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

Profire Energy Inc

CIK: 1289636 Ticker: PFIE

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Profire Energy Reports Financial Results for Second Quarter Fiscal Year 2021
Company Reports Sequential Improvement in Revenue and Gross Margin

LINDON, Utah August 4, 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 second quarter fiscal 2021 ending June 30, 2021. A conference call will be held on Thursday, August 5, 2021 at 1:00 p.m. ET to discuss the results.

Second Quarter Summary
Revenue increased 18.5% sequentially to $6.0 million
Realized gross profit of $2.7 million
Gross margin increased 130 basis points sequentially to 44.0% of total revenues
Net loss of ($397,166) or ($0.01) per share
EBITDA improvement of $453,546 year-over-year to ($161,127)
Cash and liquid investments of $19.1 million while remaining debt-free
“The continued reopening of most global economies during the second quarter resulted in increased demand and higher commodity prices across the oil and gas markets. Our sequential and year-over-year revenue growth reflects increased product sales and resumption of equipment maintenance that was largely deferred during the pandemic. We continued to reinvest in our company in response to the increased demand and improved industry outlook. Additionally, I am pleased that we were able to generate operating cash flow and increase our cash and liquid investments in the first six months of this year while remaining debt free,” said Ryan Oviatt, Co-Chief Executive Officer and CFO of Profire Energy.
Second Quarter 2021 Financial Results
    
Total revenues for the period equaled $6.0 million, compared to $5.1 million in the first quarter of 2021 and $4.4 million in the prior-year quarter. The sequential and year-over-year increases reflect improved customer demand for product sales and services.

Gross profit was $2.7 million, compared to $2.2 million in the first quarter of 2021 and $2.1 million in the prior-year quarter. Gross margin was 44.0% of revenues, compared to 42.7% of revenues in the prior quarter and 47.9% of revenues in the second quarter of 2020. The year-over-year decrease was due to revenue mix and the ongoing impact of COVID-19.



The following information was filed by Profire Energy Inc (PFIE) on Wednesday, August 4, 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 Income (Loss) (Unaudited)
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
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 (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Performance Metrics (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Ticker: PFIE
CIK: 1289636
Form Type: 10-Q Quarterly Report
Accession Number: 0001289636-21-000031
Submitted to the SEC: Wed Nov 03 2021 4:04:24 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Oil And Gas Field Machinery And Equipment

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