ProPhotonix reports $500k loss

ProPhotonix Limited – formerly known as StockerYale Inc. — disclosed Tuesday that it lost a half million dollars last quarter.The Salem-based company, as it tries to raise capital on the London stock exchange, however, did not reveal how much cash it has left.The industrial illumination company, which has been strapped for cash for years, has had to borrow heavily to stay afloat, and it now owes $2.6 million more than it owns, compared with nine months ago, when its stockholder deficit was only $315,000, according to Tuesday’s earning release.The good news was that revenues were up to $3.9 million, compared to $2.3 million in the third quarter of 2009, and also up slightly (6 percent) more than the previous quarter. Also, the company said the net loss of $454,000 was $1 million less than the $1.4 million lost in the third quarter of the previous year.Indeed, if the company ignored such expenses — the $86,000 in financing, $125,000 in stock-based compensation, $131,000 in depreciation, $99,000 in intangible assets amortization, and the admission charge to the London stock market, or AIM — it would have made $27,000.ProPhotonix listed its net assets at $10.3 million, down from $13.3 million nine months ago. It did not break out how much of that is in cash or cash equivalents.The company did raise $15 million when it sold its facilities in New Hampshire and Canada in October 2009 while keeping its Salem headquarters. Its only productive facilities are now in England and Ireland.ProPhotonix would raise $9.5 million in cash when traded on the exchange.In the United States, ProPhotonix is still traded on the pink sheets under stkr.pk. It left Nasdaq exchange when it could not meet its listing standards in stock price and equity. – BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW