ProPhotonix sees ‘continual financial progress’
Salem-based firm reports two consecutive profitable halves
ProPhotonix Limited reported a profit for the first half of 2016, following up on its first profitable year in over a decade – an indication that the Salem-based company might have finally turned the corner.
The industrial laser and LED firm, still headquartered in New Hampshire but with its assets and employees in England and Ireland, is now worth more than it owes, according to its balance sheet, finally climbing out of the debt hole it dug for itself after being delisted from the Nasdaq in 2009. ProPhotonix stock is currently traded on the London Stock Exchange as well over the counter in the U.S.
As a result, it only releases its financial results twice a year.
But the most recent results demonstrate the company’s “continual financial progress,” said ProPhotonix CEO Tim Losik.
In the first half of the year, the company reported that revenue increased by 20 percent to $8.1 million, resulting in net income of about $400,000, or 5 cents a share, compared to a $200,000 net loss during the first half of 2015.
But the company made money in the second half of 2015, ultimately resulting in a $300,000 profit that year, compared to a $1.4 million net loss in 2014.
The company introduced three new products in the first half of 2016, renegotiated its revolving credit and booked a $1.1 million order that will be delivered either in the second half of 2016 or the first half of 2017.
The company ended the half with $432,000 in cash, about twice what it had year ago, with no long term debt and stockholder equity up to $684,000. At the start of the year, the company had over $1 million in long-term debt and a negative equity of $413,000.
ProPhotonix, which once thought of itself as a defense firm, now earns 84 percent of its revenue from industrial customers, 15 percent from the health care sector and 4 percent from military contractors. Almost half of its sales are in Europe, with North American sales accounting for 42 percent.