Former StockerYale reports loss


ProPhotonix Ltd. may have changed its name from StockerYale, but the company's earnings report is much of the same: an increase in revenue and another quarterly loss.The company – headquartered in Salem, but with much of its operations in England and Ireland -- reported Thursday a net loss of nearly $1 million for the second quarter of 2010, or about 2 cents a share, compared to a loss of $700,000 the same quarter the previous year.The loss came despite a 41 percent increase in sales to $3.7 million, but the company’s selling, general and administrative expenses also went up to $2 million, a $600,000 increase, and it also spent $225,000 in debt discount, financing and interest payments.The company is now down to $1.7 million in cash, compared to $4.5 million at the beginning of the year, with current liabilities of $6.7 million. Stockholders now owe about more than $2.1 million than they own. That’s more than the $1.2 million in negative equity reported in March."During the second quarter, the company made significant progress on all fronts, including sales growth, profitability and product marketing and development," said Mark W. Blodgett, chairman and chief executive. ProPhotonix changed its name from StockerYale in June, after it had sold off its operations in Salem and Canada for $15 million the previous October.The company's stock, which was removed from the Nasdaq and OTC exchanges, because it could not keep up with equity standards, is still traded under STKR.PK on the Pink Sheets, though June Blodgett did say it would change its ticker symbol.While the company no longer has to file with the Securities and Exchange Commission, it did release quarterly earnings, but it no longer issues any disclosures about its financing.ProPhotonix shares closed at 9 cents a share Thursday, up 2 cents. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW
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