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Photonic Products Group, Inc. ("PPGI") Releases FY 2010 Financial Results
Date:4/4/2011

NORTHVALE, N.J., April 4, 2011 /PRNewswire/ -- Photonic Products Group, Inc. (OTC Bulletin Board: PHPG) has released its consolidated financial results for the year ended December 31, 2010.

The Company ended the year with fourth quarter sales of $3.6 million, an increase of 22% from $2.95 million in the corresponding quarter of 2009.  Sales for the year were $11.05 million, unchanged from 2009.

Bookings for 2010 were $12.3 million compared to $9.5 million, or 29% higher than 2009.  The company booked $3.4 million in new orders in the fourth quarter of 2010, up from $3.1 million in the in the fourth quarter of 2009.   Year-end backlog was $5.4 million versus $4.4 million at the end of 2009, or a 23% improvement.  

Net income, applicable to common shareholders was $471,000 for the fourth quarter of 2010,  versus a net loss of ($26,000), for the fourth quarter 2009.  Fourth quarter earnings per share were $0.04 basic and diluted versus $0.00 in 2009.

For the year ended December 31, 2010, the Company's net loss was ($734,000).  In 2009 the Company reported a net loss of ($2.8) million which included a non-cash goodwill impairment charge of $1.6 million.  Excluding the impairment charge last year, net loss was ($1.2) million.  For 2010, basic and diluted net loss per share was ($0.06)  versus a net loss of ($0.25) per share in 2009.  

As a result of stronger fourth quarter sales, gross profit increased by 63% to $1.22 million or 33.9% of sales, up from $747,000 or 25.3%, of sales in the fourth quarter of 2009.  For 2010, gross profit improved to $2.5 million or 22.7% of sales versus $2.2 million or 19.5% of sales, in 2009.

EBITDA(1) for 2010 was $514,000 compared to EBITDA of ($1.5) million in 2009. Excluding the $1.6 million goodwill impairment charge, which the Company recor
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SOURCE Photonic Products Group, Inc.
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