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Photonic Products Group, Inc. Reports Record Financial Results for FY 2007
Date:3/31/2008

cutive quarter with positive net income. After-tax net income for the fourth quarter was $251,000 in 2007, after allowing for the significantly increased 2007 income tax provision applied to fourth quarter earnings. This compares with fourth quarter net income of $391,000 in 2006. Basic and diluted earnings per share for the fourth quarter were $0.03, and $0.02, respectively. This compares with basic and diluted income per share of $0.05 and $0.04, respectively, in the fourth quarter of 2006.

Dan Lehrfeld, President and CEO of PPGI commented, "I am pleased to report that we exceeded our financial goals for 2007, setting new records for revenues, new orders, backlog at year-end, net income, and cash flow from operations. We were solidly profitable for the year as a whole, with record net income of 11.9% of sales, up from 5.5% of sales in 2006. Early in the year we launched an initiative to strengthen our balance sheet, and worked at it steadily. We recalled all of our outstanding convertible preferred shares, and our shareholders elected to accept conversion to common shares. We deployed close to $2,000,000 of cash into accelerating repayment of debt, while still ending the year with our cash balance up over $1,300,000 for the year to a record $4,396,000. We continued this initiative in the first quarter of 2008 with the repayment in full of our $1,700,000 senior secured note and all accrued interest. In 2008 we are off to a good start and look forward to our again delivering positive financial results, and continued growth.

(1) Note Regarding Use of Certain Non-GAAP Financial Measures:

The Company defines EBITDA as earnings before non-cash, stock-based compensation, net interest, income taxes, depreciation, and amortization. EBITDA is presented herein because it is a measure of PPGI's ability to internally fund capital expenditures and service debt. EBITDA should not be considered as an alternative to cash flow as an indicator of PPGI's financia
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SOURCE Photonic Products Group, Inc.
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