StockerYale Announces Lean Manufacturing Initiative
Company Exhibits Improved Bookings and Revenues in First Quarter 2006
Salem, NH, April 26, 2004 - - StockerYale, Inc. (NASDAQ: STKR), a leading independent provider of photonics-based products today announced it has implemented a Lean Manufacturing initiative.
Mark Blodgett, President and Chief Executive Officer, announced today that StockerYale's Montreal manufacturing facility has implemented a lean manufacturing initiative for its laser production lines. Lasers represent approximately 80% of the revenues generated in this facility.
The Montreal site selected a cross functional team and worked with Bell Nordic, a Canadian consulting and training firm, on team leadership and self-directed work team training. The Company chose Bell Nordic to facilitate employee empowerment and mobilization for the Kaizen approach to lean manufacturing. After training, the Kaizen team implemented a revamped process flow for better customer response through shorter cycle times, improved product quality and for reduced waste costs from scrap, rework and warranty expense. Additional continuous improvement projects underway this quarter will complete a 5 S manufacturing environment and streamline strategic processes.
Mr. Blodgett states, "During the development of the 2006 budget, it became clear that, in order for the Company to meet its intentions of being EBITDA positive in 2006, the Company needed to become not only more responsive to its customers, but also more efficient in its operations. Our customers demand absolute quality, on time delivery, short lead times and the ability to have customized products that meet their needs. We believe that implementing Lean manufacturing will enable us to meet these needs."
Mr. Blodgett continues, "In addition to the physical changes in our Montreal facility, we have also implemented a series of metrics that enable us to see when we have issues on the production line or in other parts of the Montreal operation. We have not stopped these process changes at just the production line, as we are now looking to streamline our order cycle process to ensure quick responses to our customers and reduce administrative cycle time. Next, we will also address our supply chain process to eliminate non value-added activities there as well."
About StockerYale
StockerYale, Inc., headquartered in Salem , New Hampshire , is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets.
StockerYale has offices and subsidiaries in the U.S. , Canada , and Europe. For more information about StockerYale and their innovative products, visit the company’s web site at www.stockeryale.com or contact StockerYale, Inc., 32 Hampshire Road, Salem, NH, 03079. Call 800-843-8011; Fax 603-893-5604; Email: .
Notice to Investors:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: uncertainty that cash balances may not be sufficient to allow StockerYale to meet all of its business goals; uncertainty that StockerYale's new products will gain market acceptance; the risk that delays and unanticipated expenses in developing new products could delay the commercial release of those products and affect revenue estimates; the risk that one of our competitors could develop and bring to market a technology that is superior to those products that we are currently developing; and StockerYale's ability to capitalize on its significant research and development efforts by successfully marketing those products that the Company develops. Forward-looking statements represent management's current expectations and are inherently uncertain. You should also refer to the discussion under "Factors Affecting Operating Results" in StockerYale's annual report on Form 10-KSB for additional matters to be considered in this regard. Thus, actual results may differ materially. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.