ProPhotonix sees drop in revenue for first half 2012
16 August 2012Tweet
ProPhotonix, a manufacturer of LED light engines and laser diode modules, has posted a 24 per cent decrease in revenue for the six months ended 30 June 2012. Revenue was recorded at $6.8 million, with the majority of reduction due to a decline in solar sales, according to the company.
ProPhotonix’s LED revenue decreased 37 per cent to $2.9 million and its gross profit dropped 39.2 per cent to $2.1 million. The company has order bookings of $7.7 million.
Mark Blodgett, chairman and CEO, commented: ‘Despite a number of accomplishments during the first half of the year, the period was challenging due to the previously reported dramatic decline in the company’s sales of LED systems to solar equipment manufacturers which started in the autumn of 2011. The loss of the solar business, which now represents less than 2 per cent of sales versus 15 per cent, derives from excess capacity in the solar industry. With the build-out of our global sales force over the last seven months, we are moving expeditiously to replace solar sales and we are pleased with the positive book to bill for the first half of the year. Since the expansion of the sales organisation, North American laser and diode bookings are up 37 per cent versus the first half of 2011.
‘Furthermore, customer activity is increasing and our engineering team has never been busier working on new OEM driven opportunities. With the expansion of the sales force, we expect a significant sequential increase in revenues in the second half of the year versus the first half of 2012 and a corresponding improvement in overall financial performance of the company,’ added Blodgett.