Exhibit 99.1




Profire Energy Reports Financial Results for Fiscal Year 2016
In the 2016 Transition Period Profire Recognized Quarter-over-Quarter Revenue Growth of 41%

LINDON, Utah March 9, 2017 - 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 the nine-month transition period ended December 31, 2016. A conference call will be held on Friday, March 10, 2017 at 1:00 p.m. EST to discuss the results.

As previously communicated, due to a change in the Company's fiscal year-end, the Company filed a transition report on Form 10-K covering the transition period from April 1, 2016 to December 31, 2016, which is the period between the closing of the Company's most recent fiscal year and the opening date of the newly selected fiscal year. The results from the quarter ended December 31, 2016 are reflected in the nine-month period covered by the transition report.

Transition Period Highlights

·
Revenues Increased 41% Quarter-Over-Quarter
·
Generated Positive Cash Flows in Each Quarter of the Transition Period
·
Cash and liquid investments at period-end totaled $20 million
·
Remained debt-free

Transition Period Financial Results

In the final quarter of the transition period total revenues increased to just over $7 million, which was an increase of 41% as compared to the previous quarter. This was achieved while keeping operating costs under control, which only increased 5% over the same comparable period.

Net income for the transition period was approximately $78,000 or $0.00 per diluted share, compared to a net income of $799,000 or $0.01 per diluted share in the comparable nine-month period of 2015.  Net income in the final quarter of the transition period was $609,000 or $0.01 per diluted share as compared to $75,000 or $0.00 per diluted share in the previous quarter. The net loss in the first quarter of the transition period was $605,000 or a loss of $0.01 per diluted share.  In the transition period the Company's net income increased from -15% of total revenue in the first quarter to 9% of total revenue in the last quarter of the period.


At the end of the transition period cash and cash equivalents totaled $9.3 million, as compared to $21.3 million at the end of the fiscal year ended March 31, 2016. The Company has invested $11 million in low risk, CD's, bonds and mutual funds. Without these investments, the Company's cash position would have been $20 million, despite having repurchased $3.6 million in Profire stock during the transition period.

Management Commentary
"We continue to strategically allocate capital according to the plan we have previously communicated" stated Ryan Oviatt, CFO of Profire. "We remain focused on the preservation of cash, seeking opportunities to acquire adjacent technologies, conducting our stock repurchase program, and other value creation activities that may be identified from time to time. We believe this plan will continue to drive long-term value for Profire and our shareholders."

"The stabilization of oil prices has had a positive effect on our Company as our customers appear to have gained confidence in the oil markets and have returned to spending their capex budgets" said Brenton Hatch, President and CEO of Profire Energy. "The oil industry is still recovering and while we don't know how oil prices will react throughout our next fiscal year, many analysts believe oil prices will average in the mid $50's price range.  We remain optimistic that the stabilization of commodity prices will allow us to maintain the growth we have achieved in the final two quarters of the period."

Conference Call

Profire Energy President and CEO Brenton Hatch and CFO Ryan Oviatt will host the teleconference. Following the teleconference, they will be joined by Cameron Tibdall, VP of Sales and Marketing, for a question and answer period.
 
Date: Friday, March 10, 2017
Time: 1:00 p.m. EST (11:00 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 telecast live and available for replay via this link: http://public.viavid.com/index.php?id=123227. The telecast 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. ET on the same day through March 17, 2017.
 
