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To: GARY P GROBBEL who wrote (20832)	5/24/2004 12:03:05 PM
From: GARY P GROBBEL	Read Replies (2) \| Respond to of 120405

PHPG...1.45 up .18 on 17,000 vol...favorite 'much under the hood' play...for a number of very solid reasons i think this is a must own stock...even if you have to pay more than the offer today of 1.45...i have a feeling this one could play out in a very positive way over time...many angles to this company and i think more defense to be delivered plus increasing optics sales...my opinion only... book to bill last qtr 1.61......prior post: PHPG 1.17...PR out...this is company that has a lot of potential for home runs...certain capabilities already being utilized in a contract w/ATK plus add'l OEM contracts plus wildcards add up to a strong buy here IMO...i think the company looks better now than at any time i have been following it...could be a multi multi bagger ...1st qtr after links: biz.yahoo.com biz.yahoo.com biz.yahoo.com (PR NEWSWIRE) Photonic Products Group, Inc. 1st Quarter Results Include Higher rders Photonic Products Group, Inc. 1st Quarter Results Include Higher Orders NORTHVALE, N.J., May 13 /PRNewswire-FirstCall/ -- Photonic Products Group, Inc. (OTC Bulletin Board: PHPG) today reported financial results for its first fiscal quarter, which ended March 31, 2004. Revenues for the quarter were $1,806,000 up 50% from revenues in the same period last year of $1,201,000, and up 11% from revenues in the last quarter. New orders for the first quarter were $3,029,000 up 160% from $1,167,000 in the same period last year, and up 188% from new orders in the last quarter. New orders divided by sales (the book-to-bill ratio) for the period was 1.66. The backlog at the end of the first quarter was $3,407,000, an increase of 49% during the quarter and 236% higher than the $1,015,000 backlog at the same point in 2003. Net income was a loss of $0.09 per share for the quarter, as compared with a loss of $0.07 per share in the first quarter of 2003. Dan Lehrfeld, President and CEO of PPGI commented, "I'm especially pleased to report the increase in this quarter's bookings, the second highest in our history. The numbers reflect a strong resurgence in demand from major OEM accounts at INRAD and at Laser Optics. Both new orders and sales were highest this quarter within the defense, aerospace, and process control and metrology sectors. The backlog on March 31, 2004 and high first quarter order intake indicate continued strong sales performance this year." Mr. Lehrfeld continued, "Our gross margin percentage dipped in the first quarter as expected, due in part to inefficiencies associated with preparation for discontinuance of Connecticut-based operations acquired from Laser Optics, Inc. late last year. We continue to anticipate the results of that acquisition to be accretive financially over this first full year. On May 3 we successfully completed the physical relocation and integration of those operations into our Northvale, NJ facility. We have already seen top-line synergies, and we expect additional top line and operational synergies from our new, combined, Laser Optics business unit." Photonic Products Group, Inc. develops, manufactures, and markets products and services for use in diverse Photonics industry sectors via its expanding portfolio of business units. Its INRAD business unit specializes in crystal- based optical components, devices and instruments. Its Laser Optics business unit specializes in precision custom optical components, assemblies, and optical coatings. Its customers include leading corporations in the Defense and Aerospace, Laser Systems, and Process Control and Metrology Equipment sectors of the Photonics Industry, as well as the U.S. Government. Its products are also used extensively by researchers at National Laboratories and Universities world-wide.