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

ded in the third quarter of 2009, adjusted EBITDA(2) for 2009 was $10,000.  

During the year, management maintained tight control over discretionary expenses, selectively invested in capital expenditures and focused on cash conservation. Net cash flow from operating activities in 2010 was $576,000, down from $815,000 in 2009.  Cash flow in 2010 was negatively impacted by fourth quarter increases in accounts receivable balances, reflecting higher sales in the period, offset by increases in accounts payable and customer advance balances at the end of 2010. Although the Company incurred losses in 2010, PPGI ended the year with a stronger cash position, of $4.4 million, up $296,000, versus $4.1 million, at the end of 2009.

Joe Rutherford, President and CEO of PPGI stated,   "Although we have continued to deal with the lingering effects of a depressed economy in the markets we serve, which has negatively affected our performance for the past two years, our 2010 results are encouraging.  Our 2010 fourth quarter results were particularly positive as sales were the highest since the fourth quarter of 2008.  In addition, bookings of $3.4 million in our fourth quarter, followed strong third quarter bookings of $4.6 million.   This represents the two highest bookings quarters since the first quarter of 2008.  The optimism I have previously expressed has been borne out by our 2010 results. I feel confident that our focus on internal process improvement, adding engineering resources, new product development, and increased customer focus domestically and internationally, as well as selective and strategic investment in capital equipment will position us for success as our markets continue to rebound and demand for our products grows."

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

The Company defines EBITDA(1) as (loss) earnings before non-cash, stock-based compensation, net interest, inc
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SOURCE Photonic Products Group, Inc.
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