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay Pin Number: 13656825


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 March 10, 2017, regarding the transition period financial results; the effect the stabilization of oil prices will have on the Company's customers spending their capex budgets; the effect the stabilization of oil prices will have on the Company's ability to maintain recent growth; or, the Company's capital allocation plan will be able to 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

PROFIRE ENERGY, INC. AND SUBSIDIARIES
 
Consolidated Balance Sheets
 
             
   
As of
 
ASSETS
 
December 31,
2016
   
March 31,
2016
 
             
CURRENT ASSETS
           
Cash and cash equivalents
 
$
9,316,036
   
$
21,292,595
 
Accounts receivable, net
   
5,633,802
     
4,132,137
 
Inventories, net
   
7,839,503
     
11,046,682
 
Income tax receivable
   
180,981
     
268,326
 
Short term investments
   
2,965,536
     
-
 
Investments - other
   
2,250,000
     
-
 
Prepaid expenses & other current assets
   
410,558
     
315,757
 
Total Current Assets
   
28,596,416
     
37,055,497
 
                 
LONG-TERM ASSETS
               
Deferred tax asset
   
60,940
     
-
 
Long Term Investments
   
5,504,997
     
-
 
                 
PROPERTY AND EQUIPMENT, net
   
7,458,723
     
8,232,911
 
                 
OTHER ASSETS
               
Goodwill
   
997,701
     
997,701
 
Intangible assets, net
   
490,082
     
529,300
 
Total Other Assets
   
1,487,783
     
1,527,001
 
                 
TOTAL ASSETS
 
$
43,108,859
   
$
46,815,409
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Accounts payable
 
$
1,220,478
   
$
893,822
 
Accrued vacation
   
154,307
     
171,089
 
Accrued liabilities
   
284,214
     
449,694
 
Income taxes payable
   
61,543
     
335,375
 
Total Current Liabilities
   
1,720,542
     
1,849,980
 
                 
LONG-TERM LIABILITIES
               
Deferred income tax liability
   
-
     
180,301
 
                 
TOTAL LIABILITIES
   
1,720,542
     
2,030,281
 
                 
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: 53,582,250 issued and 50,705,933 outstanding at December 31, 2016 and 53,256,296 issued and outstanding at March 31, 2016
   
53,582
     
53,256
 
Treasury stock, at cost
   
(3,582,805
)
   
-
 
Additional paid-in capital
   
26,800,298
     
26,164,622
 
Accumulated other comprehensive loss
   
(2,810,743
)
   
(2,282,682
)
Retained earnings
   
20,927,985
     
20,849,932
 
Total Stockholders' Equity
   
41,388,317
     
44,785,128
 
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
43,108,859
   
$
46,815,409
 

These financial statements should be read in conjunction with the Form 10-KT and accompanying footnotes.


PROFIRE ENERGY, INC. AND SUBSIDIARIES     
 
Consolidated Statements of Operations and Other Comprehensive Income (Loss)   
 
             
   
For the Nine-Months Ended December 31, 2016
   
For the Year Ended March 31, 2016
 
             
REVENUES
           
Sales of goods, net
 
$
14,336,618
   
$
23,992,324
 
Sales of services, net
   
1,650,568
     
3,080,122
 
Total Revenues
   
15,987,186
     
27,072,446
 
                 
COST OF SALES
               
Cost of goods sold-product
   
6,732,822
     
11,027,114
 
Cost of goods sold-services
   
1,154,326
     
2,405,012
 
Total Cost of  Goods Sold
   
7,887,148
     
13,432,126
 
                 
GROSS PROFIT
   
8,100,038
     
13,640,320
 
                 
OPERATING EXPENSES
               
General and administrative expenses
   
7,198,081
     
12,264,442
 
Research and development
   
757,880
     
899,013
 
Depreciation and amortization expense
   
482,311
     
516,786
 
                 
Total Operating Expenses
   
8,438,272
     
13,680,241
 
                 
LOSS FROM OPERATIONS
   
(338,234
)
   
(39,921
)
                 
OTHER INCOME (EXPENSE)
               
Gain (Loss) on sale of fixed assets
   
(2,680
)
   
20,278
 
Other income
   
102,206
     
144,937
 
Interest income
   
90,028
     
37,278
 
                 
Total Other Income
   
189,554
     
202,493
 
                 
NET INCOME (LOSS) BEFORE INCOME TAXES
   
(148,680
)
   
162,572
 
                 
INCOME TAX EXPENSE (BENEFIT)
   
