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Profire Energy Inc (PFIE) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Profire Energy Inc

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CIK: 1289636 Ticker: PFIE


Exhibit 99.1
fy2017q2financialresu_image1.jpg

Profire Energy Reports Financial Results for Second Fiscal Quarter Fiscal 2017
Profire Achieved Revenue Growth of 138% and Net Income Growth of 317% Over the Same Quarter of 2016

LINDON, Utah August 9, 2017
- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the “Company”) which creates, installs and services burner and chemical management solutions in the oil and gas industry, today reported financial results for fiscal quarter June 30, 2017. A conference call will be held on Thursday, August 10, 2017 at 1:00 p.m. EDT to discuss the results.

Fiscal Q2 2017 Highlights
 
•
Revenues Increased 138% Compared to Same Year-Ago Quarter and 21% Over the Prior Quarter
•
Four Consecutive Quarters of Double-Digit Revenue Growth
•
Net Income of $1.3 Million or $0.03 Per Diluted Share
•
Gross Profit Increased to roughly $5 Million or 53% of Total Revenues
•
Cash and Liquid Investments at Period End $20 Million
•
Remained Debt-Free

Fiscal Quarter Financial Results
    
Total revenues increased to nearly $9.5 million in the quarter which is a 138% increase from the same quarter a year ago and an 21% increase from the previous quarter.
    
With a 138% increase in revenues total operating expenses only increased 13% to $3.1 million, over the same quarter last year.

Gross profit increased to roughly $5 million or 53% of total revenues, as compared to $1.9 million or 48% of total revenues in the year-ago quarter.

Compared with the same year ago quarter, operating expenses for general and administrative increased 15%, R&D increased 10%, and depreciation decreased 18%.

Net income was $1.3 million or a gain of $0.03 per diluted share, compared to a net loss of $605,295 or a loss of $0.01 per diluted share in the same year-ago quarter.
 
Cash and liquid investments totaled $20 million at the end of the quarter and the Company continues to operate debt-free.

Management Commentary

1
The following information was filed by Profire Energy Inc (PFIE) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: PFIE
CIK: 1289636
Form Type: 10-Q Quarterly Report
Accession Number: 0001289636-17-000008
Submitted to the SEC: Wed Aug 09 2017 4:35:12 PM EST
Accepted by the SEC: Wed Aug 09 2017
Period: Friday, June 30, 2017
Industry: Oil And Gas Field Machinery And Equipment

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