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.