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Photonic Products Group, Inc. ("PPGI") Releases FY 2010 Financial Results


News provided by

Photonic Products Group, Inc.

Apr 04, 2011, 02:53 ET

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NORTHVALE, N.J., April 4, 2011 /PRNewswire/ -- Photonic Products Group, Inc. (OTC Bulletin Board: PHPG) has released its consolidated financial results for the year ended December 31, 2010.

The Company ended the year with fourth quarter sales of $3.6 million, an increase of 22% from $2.95 million in the corresponding quarter of 2009.  Sales for the year were $11.05 million, unchanged from 2009.

Bookings for 2010 were $12.3 million compared to $9.5 million, or 29% higher than 2009.  The company booked $3.4 million in new orders in the fourth quarter of 2010, up from $3.1 million in the in the fourth quarter of 2009.   Year-end backlog was $5.4 million versus $4.4 million at the end of 2009, or a 23% improvement.  

Net income, applicable to common shareholders was $471,000 for the fourth quarter of 2010,  versus a net loss of ($26,000), for the fourth quarter 2009.  Fourth quarter earnings per share were $0.04 basic and diluted versus $0.00 in 2009.

For the year ended December 31, 2010, the Company's net loss was ($734,000).  In 2009 the Company reported a net loss of ($2.8) million which included a non-cash goodwill impairment charge of $1.6 million.  Excluding the impairment charge last year, net loss was ($1.2) million.  For 2010, basic and diluted net loss per share was ($0.06)  versus a net loss of ($0.25) per share in 2009.  

As a result of stronger fourth quarter sales, gross profit increased by 63% to $1.22 million or 33.9% of sales, up from $747,000 or 25.3%, of sales in the fourth quarter of 2009.  For 2010, gross profit improved to $2.5 million or 22.7% of sales versus $2.2 million or 19.5% of sales, in 2009.

EBITDA(1) for 2010 was $514,000 compared to EBITDA of ($1.5) million in 2009. Excluding the $1.6 million goodwill impairment charge, which the Company recorded in the third quarter of 2009, adjusted EBITDA(2) for 2009 was $10,000.  

During the year, management maintained tight control over discretionary expenses, selectively invested in capital expenditures and focused on cash conservation. Net cash flow from operating activities in 2010 was $576,000, down from $815,000 in 2009.  Cash flow in 2010 was negatively impacted by fourth quarter increases in accounts receivable balances, reflecting higher sales in the period, offset by increases in accounts payable and customer advance balances at the end of 2010. Although the Company incurred losses in 2010, PPGI ended the year with a stronger cash position, of $4.4 million, up $296,000, versus $4.1 million, at the end of 2009.

Joe Rutherford, President and CEO of PPGI stated,   "Although we have continued to deal with the lingering effects of a depressed economy in the markets we serve, which has negatively affected our performance for the past two years, our 2010 results are encouraging.  Our 2010 fourth quarter results were particularly positive as sales were the highest since the fourth quarter of 2008.  In addition, bookings of $3.4 million in our fourth quarter, followed strong third quarter bookings of $4.6 million.   This represents the two highest bookings quarters since the first quarter of 2008.  The optimism I have previously expressed has been borne out by our 2010 results. I feel confident that our focus on internal process improvement, adding engineering resources, new product development, and increased customer focus domestically and internationally, as well as selective and strategic investment in capital equipment will position us for success as our markets continue to rebound and demand for our products grows."

(1), (2)   Note Regarding Use of Certain Non-GAAP Financial Measures:

The Company defines EBITDA(1) as (loss) earnings before non-cash, stock-based compensation, net interest, income taxes, depreciation, and amortization.  Adjusted EBITDA(2) is calculated by excluding the goodwill impairment charge from the EBITDA results.  EBITDA and adjusted EBITDA are presented herein because we consider these numbers an important measure of the Company's ability to internally fund capital expenditures and service debt.  EBITDA and adjusted EBITDA should not be considered an alternative to cash flow as an indicator of the Company's financial performance, or liquidity.  The reader is referred to the Supplemental Financial Data set forth below for a reconciliation of net (loss) income to EBITDA.  

The reconciliation follows:




Years ended December 31,

Reconciliation of  EBITDA and adjusted EBITDA to Net Loss


2010


2009



(In thousands)

Net (loss), as reported


$

(734)


$

(2,800)

Interest expense, net


138


131

Depreciation and amortization


942


1,008

Non-cash, stock-based compensation


168


113

EBITDA


$

514


$

(1,548)

Goodwill impairment charge


—


1,558

Adjusted EBITDA


$

514


$

10


Founded in 1973, Photonic Products Group, Inc. develops, manufactures, and markets products and services for use in a diverse Photonics industry via three brand names INRAD, Laser Optics ("LOI") and MRC. INRAD specializes in crystal-based optical components, optical devices, laser accessories and instruments.  LOI specializes in custom optical components, assemblies, and optical coatings. MRC specializes in custom diamond turned metal and crystalline optics, and opto-mechanical and electro-optical assemblies. PPGI's customers include leading corporations in the Defense, Aerospace, Laser System manufacturers, Process Control system manufacturers   in the Photonics Industry marketplace.   PPGI products are used directly by researchers within U.S. Government supported laboratories, National/International Research Laboratories and Universities world-wide.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These statements may be identified by their use of forward-looking terminology such as "believes", "expects", "should", "will", "plan", "anticipate", "probably", "targeting" or similar words.  Such forward-looking statements, such as our expectation for revenues, new orders, and improved results involve risks and uncertainties that could cause actual results to differ materially from those projected. Risks and uncertainties that could cause actual results to differ materially from such forward looking statements are, but are not limited to, uncertainties in market demand for the company's products or the products of its customers, future actions by competitors, inability to deliver product on time, inability to develop new business, inability to retain key employees or hire new employees, and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission including our Annual Report on Form 10-K for the year ended December 31, 2010. The forward looking statements made in this news release are made as of the date hereof and Photonic Products Group, Inc. does not assume any obligation to update publicly any forward looking statement.

PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS



December 31,




2010


2009


Assets






Current assets:






Cash and cash equivalents


$

4,365,045


$

4,069,310


Accounts receivable (after allowance for doubtful accounts of $15,000 in 2010 and 2009)


2,224,592


1,927,672


Inventories, net


2,390,876


2,265,973


Other current assets


119,243


164,081


Total Current Assets


9,099,756


8,427,036


Plant and equipment:






Plant and equipment at cost


14,879,508


14,604,728


Less: Accumulated depreciation and amortization


(12,876,163)


(12,016,247)


Total plant and equipment


2,003,345


2,588,481


Precious Metals


157,443


157,443


Deferred Income Taxes


408,000


408,000


Goodwill


311,572


311,572


Intangible Assets, net of accumulated amortization


594,452


673,016


Other Assets


47,235


45,192


Total Assets


$

12,621,803


$

12,610,740








Liabilities and Shareholders' Equity






Current Liabilities:






Current portion of notes payable -other


$

9,000


$

9,000


Accounts payable and accrued liabilities


836,190


657,650


Customer advances


441,987


346,429


Total Current Liabilities


1,287,177


1,013,079








Related Party Convertible Notes Payable


2,500,000


2,500,000


Accrued Interest on Related Party Convertible Note Payable


1,125,000


975,000


Notes Payable – Other, net of current portion


335,874


344,946


Total Liabilities


5,248,051


4,833,025








Commitments












Shareholders' equity:






   Common stock: $.01 par value; 60,000,000 authorized shares 11,562,656 issued at December 31, 2010 and 11,443,347 issued at December 31, 2009


115,626


114,433


Capital in excess of par value


17,402,528


17,073,871


Accumulated deficit


(10,129,452)


(9,395,639)




7,388,702


7,792,665








Less - Common stock in treasury, at cost (4,600 shares)


(14,950)


(14,950)


Total Shareholders' Equity


7,373,752


7,777,715


Total Liabilities and Shareholders' Equity


$

12,621,803


$

12,610,740



PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS



Years Ended December 31,



2010


2009


2008

Revenues







Net sales


$

11,054,178


$

11,051,127


$

16,301,209








Cost and expenses







Cost of goods sold


8,545,153


8,896,539


11,486,620

Selling, general and administrative expense


3,105,063


3,278,161


3,857,805

Goodwill Impairment


—


1,558,074


—



11,650,216


13,732,774


15,344,425








Operating (loss) income


(596,038)


(2,681,647)


956,784








Other income (expense)







Interest expense, net


(137,775)


(130,387)


(170,476)

Gain on sale of plant and equipment


—


4,671


9,113

Gain on sale of precious metals


—


7,371


—



(137,775)


(118,345)


(161,363)








(Loss) income before income taxes


(733,813)


(2,799,992)


795,421








Income tax benefit (provision)


—


—


303,000









Net (loss) income


$

(733,813)


$

(2,799,992)


$

1,098,421








Net (loss) income per share - basic


$

(0.06)


$

(0.25)


$

0.10








Net (loss) income per share - diluted


$

(0.06)


$

(0.25)


$

0.08








Weighted average shares outstanding - basic


11,522,297


11,331,258


10,902,061








Weighted average shares outstanding – diluted


11,522,297


11,331,258


15,619,304









PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS



Years Ended December 31,




2010


2009


2008


Cash flows from operating activities:









Net (loss) income


$

(733,813)


$

(2,799,992)


$

1,098,421










Adjustments to reconcile net (loss) income to net cash provided by operating activities:








Depreciation and amortization


941,941


1,008,310


1,059,741


Goodwill impairment charge


—


1,558,074


—


401K common stock contribution


154,535


179,068


160,180


Accrued interest on Related Party Convertible Note Payable


150,000


150,000


150,000


Deferred income taxes


—


—


(408,000)


Gain on sale of plant and equipment


—


(4,671)


(9,113)


Gain on sale of precious metal


—


(7,371)


—


Stock-based compensation expense


168,054


112,950


88,417


Change in inventory reserve


(154,326)


94,628


302,511










Changes in operating assets and liabilities:








Accounts receivable


(296,920)


882,930


(628,743)


Inventories


29,423


371,735


(103,767)


Other current assets


44,838


24,003


(24,019)


Other assets


(2,043)


34,107


7,865


Accounts payable and accrued liabilities


178,540


(678,015)


(731,301)


Customer advances


95,558


(110,325)


(413,796)


Total adjustments


1,309,600


3,615,423


(550,025)


Net cash provided by operating activities


575,787


815,431


548,396










Cash flows from investing activities:








Proceeds (purchase) of certificates of deposit


—


800,000


(800,000)


Purchase of plant and equipment


(278,241)


(210,563)


(784,534)


Purchase of precious metals


—


(53,538


—


Proceeds from disposal of plant and equipment


—


4,671


10,000


       Proceeds from disposal of precious metals


—


16,317


—


Net cash (used in) provided by investing activities


(278,241)


556,887


(1,574,534)










Cash flows from financing activities:








Net proceeds from issuance of common stock


7,261


161,514


1,064,357


Principal payments of notes payable-other


(9,072)


(136,609)


(14,989)


Principal payments of convertible promissory notes


—


—


(1,700,000)


Principal payments of capital lease obligations


—


—


(47,088)


            Net cash (used in) provided by financing activities


(1,811)


24,905


(697,720)










Net increase (decrease) in cash and cash equivalents


295,735


1,397,223


(1,723,859)










Cash and cash equivalents at beginning of the year


4,069,310


2,672,087


4,395,945











Cash and cash equivalents at end of the year


$

4,365,045


$

4,069,310


$

2,672,087










Supplemental Disclosure of Cash Flow Information:








Interest paid


$

14,000


$

19,000


$

508,000


Income taxes (refund) paid


$

(74,000)


$

(8,000)


$

408,000



PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIES

QUARTERLY DATA (Unaudited)

Year 2010


First


Second


Third


Fourth












Net sales


$

2,808,046


$

2,164,491


$

2,478,581


$

3,603,060


Gross profit


540,494


255,712


494,678


1,218,141


Net income (loss)


(274,469)


(648,898)


(281,755)


471,309


Net income (loss) per share - Basic


(0.02)


(0.06)


(0.02)


0.04


Net income (loss) per share – Diluted


(0.02)


(0.06)


(0.02)


0.04






















Year 2009


First


Second


Third


Fourth












Net sales


$

2,815,097


$

2,620,437


$

2,664,963


$

2,950,630


Gross profit


381,687


419,098


606,530


747,273


Net loss


(314,409)


(336,998)


(2,122,330)


(26,255)


Net loss per share - Basic


(0.03)


(0.03)


(0.19)


(0.00)


Net loss per share - Diluted


(0.03)


(0.03)


(0.19)


(0.00)




Year 2008


First


Second


Third


Fourth












Net sales


$

4,164,248


$

4,007,412


$

3,802,935


$

4,326,614


Gross profit


1,501,593


1,219,202


1,065,424


1,028,370


Net income


491,200


294,017


169,120


144,084


Net income per share - Basic


0.05


0.03


0.02


0.01


Net income per share - Diluted


0.03


0.02


0.01


0.01



SOURCE Photonic Products Group, Inc.

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