ProPhotonix Limited Announces Results for the year ended December 31, 2020

Rhea-AI Summary

ProPhotonix Limited (STKR) announced its 2020 financial results, revealing a revenue decline to $13.6 million from $15.0 million in 2019. Operating income fell to $0.6 million, influenced by a stock option compensation charge compared to a benefit in the previous year. Despite these challenges, the company benefited from government wage subsidies, contributing $0.5 million to income. Cash reserves improved to $2.6 million, with cash generated from operations amounting to $2.1 million. Key metrics indicated a book-to-bill ratio of 0.99 and a diversification in revenue sources.

Positive

• Cash and cash equivalents increased by $1.1 million from 2019, reaching $2.6 million.
• Generated $2.1 million from operating activities during 2020.
• Received $0.5 million in government wage subsidies, aiding financial performance.

Negative

• Revenue decreased by $1.4 million compared to 2019.
• Operating income dropped to $0.6 million from $1.1 million the previous year.
• Order bookings fell to $13.4 million, a decline from $16.5 million in 2019.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014; Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain

RESULTS FOR THE YEAR ENDED DECEMBER 31, 2020 and NOTICE OF POSTING 2020 ANNUAL REPORT

SALEM, NH / ACCESSWIRE / March 25, 2021 / ProPhotonix Limited (AIM:PPIX)(OTC PINK:STKR), a leading technology designer and manufacturer of LED illumination systems and laser diode modules, today announces its 2020 financial results and notice of availability on the Company's web site.

2020 Summary Results

Revenue for 2020 was $13.6 million (2019: $15.0 million) and operating income was $0.6 million (2019: $1.1 million). Operating income for 2019 includes a benefit of stock option compensation of $1.2 million whereas operating income for 2020 includes a stock option compensation charge of $58,000. Operating income and net income for 2020 include the benefit of $0.5 million relating to cost offsets from local government wage subsidy schemes in effect as a result of Covid-19 whereas no such benefit existed in 2019.

Cash and cash equivalents at December 31, 2020 was $2.6 million (2019: $1.5 million). The Company generated $2.1 million of cash from its operating activities for the year ended December 31, 2020; repaid net debt of $0.9 million; and increased the cash position by $1.1 million from December 31, 2019. Detailed financial results and notes follow.

Key metrics

• Order bookings of $13.4 million (2019: $16.5 million)
• Book-to-Bill ratio of 0.99 (2019: 1.09)
• Percentage revenue by market sectors: 81% industrial, 18% medical and 1% security & defense
  • (2019: 75% industrial, 23% medical and 2% security & defense)
• Percentage revenue by geography: 44% Europe, 54% North America and 2% Rest of World
  • (2019: 37% Europe, 61% North America and 2% Rest of World)

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SOURCE: ProPhotonix Limited

View source version on accesswire.com:
https://www.accesswire.com/637359/ProPhotonix-Limited-Announces-Results-for-the-year-ended-December-31-2020

FAQ

What were ProPhotonix's revenue figures for 2020?

ProPhotonix reported revenue of $13.6 million for 2020, down from $15.0 million in 2019.

How much cash did ProPhotonix generate from operating activities in 2020?

ProPhotonix generated $2.1 million in cash from operating activities for the year ended December 31, 2020.

What is the book-to-bill ratio for ProPhotonix in 2020?

ProPhotonix had a book-to-bill ratio of 0.99 in 2020, compared to 1.09 in 2019.

What was the impact of government wage subsidies on ProPhotonix's income?

The company benefited from $0.5 million in government wage subsidies, positively impacting its financial results for 2020.

What were the order bookings for ProPhotonix in 2020?

ProPhotonix recorded order bookings of $13.4 million for 2020, down from $16.5 million in 2019.