ProPhotonix stems its losses



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ProPhotonix Ltd. has stopped the bleeding, basically breaking even in the last quarter of the year, resulting in an annual net loss of $2.65 million - or about 6 cents a share -- according to preliminary filings with the London-based AIM stock exchange.The Salem, N.H.-based company - formerly called StockerYale - sold off its U.S. assets, leaving it only with facilities in England and Ireland. Those continuing operations are still losing money -- $445,000 during the last quarter of 2010 - but the company reported a $600,000 gain from the sale of its U.S. assets, enabling it to post a slight gain of $165,000.Similarly, the net loss from preliminary operations for the year was offset from the sale, leaving the company with $1.8 million in cash, down from $4.5 million at the end of 2009, when it was still flush after the sale.The company, whose stock stopped being traded on the U.S. Nasdaq exchange, started selling shares on the AIM exchange in December, with an initial public offering of 7.9 million shares, opening at a fifth of a British pound. Shares are now selling 0.15 of a pound. This was the first earnings report released by the company since joining the new exchange. The company also announced that Duncan Byatt will step down from its board of directors, replaced by Tim Steel, chairman of Castle Alternative Invest AG and Vincent Thomas, owner of Easton Partners LLP, a corporate finance boutique. Steel has an investment of 300,000 shares in the company. Thompson holds 1,450 shares. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW Edit ModuleShow Tags