ProPhotonix: Revenue Up Despite Solar Slowdown

Despite posting a loss for the year and expressing disappointment with the slowdown in solar equipment sales in the second half of 2011, LED light engine and laser diode module maker ProPhotonix Ltd. said its financial results and sales improved.

“2011 was an important year for ProPhotonix, during which we significantly strengthened our R&D and sales efforts, expanded our product offering and strengthened our balance sheet with the secondary stock offering last July,” said Chairman and CEO Mark W. Blodgett.

The company's operating loss was $843,000, down from $2.8 million in fiscal 2010. Its earnings before interest, taxes, depreciation and amortization (EBITDA) for fiscal 2011 broke even, as compared with a $300,000 loss in 2010.

ProPhotonix, formerly known as StockerYale Inc., reported yearly revenue of $17 million, up 12 percent year over year, and LED revenue of $8.6 million, a 27 percent increase over fiscal 2010. Its gross profit margin was stable at 37.4 percent, and its gross profit margin was $6.3 million in fiscal 2011, a 9.2 percent increase over 2010.

Operational highlights for 2011 include the completed realignment of the sales organization along geographic lines and increased sales force in the fourth quarter of 2011, the appointments of Tim Steel and Vincent Thompson as nonexecutive directors, the appointment of Luster LightTech as exclusive distributor in China and the implementation of a threefold increase in LED production capacity in early 2011.

For more information, visit: www.prophotonix.com