Photonics Products Group reports 15% sales gain

May 16, 2011
In another example of the strong optics and photonics business currently, Photonic Products Group, Inc. (OTC Bulletin Board: PHPG) today reported a 15.3% gain ($3.24 million) in reveneues for the first quarter compared to the same period last year.

Northvale, NJ--In another example of the strong optics and photonics business currently, Photonic Products Group, Inc. (OTC Bulletin Board: PHPG) today reported a 15.3% gain ($3.24 million) in reveneues for the first quarter compared to the same period last year.

Orders for the first three months were $2.7 million, unchanged from last year. Order backlog was $4.8 million at March 31, 2011, an increase of 14.3% compared to $4.2 million as of March 31, 2010.

Gross profit for the quarter of 27% or $872,000 improved from $540,000, or 19% in the comparable quarter last year mainly reflecting the higher sales volumes this year and the company's relatively fixed cost structure. Cost of sales increased by $101,000 or approximately 5% on a sales increase of $430,000 in the quarter.

Commenting on the company's performance Joe Rutherford, President and CEO of Photonic Products Group said, "After very positive results in the fourth quarter of 2010, I am pleased to see the trend continue in the first quarter of 2011. Comparatively, we showed a much improved financial result from the first quarter of 2010. We have targeted debt reduction and balance sheet improvement as priorities for 2011. Accordingly, we negotiated an extension to our $2.5 million loan to April, 2013 and paid $338,000 of accrued interest related to this outstanding debt during the quarter."

"For the balance of 2011, we will continue to focus our efforts on improving operations, reducing costs and expanding efforts to develop new markets and customers, both domestically and internationally. Our first quarter results give me added confidence that we will benefit from the improving economy, as well as, the addition of new products and an expanded customer base," he said.

Source: Photonic Products Group, Inc

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Posted by: Steve Anderson

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