SALEM, NH / ACCESSWIRE / May 17, 2019 / ProPhotonix Limited (OTC Pink: STKR and London Stock Exchange - AIM: PPIX), a high technology designer and manufacturer of LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom, today announces a trading update for the 2019 fiscal year.
Trading conditions remain challenging and the Board currently expects Group revenue for the year ending December 31, 2019 will not likely exceed the 2018 full year ($16.4 million). Trading has been inconsistent across our customer base due to product introduction delays and the current business climate.
Tim Losik, CEO, commented:
"Our strategy, to support our significant OEM customer base and to make continued investments in new product introductions, remains a priority for the Board. We continue to invest in production and technical capability as we take on new customers and develop products. These investments, which will occur in advance of realized revenue, will allow us to complete the production build out necessary for OEM and UV LED products.
We continue to see an inconsistency in customer order behavior in 2019 - with customers both falling below and exceeding our budgeted projections. Second half revenue is still unclear and whilst the Board considers it conservative, it is right to provide this guidance to the market given these current uncertainties. Measures are underway to partially mitigate the effect of the revenue profile to shore up cash flow. We remain optimistic about the future of the business as we build our OEM partnerships along with a comprehensive portfolio of products."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Contact:
ProPhotonix Limited
Tim Losik, President and CEO
Tel: +1 603 893 8778
Email: ir@prophotonix.com
Cantor Fitzgerald Europe
(Nominated Adviser and Broker)
David Foreman
Richard Salmond
Tel: +44 (0)207 894 7000
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a high technology designer and manufacturer of LED illumination systems and laser diode modules for industry leading OEMs and medical equipment companies. In addition, the Company distributes premium diodes for Ushio, Osram, QSI, Panasonic, and Sony. The Company serves a wide range of markets including the machine vision, industrial inspection, security, and medical markets. ProPhotonix has offices and subsidiaries in the U.S., Ireland, U.K., and Europe. For more information about ProPhotonix and its innovative products, visit the Company's web site at www.prophotonix.com.