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

Profire Energy Inc

CIK: 1289636 Ticker: PFIE








Profire Energy Reports Financial Results for Third Fiscal Quarter Fiscal 2017
Company Achieves a 101% Increase in Year-Over-Year Revenues

LINDON, Utah November 8, 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 ending September 30, 2017. A conference call will be held on Thursday, November 9, 2017 at 1:00 p.m. EST to discuss the results.

Fiscal Q3 2017 Highlights
 
Revenues Increased 101% Year-Over-Year
Net Income of $1.2 Million or $0.03 Per Share
Gross Profit Increased to $5 Million or 50.4% of Total Revenues
Cash and Liquid Investments at Period End Equal $21.4 Million
Remained Debt-Free

Fiscal Quarter Financial Results
    
Total revenues increased to $10 million in the quarter which is a 101% increase from the same quarter a year ago. The Company’s quarterly revenues have not exceeded $10 million since the quarter ended December 31, 2014.
    
While recording a 101% increase in revenues, total operating expenses were up only 16.9% to $3.2 million, over the same quarter last year.

Gross profit increased to roughly $5 million or 50.4% of total revenues, as compared to $2.6 million or 52.6% of total revenues in the year-ago quarter.

Compared with the same year-ago quarter, operating expenses for general and administrative increased 19%, R&D increased 21%, and depreciation decreased 21%.

Net income was $1.2 million or a gain of $0.03 per share, compared to net income of $74,000 or $0.00 per share in the same year-ago quarter.
 
Cash and liquid investments totaled $21.4 million at the end of the quarter and the Company continues to operate debt-free.

Management Commentary
“The cost and Company structures we now have, remain scalable and provide us with room to grow. What we have put in place has allowed us to enjoy significant year-over-year increases in revenue,” stated Ryan Oviatt, CFO of Profire. “This quarter we continued our revenue growth trajectory and remained focused on



The following information was filed by Profire Energy Inc (PFIE) on Wednesday, November 8, 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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Profire Energy Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

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Profire Energy Inc provided additional information to their SEC Filing as exhibits

Ticker: PFIE
CIK: 1289636
Form Type: 10-Q Quarterly Report
Accession Number: 0001289636-17-000023
Submitted to the SEC: Wed Nov 08 2017 4:08:03 PM EST
Accepted by the SEC: Wed Nov 08 2017
Period: Saturday, September 30, 2017
Industry: Oil And Gas Field Machinery And Equipment

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