Company's first profitable quarter fueled by existing order backlog and new bookings of laser material processing products
Lake Mary, Florida, February 9, 2016 (Newswire.com) - Fonon Corporation (OTCBB: FNON) today announced its expectation of a profitable first quarter of fiscal 2016 based on its total reportable order backlog, which exceeds $1 million in open orders.
The new order backlog of Fonon’s laser material processing systems consists of orders for which written authorization has been accepted and shipment dates assigned, and shipments which have occurred but for which revenue has not yet been recognized.
In Q1 of 2016 the Company entered into a strong revenue-generating stage, based on booked sales orders of new Company products for 2D and 3D laser marking, cutting and engraving. This is a direct result of prior investments, dynamic execution of the Company 2015 Reorganization Plan, and shareholder confidence in our technology, products and team.
Dmitriy Nikitin, Interim Chief Executive Officer
Sales of new products, including the MarkStar Professional handheld laser marking system, into the automotive, biomedical, aerospace, glass and defense industries have been bolstered by demand trends across Fonon’s core market of industrial manufacturing.
“In Q1 of 2016 the Company entered into a strong revenue-generating stage, based on booked sales orders of new Company products for 2D and 3D laser marking, cutting and engraving,” said Dmitriy Nikitin, Interim Chief Executive Officer of Fonon. “This is a direct result of prior investments, dynamic execution of the Company 2015 Reorganization Plan, and shareholder confidence in our technology, products and team.”
These statements about estimated results are preliminary and expectations do not include the potential impact of any new product sales or development agreements that Fonon may enter into during the balance of Q1 2016.
About Fonon Corporation
Fonon designs laser-based material processing technologies for advanced industrial manufacturing and manufactures state of the art equipment utilizing those technologies. The company products empower manufacturers in the areas of application-specific 3D metal printing (additive manufacturing), and 2D and 3D laser cutting, marking and engraving applications (subtractive manufacturing). Our products and technologies are used today in every sector of any manufacturing industry from food and beverage to medical, aerospace and semiconductor.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competition and the company’s ability to meet current and future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Fonon is not obligated to publicly release revisions to any forward-looking statement, to reflect events or circumstances afterward, or to disclose unanticipated occurrences except as required under applicable law.