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
 
$
-
 
 
$
-