Exhibit 99.1



Profire Energy Reports Financial Results for Fiscal Second Quarter of 2017
Revenue of $5m up 26% from previous quarter and Positive Cash Flow from Operations Amid Difficult Industry Conditions

LINDON, Utah, November 9, 2016 - Profire Energy, Inc. (NASDAQ: PFIE), a technology company which creates, installs and services burner and chemical management solutions in the oil and gas industry, today reported financial results for its fiscal second quarter ended September 30, 2016. A conference call will be held on Thursday, November 10, 2016 at 1:30 p.m. EST to discuss the results.

Fiscal Q2 2017 Highlights

·
Total revenues of $4,990,813
·
Net income of $74,452 or $0.00 per diluted share
·
Cash and liquid investments at period-end totaled $22.7 million
·
Generated positive cash flow from operations of $1,845,355
·
Remained debt-free

Fiscal Second Quarter Financial Results

The second quarter resulted in positive cash flows from operating activities. $11.1m in cash used to invest in low risk, CD's, bonds and mutual funds. This investment strategy was done to allow liquidity while earning an improved rate of return. Cash and these liquid investments, total $22.7m, which is an increase from $22m in the first quarter. The positive cash flows and substantial cash position have allowed Profire to remain debt free.

Total revenues were just under $5m, representing an increase of 26% from the previous quarter. Net income was $74,452 or $0.00 per diluted share, compared to a net loss of $605,295 or loss of $0.01 per diluted share in the first quarter of this fiscal year.

Gross profit increased to 53% compared to 48% in the previous quarter while total operating expenses decreased slightly. Compared with the same year ago quarter, operating expenses for general and administrative decreased 20%, R&D decreased 11%, and depreciation increased 16%.


Management Commentary
"We remain optimistic for our Company and believe we've positioned ourselves well." Said Brenton Hatch, President and CEO of Profire Energy. "We have invested in R&D, implemented effective cost cutting strategies, taken advantage of the slowdown to more extensively train our personnel, focused on generating positive cash flow, and been able to grow our customer base. We believe these actions will enable us to emerge stronger than before the industry downturn began."
"In looking at the industry as a whole, we believe there are several positive indicators that oil prices are on the rebound.  The Baker Hughes North American rig count has increased 41% from the historical low point in May 2016 and the significant build up in the number of drilled but uncompleted wells, since 2014, has begun decreasing over the last few months," stated Ryan Oviatt, CFO of Profire.  "We believe these industry trends will have a positive impact for Profire and our customers in the coming quarters.  Our revenues increased in Q2 while operating costs decreased slightly compared to the previous quarter. Our cost cutting initiatives combined with ongoing cost management have positioned us well to respond to the market in the second half of our fiscal year."

Conference Call

Profire management will host a conference Thursday, November 10, 2016 to discuss these financial results. Please call the conference telephone number at least five minutes prior to the start time. An operator will register your name and organization.

Date: Thursday, November 10, 2016
Time: 1:30 p.m. EST (11:30 a.m. MST)
Toll-free dial-in number: 1-877-705-6003
 International dial-in number: 1-201-493-6725
The conference call will be webcast live and available for replay via this link: http://public.viavid.com/index.php?id=121783. The webcast replay will be available for one year.
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting the conference call, please contact Todd Fugal at 1-801-796-5127.
A replay of the call will be available after 5:00 p.m. EST on the same day through November 17, 2016.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
 Replay ID: 13649080


About Profire Energy, Inc.
Profire Energy assists energy production companies in the safe and efficient production and transportation of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent regulatory standards, and enhanced margins with their energy production processes, Profire Energy's burner management and chemical injection systems are increasingly becoming part of their solution. Profire Energy has offices in Lindon, Utah; Houston, Texas; Shelocta, Pennsylvania; Greeley, Colorado; and Edmonton, Alberta, Canada. For additional information, visit www.profireenergy.com.

Cautionary Note Regarding Forward-Looking Statements. Statements made in this release that are not historical are forward-looking statements. This release contains forward-looking statements, including, but not limited to statements regarding the Company holding a conference call on November 10, 2016 regarding 2017 second fiscal quarter results; the Company's ability to manage macro-economic conditions; or, the Company's expectation that industry conditions will improve; or, the Company developing new products, diversifying into new market; and, the decisions made over the past year positioning the Company to capture future opportunities and deliver long-term shareholder value. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market and regulatory risks and factors identified in the company's periodic reports filed with the Securities Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, except as required by law. Readers should not place undue reliance on these forward-looking statements.

