PHPG from June earn pr...everything is up and rev has been record for past 18mo, so have orders-and company states records will be the order of business this year as well...
B: PPGI Reports Revenue and Gross Margin Gains Through Second Qua
B: PPGI Reports Revenue and Gross Margin Gains Through Second Quarter ( PRNewswi
NORTHVALE, N.J., Aug 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Photonic
Products Group, Inc. (OTC Bulletin Board: PHPG) yesterday filed its consolidated
financial results for its second quarter and first half, which ended June 30,
2004.
The Company reported total revenues for the second quarter of $3,107,000, up
62%, and record revenues of $6,344,000 for the first half, up 70%, from the same
periods last year.
New orders for the second quarter were $2,620,000, as compared with $2,400,000
in the first quarter of last year. Order intake for the first half was
$5,668,000, as compared with $5,429,000 in the first half of 2004. The backlog
at the end of the second quarter was $5,757,000, as compared with $3,890,000 at
the same point in 2004, up 48%.
These results include revenues and new orders from PPGI's MRC Optics subsidiary,
acquired in October of 2004.
Gross profit margin (GPM) in the second quarter improved to 24%, up from 19.1%
in the first quarter of 2005, putting gross profit margin for the first half at
21.8%. This compares with a gross profit margin of 21.2% through the first half
of 2004, which then reflected performance from operating units that pre-date the
acquisition of MRC Optics. Gross profit margin from these legacy operations
during the first half of 2005 improved to 26%.
Cash flow of $163,000 was provided by operations in the second quarter of 2005,
reducing cash deployment into operations through the first half to $821,000.
Net loss per share declined to $0.06 per share for the second quarter and $0.11
per share through June, as compared with losses of $0.08 and $0.17 per share for
the same periods in 2004.
Dan Lehrfeld, President and CEO of PPGI commented, "Total sales through mid-year
set a new record and we continue to expect that will hold true as well for the
year as a whole, thanks to growing sales of custom optical components from our
three business units. While new order intake was moderate in Q2, it was not a
cause for concern as the dates of new order releases from our OEM customers vary
from year to year. In fact, new orders for July alone (i.e. this past month)
exceeded $2.3M, nearly as high as for all of Q2. Gross profit margin in Q2
improved substantially over that in Q1 as our new MRC Optics subsidiary's sales
rose and its GPM turned positive in the second quarter as anticipated. Were it
not for lingering performance problems at two key MRC suppliers, the GPM
increase seen in Q2 would have been even stronger. GPM at our legacy operations
also improved, from 25.7% in Q1 to 27.2% in Q2. Cash flow from operations turned
positive in Q2 as expected."
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