Photonic Products Group, Inc. Reports Record Financial Results f... ( NORTHVALE N.J. March 31 /- Photon...)

Photonic Products Group, Inc. Reports Record Financial Results for FY 2007

Date:3/31/2008

NORTHVALE, N.J., March 31 /PRNewswire-FirstCall/ -- Photonic Products Group, Inc. (PHPG) today reported its consolidated, audited, financial results for its fiscal year which ended December 31, 2007.

Revenues in fiscal year 2007 were a record at $15,100,000 up 8.5% compared with $13,921,000 last year. Order intake for the year was our highest ever at $17,802,000 as was our year-end backlog of $9,672,000, up 34.0% and 38.4% from 2006, respectively.

Pre-tax income for the year was $2,130,000 compared to $793,000 in 2006, up 169%. Net income in 2007 was $1,880,000, after an income tax provision of $250,000. Net income in 2006 was $772,000, after an income tax provision of $21,000.

Gross profit of $5,959,000 was up 31% from $4,544,000 in 2006, as gross profit margin for the year improved to 39.5% from 32.6%. Income from operations increased to $2,397,000, up 161% from last year's $917,000.

Basic and diluted earnings per share, after accounting for the common stock dividend on preferred stock, were $0.19 and $0.13, respectively, in 2007, compared with basic and diluted EPS of $0.07 and $0.06, respectively in 2006.

Net cash flow from operating activities was $3,001,000 for the year, compared with $2,672,000 in 2006. For 2007, cash and cash equivalents increased $1,318,000 to $4,396,000 at year-end, after net cash outlays for debt repayments and redemptions of $1,893,000, and a decrease of $117,000 in customer advances. In 2006, cash and cash equivalents increased by $1,921,000, including net borrowings of $373,000 and an increase of $336,000 in customer advances, to $3,078,000 at year-end.

EBITDA(1) for the year rose to $3,545,000, up from $2,412,000 in 2006 and $1,485,000 in 2005.

The Company reported fourth quarter revenues of $4,042,000 this year, compared with revenues of $3,678,000 in the same period, a year ago. Pre-tax net income was $421,000 vs. $412,000 in the same period last year, the Company's tenth conse
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Photonic Products Group, Inc. Reports Record Financial Results f...( NORTHVALE N.J. March 31 /- Photon...)