Contact:
Profire Energy, Inc.
Ryan Oviatt, CFO
(801) 796-5127
PART I. FINANCIAL INFORMATION
  
Item 1 Financial Information
  
PROFIRE ENERGY, INC. AND SUBSIDIARIES
  
Condensed Consolidated Balance Sheets
  
(Unaudited)
  
             
   
As of
  
ASSETS
  
September 30,
2016
    
March 31,
2016
  
   
(Unaudited)
        
CURRENT ASSETS
            
Cash and cash equivalents
  
$
11,674,786
    
$
21,292,595
  
Accounts receivable, net
    
3,695,422
      
4,132,137
  
Inventories, net
    
8,921,196
      
11,046,682
  
Income tax receivable
    
507,526
      
268,326
  
Short term investments
    
2,172,410
      
-
  
Investments - other
    
3,000,000
      
-
  
Prepaid expenses & other current assets
    
463,287
      
315,757
  
                 
Total Current Assets
    
30,434,627
      
37,055,497
  
                 
LONG-TERM ASSETS
                
Deferred tax asset
    
455,504
      
452,431
  
Long Term Investments
    
5,950,473
      
-
  
                 
PROPERTY AND EQUIPMENT, net
    
7,715,964
      
8,232,911
  
                 
OTHER ASSETS
                
Goodwill
    
997,701
      
997,701
  
Intangible assets, net of accumulated amortization
    
508,276
      
529,300
  
                 
Total Other Assets
    
1,505,977
      
1,527,001
  
                 
TOTAL ASSETS
  
$
46,062,544
    
$
47,267,840
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
CURRENT LIABILITIES
                
Accounts payable
  
$
802,218
    
$
893,822
  
Accrued liabilities
    
478,108
      
620,783
  
Income taxes payable
    
-
      
335,375
  
                 
Total Current Liabilities
    
1,280,326
      
1,849,980
  
                 
LONG-TERM LIABILITIES
                
Deferred income tax liability
    
558,829
      
632,732
  
                 
TOTAL LIABILITIES
    
1,839,155
      
2,482,712
  
                 
STOCKHOLDERS' EQUITY
                
Preferred shares: $0.001 par value, 10,000,000 shares authorized:  no shares issued and outstanding
    
-
      
-
  
Common shares: $0.001 par value, 100,000,000 shares authorized: 53,325,215 issued and 53,109,905 outstanding at September 30, 2016 and 53,256,296 issued and outstanding at March 31, 2016
    
53,325
      
53,256
  
Treasury stock, at cost
    
(261,544
)
    
-
  
Additional paid-in capital
    
26,617,570
      
26,164,622
  
Accumulated other comprehensive loss
    
(2,505,050
)
    
(2,282,682
)
Retained earnings
    
20,319,089
      
20,849,932
  
                 
Total Stockholders' Equity
    
44,223,390
      
44,785,128
  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
46,062,544
    
$
47,267,840
  
 
 
PROFIRE ENERGY, INC. AND SUBSIDIARIES
  
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
  
(Unaudited)
  
                         
   
For the
Three Months Ended
September 30,
    
For the
Six Months Ended
September 30,
 
 
   2016     2015     2016     2015  
REVENUES
                        
Sales of goods, net
  
$
4,507,044
    
$
7,291,846
    
$
7,969,936
    
$
13,503,816
  
Sales of services, net
    
483,769
      
805,448
      
994,919
      
1,470,721
  
Total Revenues
    
4,990,813
      
8,097,294
      
8,964,855
      
14,974,537
  
                                 
COST OF SALES
                                
Cost of goods sold-product
    
1,977,658
      
3,445,188
      
3,690,300
      
6,413,106
  
Cost of goods sold-services
    
388,496
      
623,992
      
735,645
      
1,219,530
  
Total Cost of  Sales
    
2,366,154
      
4,069,180
      
4,425,945
      
7,632,636
  
                                 
GROSS PROFIT
    
2,624,659
      
4,028,114
      
4,538,910
      
7,341,901
  
                                 
OPERATING EXPENSES
                                
General and administrative expenses
    
2,328,100
      
2,919,862
      
4,713,665
      
6,361,000
  
Research and development
    
263,712
      
295,146
      
514,435
      
599,635
  
Depreciation and amortization expense
    
160,216
      
137,999
      
319,455
      
245,454
  
                                 
Total Operating Expenses
    
2,752,028
      
3,353,007
      
5,547,555
      
7,206,090
  
                                 
INCOME (LOSS) FROM OPERATIONS
    
(127,369
)
    
