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Profire Energy Inc (PFIE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Profire Energy Inc

CIK: 1289636 Ticker: PFIE

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Profire Energy Reports Financial Results for First Quarter Fiscal Year 2021
Company Reports Gross Margin Improvement and Positive Operating Cash Flow for First Quarter

LINDON, Utah May 5, 2021
- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances , today reported financial results for its first quarter fiscal 2021 ending March 31, 2021. A conference call will be held on Thursday, May 6, 2021 at 1:00 p.m. ET to discuss the results.

First Quarter Summary
Recognized revenue of $5.1 million
Realized gross profit of $2.2 million or 42.7% of total revenues
Net loss of $(601,500) or $(0.01) per share
Generated $1.8 million of cash flow from operations
Cash and liquid investments of $19.4 million while remaining debt-free
“The outlook for consumption of oil and gas continues to improve in the short-term as COVID-19 related restrictions ease and vaccine distribution progresses. Given this trend, we believe the worst of the pandemic is behind us and therefore have started to reinvest in our business to ensure we are well positioned to take advantage of the pending recovery. Although we were able to take deliberate actions to drastically reduce expenses during the heart of the pandemic, this quarter’s increase in SG&A is primarily staff-related to accommodate our current and future customers as demand increases. Additionally, I am pleased that we were able to sequentially increase our cash and liquid investments while remaining debt free,” said Ryan Oviatt, Co-Chief Executive Officer and CFO of Profire Energy.
First Quarter 2021 Financial Results
    
Total revenues for the period equaled $5.1 million, compared to $5.7 million in the fourth quarter of 2020 and $7.4 million in the prior-year quarter. The sequential and year-over-year decrease was primarily driven by the COVID-19 pandemic’s impact on our industry which drastically decreased drilling and completion activity and wiped out the capital budgets of our customers in 2020.

Gross profit was $2.2 million, compared to $2.8 million in the fourth quarter of 2020 and $3.2 million in the prior-year quarter. Gross margin was 42.7% of revenues, compared to 48.7% of revenues in the prior quarter and 42.5% of revenues in the first quarter of 2020. The sequential decrease was due to product mix and lower coverage of fixed costs associated with the drop in revenue.

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The following information was filed by Profire Energy Inc (PFIE) on Thursday, May 6, 2021 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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Inside Profire Energy Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Accrued Liabilities
Accrued Liabilities (Tables)
Accrued Liabilities - Schedule Of Accrued Liabilities (Details)
Basic And Diluted Earnings Per Share
Basic And Diluted Earnings Per Share (Details)
Basic And Diluted Earnings Per Share (Tables)
Basic And Diluted Earnings Per Share - Narrative (Details)
Condensed Financial Statements
Equity (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Components Of Financing Lease Cost (Details)
Leases - Future Minimum Lease Payments To Discounted Finance Lease Liability (Details)
Leases - Narrative (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Tables)
Prepaid Expenses And Other Current Assets - Narrative (Details)
Prepaid Expenses And Other Current Assets - Schedule Of Other Current Assets (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stockholders' Equity
Stockholders' Equity (Details)
Stockholders' Equity - Performance Metrics (Details)
Subsequent Events
Ticker: PFIE
CIK: 1289636
Form Type: 10-Q Quarterly Report
Accession Number: 0001289636-21-000022
Submitted to the SEC: Wed Aug 04 2021 4:04:40 PM EST
Accepted by the SEC: Wed Aug 04 2021
Period: Wednesday, June 30, 2021
Industry: Oil And Gas Field Machinery And Equipment

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