SYLMAR, Calif.--(BUSINESS WIRE)--QPC Lasers, Inc. (OTC BB: QPCI.OB), a world leader in the development and commercialization of high-brightness, high-power semiconductor lasers for the consumer electronics, medical, defense, and industrial markets, today announced financial results for the first quarter, ended March 31, 2008.
Recent Highlights
- Q108 Revenue of $1.6 million, representing 49% growth compared to Q107
- Q108 Product Revenue of $1.4 million, representing 114% growth compared to Q107
- Received $1.3 million in new orders for Generation III medical lasers
- Shipped high power laser to U.S. Department of Defense customer for airborne directed energy weapon applications
- Shipped 300 watt miniaturized Ultra? BrightLock? Laser to a U.S. government prime contractor
- Granted 2 additional patents; Company now holds 9 issued and 7 pending patents
- Participated in founding of 3D@Home Consortium, led by Disney, Philips and Samsung
- Strengthened global sales & marketing team in Europe, Asia & the U.S.
?Positive sales trends for the firm continued in the first quarter as revenues grew year over year, we won exciting new orders for our Generation III Lasers and made progress in all of our target markets- aerospace/defense, consumer electronics, medical and industrial,? said Dr. Jeffrey Ungar, chairman and chief executive officer of QPC. ?This quarter we were particularly encouraged by our product revenue growth, new Gen III orders for our medical lasers, and by tremendous new interest in our visible laser technology by consumer electronics manufacturers from around the world. To better capitalize on our high growth target markets, we strengthened our global sales and marketing teams, adding key members in Europe, Asia and the U.S. to help us to expand our international distribution channels and meet growing customer demands. We now have over 100 customers in 20 countries, and we will endeavor to report continued positive advancements throughout the remainder of 2008.?
?We are pleased to announce first quarter revenues grew 49% over last year, which represents our 10th sequential quarter of positive year-over-year revenue growth in what is historically our softest quarter,? said co-Founder and Chief Financial Officer, George Lintz. ?Once again product revenues grew solidly at 114% year-over-year, evidence that our business opportunities in all four of our target markets are stronger than ever before and growing; we are committed to increasing our worldwide customer base, our presence in our vertical markets and our revenues.?
First Quarter Financial Results
Total revenue for the first quarter of 2008 was $1.6 million, representing a 49% year-over-year increase compared to the $1.1 reported for the first quarter of 2007. This was attributable to expanded product offerings including Generation III products, the company?s recent entry into the consumer electronics market, and continued strength in the medical market.
Total operating expense for the first quarter of 2008 was $4.1 million, an increase compared to the $2.2 million reported for the first quarter of 2007. This was attributable to an increase in research and development, sales and marketing and general and administrative expenses.
Net loss for the first quarter of 2008 was $(9.1) million, or $(0.24) per share, an increase compared to net loss of $(2.4) million, or $(0.06) per share, reported for the first quarter of 2007. This was attributable to the amortization of loan discount, the change in fair value of embedded derivatives, increased research and development spending for Generation III advancements and consumer electronics developments, increased investor relations costs, and the charge-off of an account receivable from an international medical customer who recently filed for bankruptcy. Per share calculations are based on 38.7 million shares in 2008 versus 38.6 million shares in 2007.
Gross Margin for the first quarter of 2008 was 48%, a substantial improvement compared to 23% reported for the first quarter of 2007. The improvement in gross margins is primarily attributable to the growth in product revenues year-over-year, specifically Generation III and Generation III products which carry higher margins, resulting in improved efficiencies as a result of allocating our fixed costs over a higher number of units sold.
Cash and cash equivalents as of March 31, 2008 were $2.2 million.
Business Outlook
?We are very encouraged by the increasing interest in our Generation III lasers and we are committed to continued advancements of this product line. We remain focused on our long term goal of overall top-line growth and are currently targeting cash flow positive in 2009,? Mr. Lintz concluded.
Conference Call Information
A live conference call scheduled for 2:00 p.m. ET (11:00 a.m. PT) today can be accessed at via live webcast at: http://www.investorcalendar.com/IC/CEPage.asp?ID=129551
Or, Dial:
800-240-5318 (toll free) or 303-262-2137 (International)
Please dial-in 5 minutes prior to the start time and give the company name ?QPC Lasers? to the operator.
Conference Call Replay
For those unable to participate in the live conference call, a replay of the conference all will be available for five business days (starting two hours after the call) by dialing
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Orlando, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
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