ProPhotonix makes a London exchange switch
ProPhotonix Ltd.- formerly StockerYale Inc. - has hired a new adviser in its quest to raise capital from AIM, the London-based stock exchange.The Salem-based manufacturer of LED systems and laser modules, has been focusing on England and Ireland in the last few years, having sold off its U.S. assets and dropped its listing on any U.S. exchange, though it is still traded on the Pink Sheets. An adviser is required in order to be listed on the AIM exchange. The company did not give a reason why it was switching to another one.The announcement came on the heels of the ProPhotonix's first-quarter earnings report.The company posted a net loss of $263,000, or a penny a share, an improvement over the first quarter of 2011, when it lost $1.3 million. The company would have made a slight profit if it ignored generally accepted accounting principles, which require it to take into account the interest it pays, depreciation, intangible asset amortization and stock-based compensation.The company's revenue was up to $4.3 million, a 24 percent increase year over year and 5 percent from the previous month, boosted by nearly 80 percent increase its LED line of products. The loss leaves the company with $1 million in cash or equivalents, down from $1.8 million at the beginning of the year, and a stockholders deficit of $508,000, up from $188,000 at the beginning of the year.