Profire Energy, Inc. Announces Revenue and Net Income Results for the Fiscal Year Ending March 31, 2011
LINDON, UT and EDMONTON, AB -- (MARKET WIRE) -- 07/01/11 -- Profire Energy, Inc. (OTCBB: PFIE) reported pre-tax net income of $2,312,674 on total revenue of $8,033,926. This growth represents an increase of 34% in pre-tax net income and 36% in total revenue for the comparable one-year period of fiscal 2010. On a per share basis the Company had basic and diluted earnings of $.04 per share for fiscal 2011 compared to $.03 per share for fiscal 2010.
Total assets increased 42% from $4,215,952 at March 31, 2010 to $5,998,864 at March 31, 2011 and total liabilities decreased 34% from $736,679 to $486,083 during the same periods. The Company has no debt.
CEO and President of Profire Energy Brenton Hatch, noted, "Fiscal 2011 was a year of market expansion and exciting growth for Profire Energy. We are encouraged by the results the Company has achieved for the fiscal year and look forward to the continued execution of our strategy."
Profire Energy manufactures, installs and services oilfield burner management systems and related combustion products. Its products aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. Profire's lead products are the Profire 2100 and the Profire 1100, which are burner management systems that provide reliable ignition of combustion burners and associated vessels that oil and gas producers rely on.
To learn more about Profire's products and services, please take a moment to view the Company's website at www.profireenergy.com. Profire has offices in Lindon, Utah and Edmonton, Alberta, Canada
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.
Contacts: For inquiries please call investor relations (801) 796-5127 E-mail: Email Contact
Source: Profire Energy, Inc.
Released July 1, 2011