(226,733
)
   
127,828
 
                 
NET INCOME
 
$
78,053
   
$
34,744
 
                 
OTHER COMPREHENSIVE LOSS
               
Foreign Currency Translation Loss
 
$
(415,698
)
 
$
(393,701
)
Unrealized Losses on Investments
   
(112,363
)
   
-
 
                 
Total Other Comprehensive Loss
   
(528,061
)
   
(393,701
)
                 
TOTAL COMPREHENSIVE LOSS
 
$
(450,008
)
 
$
(358,957
)
                 
BASIC EARNINGS PER SHARE
 
$
0.00
   
$
0.00
 
                 
FULLY DILUTED EARNINGS PER SHARE
 
$
0.00
   
$
0.00
 
                 
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
   
52,857,299
     
53,243,151
 
                 
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
   
53,483,110
     
53,558,942
 
These financial statements should be read in conjunction with the Form 10-KT and accompanying footnotes.

PROFIRE ENERGY, INC. AND SUBSIDIARY                     
Consolidated Statements of Stockholders' Equity                     
                                           
               
Additional
   
Other
               
Total
 
   
Common Stock
         
Paid-In
   
Comprehensive
   
Treasury
   
Retained
   
Stockholders'
 
   
Shares
   
Amount
   
Capital
   
Income
   
Stock
   
Earnings
   
Equity
 
                                           
Balance, March 31, 2015
   
53,199,136
   
$
53,199
   
$
25,525,052
   
$
(1,888,981
)
 
$
-
   
$
20,815,188
   
$
44,504,458
 
                                                         
Fair value of options vested
   
-
     
-
     
565,646
     
-
     
-
     
-
     
565,646
 
                                                         
Stock issued in exercise of stock options
   
57,160
     
57
     
73,924
     
-
     
-
     
-
     
73,981
 
                                                         
Foreign currency translation
   
-
     
-
     
-
     
(393,701
)
   
-
     
-
     
(393,701
)
                                                         
Net Income for the year ended December 31, 2015
   
-
     
-
     
-
     
-
     
-
     
34,744
     
34,744
 
                                                         
Balance, March 31, 2016
   
53,256,296
     
53,256
     
26,164,622
     
(2,282,682
)
   
-
     
20,849,932
     
44,785,128
 
                                                         
Fair value of options vested
                   
242,801
                             
242,801
 
                                                         
Stock issued in exercise of stock options
   
86,808
     
87
     
112,913
                             
113,000
 
                                                         
Stock issued in settlement of RSUs
   
239,146
     
239
     
279,962
                             
280,201
 
                                                         
Treasury stock repurchased
   
(2,876,317
)
                           
(3,582,805
)
           
(3,582,805
)
                                                         
Foreign currency translation
                           
(415,698
)
                   
(415,698
)
                                                         
Unrealized Losses on Investments
                           
(112,363
)
                   
(112,363
)
                                                         
Net income for the nine-months ended December 31, 2016
                                           
78,053
     
78,053
 
                                                         
Balance, December 31, 2016
   
50,705,933
   
$
53,582
   
$
26,800,298
   
$
(2,810,743
)
 
$
(3,582,805
)
 
$
20,927,985
   
$
41,388,317
 
 
These financial statements should be read in conjunction with the Form 10-KT and accompanying footnotes.
 

PROFIRE ENERGY, INC. AND SUBSIDIARIES
 
Consolidated Statements of Cash Flows     
 
             
    
For the
Nine Months Ended
   
For the Year
 Ended
 
    
December 31,
2016
   
March 31,
2016
 
OPERATING ACTIVITIES
           
Net Income
 
$
78,053
   
$
34,744
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization expense
   
756,927
     
989,484
 
(Gain) Loss on sale of fixed assets
   
3,480
     
(20,278
)
Bad debt expense
   
272,807
     
143,192
 
Stock options issued for services
   
616,802
     
678,971
 
Changes in operating assets and liabilities:
               
