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Date Announced: 22 May 2014
Cost-cutting actions just initiated set to save firm $0.9 million in annual expenses.
SALEM, NH--(Marketwired - May 22, 2014) - ProPhotonix Limited (PINKSHEETS: STKR) (LSE: PPIX) (LSE: PPIR), announced that Tim Losik, its President & CEO of will give the following update at its Annual General Meeting held today: "The Group's trading performance since the beginning of the year builds on our leadership position within the high growth sectors of the LED and laser markets.
Thus far in the first half 2014, we have secured one significant two-year customer contract that is part of the total backlog of $8.4 million as of May 16th. In addition, several significant prototype products have recently shipped to customers and we await final design modifications for the transition to production units during the second half 2014.
We affirm our current expectations of first half revenue in the range of $7.8 to $8.2 million. While pleased with the on-going development of the Group's revenue base, we maintain our focus on cost control and efficiency to ensure we achieve a sustainable break-even point for the Company as soon as practicable.
To this end, we have initiated actions to lower our costs by approximately $900,000 and will incur one off charges of $150,000, taken in H1 2014, associated with these actions."
Source: ProPhotonix
E-mail: via web site
Web Site: www.prophotonix.com
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