Prophotonix posts 22 per cent increase in revenues

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Laser diode module manufacturer Prophotonix has announced a 22 per cent year-to-date increase in revenue over 2010, achieving $13.5m.

Much of the growth from 30 September 2010 to November 2011 came from a revenue increase of 41 per cent in the LED market. Of the market sectors Prophotonix serves, the industrial sector generated  the largest percentage of the revenue with 71 per cent, followed by medical at about 17 per cent and homeland security and defence at around 9 per cent. Geographically the revenue split was 57 per cent from Europe, 33 per cent from North America and 10 per cent from the rest of world.

Prophotonix's third quarter results also saw a rise, but it did not quite match the year-to-date figures. The third quarter 2011, ending 30 September, saw a 16 per cent increase over 2010. ‘We delivered a strong third quarter with 16 per cent revenue growth,’ said Prophotonix’s chief executive officer and chairman Mark Blodgett. ‘Several milestones were met during the quarter including reaching break even operating profitability and a significant improvement in EBITDAR [Earnings Before Interest, Taxes, Depreciation, Amortisation and Rent] profitability.’

The third quarter revenue breakdown percentages for market sectors and geography are similar to the year-to-date figures with the industrial sector and Europe leading the growth. The company faces the fourth quarter and 2012 with order bookings of $13.9 million. Prophotonix has also raised $5.1 million with the placement of new common shares with institutional investors.