Changes in accounts receivable
   
(2,063,449
)
   
5,114,485
 
Changes in income taxes receivable/payable
   
(190,746
)
   
(276,075
)
Changes in inventories
   
3,304,972
     
641,410
 
Changes in prepaid expenses
   
(95,156
)
   
(171,411
)
Changes in deferred tax asset/liability
   
(241,241
)
   
49,490
 
Changes in accounts payable and accrued liabilities
   
(58,736
)
   
148,921
 
                 
   Net Cash Provided by Operating Activities
   
2,383,713
     
7,332,933
 
                 
INVESTING ACTIVITIES
               
Proceeds from sale of equipment
   
16,896
     
158,641
 
Purchase of investments
   
(10,685,553
)
   
-
 
Purchase of fixed assets
   
(18,485
)
   
(62,465
)
Purchase of Intangible assets
   
-
     
-
 
                 
Net Cash Provided by (Used in) Investing Activities
   
(10,687,142
)
   
96,176
 
                 
FINANCING ACTIVITIES
               
Value of equity awards surrendered by employees for tax liability
   
(30,000
)
   
(39,342
)
Cash received in exercise of stock options
   
15,000
     
-
 
Purchase of Treasury stock
   
(3,582,805
)
   
-
 
                 
   Net Cash Used in Financing Activities
   
(3,597,805
)
   
(39,342
)
                 
Effect of exchange rate changes on cash
   
(75,325
)
   
(241,968
)
                 
NET INCREASE (DECREASE) IN CASH
   
(11,976,559
)
   
7,147,799
 
CASH AT BEGINNING OF PERIOD
   
21,292,595
     
14,144,796
 
                 
CASH AT END OF PERIOD
 
$
9,316,036
   
$
21,292,595
 
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
               
                 
CASH PAID FOR:
               
Interest
 
$
-
   
$
-
 
Income taxes
 
$
255,769
   
$
127,828
 
These financial statements should be read in conjunction with the Form 10-KT and accompanying footnotes.


Profire Energy, Inc. And Subsidiaries
Quarterly Financial Result for Nine-Months Ended December 31, 2016
   
 
   
For the Quarters Ending         
 
Transition Period
 
Jun 30, 2016
   
Sep 30, 2016
   
Dec 31, 2016
       
Total revenues
 
$
3,974,043
   
$
4,990,813
   
$
7,022,330
       
Gross profit
   
1,914,250
     
2,624,659
     
3,561,129
       
Income (loss) from operations
   
(881,278
)
   
(127,369
)
   
670,413
       
Income tax expense (benefit)
   
(245,877
)
   
(99,701
)
   
118,845
       
Net income (loss)
   
(605,295
)
   
74,452
     
608,896
       
Basic earnings per common share
 
$
(0.01
)
 
$
0.00
     
0.01
       
Diluted earnings per common share
 
$
(0.01
)
 
$
0.00
     
0.01
       
                               
   
For the Quarters Ending           
 
Fiscal Year 2016
 
Jun 30, 2015
   
Sep 30, 2015
   
Dec 31, 2015
   
Mar 31, 2016
 
Total revenues
 
$
6,877,243
   
$
8,097,294
   
$
7,554,255
   
$
4,543,654
 
Gross profit
   
3,313,519
     
4,028,403
     
3,998,502
     
2,299,895
 
Income (loss) from operations
   
(539,374
)
   
675,396
     
490,322
     
(666,265
)
Income tax expense (benefit)
   
(149,525
)
   
254,781
     
194,227
     
(171,654
)
Net income (loss)
   
(459,079
)
   
779,195
     
479,243
     
(764,617
)
Basic earnings per common share
 
$
(0.01
)
 
$
0.01
   
$
0.01
   
$
(0.01
)
Diluted earnings per common share
 
$
(0.01
)
 
$
0.01
   
$
0.01
   
$
(0.01
)

These financial statements should be read in conjunction with the Form 10-KT and accompanying footnotes.