Group's revenue base, we maintain our focus on
cost control and efficiency to ensure we achieve a sustainable
break-even point for the Company as soon as practicable. To this
end, we have initiated actions to lower our costs by approximately
$900,000 and will incur one off charges of $150,000, taken in H1
2014, associated with these actions."
Enquiries:
ProPhotonix Limited Tel: +1 603 893 8778
Tim Losik, President and ir@prophotonix.com
CEO
N+1 Singer Tel: +44 (0) 207
Andrew Craig/ Ben Wright 496 3000
Nominated Adviser and
Broker
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is
an independent designer and manufacturer of diode-based laser
modules and LED systems for industry leading OEMs and medical
equipment companies. In addition, the Company distributes premium
diodes for Oclaro, 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
Cautionary Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical fact, including without
limitation, those with respect to ProPhotonix's goals, plans and
strategies set forth herein are forward-looking statements. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: uncertainty that cash balances
may not be sufficient to allow ProPhotonix to meet all of its
business goals; uncertainty that ProPhotonix's new products will
gain market acceptance; the risk that delays and unanticipated
expenses in developing new products could delay the commercial
release of those products and affect revenue estimates; the risk
that one of our competitors could develop and bring to market a
technology that is superior to those products that we are currently
developing; and ProPhotonix's ability to capitalize on its
significant research and development efforts by successfully
marketing those products that the Company develops. Forward-looking
statements represent management's current expectations and are
inherently uncertain. ProPhotonix undertakes no duty to update any
of these forward-looking statements. All Company, brand, and
product names are trademarks or registered trademarks of their
respective holders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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