Profire Energy, Inc. Announces Financial Results of 2010 Fiscal Year
LINDON, UT and EDMONTON, AB -- (MARKET WIRE) -- 07/01/10 -- Profire Energy, Inc. (OTCBB: PFIE) reported income before income taxes of $1,723,466, total comprehensive income of $1,776,519 and EPS of $0.03 on total revenues of $ 5,912,350 during the fiscal year ended March 31, 2010. By comparison, the Company reported net income before income taxes of $1,334,052, total comprehensive income of $575,154 and EPS of $0.02 on total revenue of $6,257,269 during the fiscal year ended March 31, 2009. Additional details regarding the Company's results of operations for its 2010 fiscal year can be found in its Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on June 29, 2010, which may be viewed at the SEC's Edgar website located a www.sec.gov.
Harold Albert, COO of Profire Energy, said, "We are pleased with our performance during the 2010 fiscal year in spite of difficult conditions for oil producers and service companies. We experienced a slowdown as oil prices were low during the first half of our fiscal year. Fortunately, as oil prices rebounded so did activity and our results followed suit. During the year we worked hard to manage our product margins. As a result, we realized a 29% increase in net income before income taxes despite a 5.5% decrease in total revenue."
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, efficient, development and transportation of carbon-based fuels. Profire's lead product is the Profire 1100, which is a control unit that provides reliable management of the combustion system 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 contact Andrew Limpert CFO (801) 796-5127 E-mail: Email Contact
Released July 1, 2010