Photon Control Inc. (TSXV:$PHO), a leading developer and supplier of optical measurement technologies to the global semiconductor industry, has released its 3Q17 financial results.
CEO of Photon, Scott Edmonds said, “We achieved record revenues for the quarter as a result of continuing strong industry growth and customer demand. These record results drove strong cash flow in the quarter. As we look to the fourth quarter, our operations are running efficiently and we believe we are well positioned to meet the demand from our backlog which is also at an all-time high.”
Specifically, total revenue for the third quarter increased 38% from $8.7 million to a record of $12.0 million, a year-to-date 2017 revenue increased 42% from $23.2 million to $32.8 million. Such increase in revenue was primarily due to strong overall market conditions in the semiconductor industry and increased shared of its customers’ spend on fiber optic sensors.
Photon’s 3Q gross profit also increased 43% to $6.6 million, with the year-to-date total increasing 54$ to $18.3 million. Gross profit margin increased 54.5% and 55.9% for the three and nine months ended September 30, 2017.
Operating expenses of $2.9 million and $11.9 million include significant one-time charges of $0.2 million and $4.5 million, respectively. Net income before taxes for the quarter was $2.4 million, compared to $2.9 million for the comparable period of 2016, while for the first nine months of 2017, net income before taxes was $4.3 million versus $7.0 million for the same period last year.
Additionally, the company has announced that it has approved a grant of Stock Options and Restricted Share Units in the ordinary course to certain directors and employees, under its Stock Option and Restricted Share Unit Plans to purchase an aggregate of 282,000 common shares of the Company.
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