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ProPhotonix Limited Announces Results for the year ended December 31, 2020

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014; Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain

RESULTS FOR THE YEAR ENDED DECEMBER 31, 2020 and NOTICE OF POSTING 2020 ANNUAL REPORT

SALEM, NH / ACCESSWIRE / March 25, 2021 / ProPhotonix Limited (AIM:PPIX)(OTC PINK:STKR), a leading technology designer and manufacturer of LED illumination systems and laser diode modules, today announces its 2020 financial results and notice of availability on the Company's web site.

2020 Summary Results

Revenue for 2020 was $13.6 million (2019: $15.0 million) and operating income was $0.6 million (2019: $1.1 million). Operating income for 2019 includes a benefit of stock option compensation of $1.2 million whereas operating income for 2020 includes a stock option compensation charge of $58,000. Operating income and net income for 2020 include the benefit of $0.5 million relating to cost offsets from local government wage subsidy schemes in effect as a result of Covid-19 whereas no such benefit existed in 2019.

Cash and cash equivalents at December 31, 2020 was $2.6 million (2019: $1.5 million). The Company generated $2.1 million of cash from its operating activities for the year ended December 31, 2020; repaid net debt of $0.9 million; and increased the cash position by $1.1 million from December 31, 2019. Detailed financial results and notes follow.

Key metrics

  • Order bookings of $13.4 million (2019: $16.5 million)

  • Book-to-Bill ratio of 0.99 (2019: 1.09)

  • Percentage revenue by market sectors: 81% industrial, 18% medical and 1% security & defense

    • (2019: 75% industrial, 23% medical and 2% security & defense)

  • Percentage revenue by geography: 44% Europe, 54% North America and 2% Rest of World

    • (2019: 37% Europe, 61% North America and 2% Rest of World)

Click on, or paste the following link into your web browser, to view the full announcement text.
http://www.rns-pdf.londonstockexchange.com/rns/4090T_1-2021-3-24.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: ProPhotonix Limited



View source version on accesswire.com:
https://www.accesswire.com/637359/ProPhotonix-Limited-Announces-Results-for-the-year-ended-December-31-2020