675,107
      
(1,008,645
)
    
135,811
  
                                 
OTHER INCOME (EXPENSE)
                                
Gain (Loss) on sale of fixed assets
    
-
      
754
      
(2,592
)
    
19,391
  
Other income
    
82,452
      
352,310
      
87,207
      
243,320
  
Interest income
    
19,667
      
5,517
      
47,609
      
26,640
  
                                 
Total Other Income
    
102,119
      
358,581
      
132,224
      
289,351
  
                                 
NET INCOME (LOSS) BEFORE INCOME TAXES
    
(25,249
)
    
1,033,689
      
(876,420
)
    
425,162
  
                                 
INCOME TAX EXPENSE (BENEFIT)
    
(99,701
)
    
254,781
      
(345,578
)
    
105,067
  
                                 
NET INCOME (LOSS)
  
$
74,452
    
$
778,907
    
$
(530,843
)
  
$
320,095
  
                                 
OTHER COMPREHENSIVE INCOME (LOSS)
                                
Foreign currency translation loss
  
$
(202,520
)
  
$
(1,084,519
)
  
$
(201,747
)
  
$
(751,147
)
Unrealized losses on investments
    
(20,621
)
    
-
      
(20,621
)
    
-
  
                                 
Total Other Comprehensive Loss
    
(223,141
)
    
(1,084,519
)
    
(222,368
)
    
(751,147
)
                                 
TOTAL COMPREHENSIVE LOSS
  
$
(148,689
)
  
$
(305,612
)
  
$
(753,211
)
  
$
(431,052
)
                                 
BASIC EARNINGS PER SHARE
  
$
0.00
    
$
0.01
    
$
(0.01
)
  
$
0.01
  
                                 
FULLY DILUTED EARNINGS PER SHARE
  
$
0.00
    
$
0.01
    
$
(0.01
)
  
$
0.01
  
                                 
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
    
53,215,385
      
53,236,979
      
53,235,747
      
53,230,892
  
                                 
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
    
54,091,419
      
53,344,291
      
53,235,747
      
53,338,204
  
 

 
PROFIRE ENERGY, INC. AND SUBSIDIARIES
  
Condensed Consolidated Statements of Cash Flows
  
(Unaudited)
  
             
    
For the Six Month Period Ended,   
  
    
September 30,
2016
    
September 30,
2015
  
OPERATING ACTIVITIES
            
Net Income (Loss)
  
$
(530,843
)
  
$
320,095
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization expense
    
505,117
      
476,548
  
(Gain) Loss on sale of fixed assets
    
2,592
      
(19,391
)
Bad debt expense
    
208,628
      
86,494
  
Stock options issued for services
    
447,691
      
325,334
  
Changes in operating assets and liabilities:
                
Changes in accounts receivable
    
163,107
      
2,567,419
  
Changes in income taxes receivable/payable
    
(577,575
)
    
(253,794
)
Changes in inventories
    
2,082,532
      
1,600,797
  
Changes in prepaid expenses
    
(147,750
)
    
(262,547
)
Changes in deferred tax asset/liability
    
(76,976
)
    
(73,268
)
Changes in accounts payable and accrued liabilities
    
(231,168
)
    
373,484
  
                 
   Net Cash Provided by Operating Activities
    
1,845,355
      
5,141,171
  
                 
INVESTING ACTIVITIES
                
Proceeds from sale of equipment
    
16,896
      
119,935
  
Purchase of investments
    
(11,143,504
)
    
-
  
Purchase of fixed assets
    
(7,140
)
    
(28,572
)
                 
Net Cash Provided by (Used in) Investing Activities
    
(11,133,748
)
    
91,363
  
                 
FINANCING ACTIVITIES
                
Value of equity awards surrendered by employees for tax liability
    
-
      
(39,243
)
Stock issued in exercise of stock options
    
-
      
-
  
Purchase of Treasury stock
    
(261,544
)
    
-
  
                 
   Net Cash Used in Financing Activities
    
(261,544
)
    
(39,243
)
                 
Effect of exchange rate changes on cash
    
(67,872
)
    
(383,797
)
                 
NET INCREASE (DECREASE) IN CASH
    
(9,617,809
)
    
4,809,494
  
CASH AT BEGINNING OF PERIOD
    
21,292,595
      
14,144,796
  
                 
CASH AT END OF PERIOD
  
$
11,674,786
    
$
18,954,290
  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
                
               
CASH PAID FOR:
                
Interest
  
$
-
 
  
$
-
  
Income taxes
  
$
-
 
  
$
-