8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 8, 2016

PROFIRE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Nevada	001-36378	20-0019425
(State or other jurisdiction of incorporation)	Commission File Number)	(IRS Employer Identification No.)
321 South 1250 West, Suite 1, Lindon, Utah
(Address of principal executive offices)
84042
(Zip code)
(801) 796-5127
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

[   ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[   ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On February 8, 2016 Profire Energy, Inc. (the "Company") issued a press release reporting financial results for quarter ended December 31, 2015.  A copy of the press release is attached to this Current Report as exhibit 99.1 and is incorporated herein solely for the purposes of this Item 2.02 disclosure.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release Announcing Financial Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PROFIRE ENERGY, INC.
Date: February 8, 2016	By:	/s/ Brenton W. Hatch
		Brenton W. Hatch
		Chief Executive Officer

EX-99.1

Exhibit 99.1

Profire Energy Reports Financial Results for Fiscal Third Quarter of 2016

Company Recognizes Quarterly Profit and Positive Cash Flow Amid Difficult Industry Conditions; Fiscal 2016 Guidance Reiterated

LINDON, Utah, February 8, 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 third quarter ended December 31, 2015. A conference call will be held on Tuesday, February 9, 2016 at 1:00 p.m. EST to discuss the results.

Fiscal Q3 2016 Highlights

· Total revenues of $7.6 million

· Net income of $478,799 or $0.01 per diluted share

· Cash at period-end totaled $19.3 million

· Generated positive cash flow

· Remained debt-free

Fiscal Q3 2016 Financial Results

Total revenues in the third fiscal quarter of 2016 decreased 40%, compared to the same quarter last year. The decline was a result of decreased oilfield purchasing which could persist for some time. Based on the current industry environment, and near-term commodity price expectations, the Company does not anticipate improvement in customer purchasing in the short-term. Although facing a difficult market, the Company is determined to position itself to capture the greatest amount of revenue in both the short- and long-terms.

Gross profit decreased during the quarter to $4.0 million or 53% of total revenues, compared to $6.5 million or 52% of total revenues in the same year-ago quarter.

Total operating expenses decreased to $3.5 million or 46% of total revenues from $4.7 million or 38% of total revenues in the same year-ago quarter. Cost management has been a significant Company focus over the last few periods and will continue to be an emphasis for the foreseeable future. The Company has been successful in its expense-reduction measures and will continue to work toward maximizing efficiency.

Net income was $478,799 or $0.01 per diluted share, compared to net income of $1.9 million or $0.04 per diluted share in the same year-ago quarter.

Cash and cash equivalents totaled $19.3 million, an increase of more than $5.1 million compared to prior year-end. The Company continues to generate cash flow from operating activities, which will remain a focus in future periods.

First Nine-Months of Fiscal 2016 Financial Results

Total revenues in the first nine-months of fiscal 2016 decreased 46% to $22.5 million from $41.4 million in the same year-ago period.

Gross profit decreased to $11.3 million or 50% of total revenues, compared to $22.5 million or 55% of total revenues in the same period last year.

Total operating expenses decreased to $10.7 million or 48% of total revenues from $14.1 million or 34% of total revenues in the first nine-months of fiscal 2016.

Net income was $0.8 million or $0.01 per diluted share, compared to a net income of $6.2 million or $0.12 per diluted share in the same year-ago period.

Management Commentary

"Unquestionably the industry is enduring a period of significant volatility," said Brenton Hatch, President and CEO of Profire Energy. "We continue to anticipate a challenging calendar year. However, I'm pleased with our ability to remain profitable amid the difficult market headwinds. Our focus continues to be on improving cost management. We have made momentous changes to our cost structure over the last several periods and will continue to look for opportunities to reduce expenses without damaging the long-term strategy of the Company. We believe this strategic approach, coupled with the internal talent and resources we have, will position us to weather the storm and become a flexible, more efficient Company."

"In addition to our strong balance sheet, we continue to operate debt-free," said Ryan Oviatt, CFO of Profire Energy. "Our team is resilient and has refocused their energies on cost management and cash flow generation. Despite industry trends, we believe we have demonstrated that even in volatile times, the Company has the potential to remain profitable and generate positive cash flow."

Fiscal 2016 Outlook

The Company maintains its fiscal 2016 guidance. For fiscal 2016, total revenues are expected between $25.0-30.0 million with net income of $(1.0)-2.0 million.

Conference Call

Profire management will host a conference Tuesday, February 9, 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: Tuesday, February 9, 2016

Time: 1:00 p.m. EST (11:00 a.m. MST)

Toll-free dial-in number: 1-855-327-6837

International dial-in number: 1-631-891-4304

The conference call will also be webcast live and available for replay via this link: http://public.viavid.com/index.php?id=118100.

If you have any difficulty connecting with the call, please contact Tanner Lamb at 1-801-796-5127.

A telephone replay of the call will be available after 8:00 p.m. EST on the same day through February 16, 2016

Toll-free replay number: 1-877-870-5176International replay number: 1-858-384-5517Replay ID: 10000631

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 and chemical management systems are becoming part of their solution. Profire Energy has offices in Lindon, Utah; Houston, Texas; Victoria, Texas; Oklahoma City, Oklahoma; Tioga, 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 Fiscal 2016 Guidance being reiterated; or, the Company holding a conference call on February 9, 2016 regarding Q3 fiscal results; or, the Company's ability to remain profitable; or, the Company finding ways to reduce expenses without damaging the long-term strategy of the Company; or, the Company being able to weather the industry's current volatility and become a flexible, more efficient Company; or, the Company being able to continue operating debt-free; or, the Company being able to generate positive cash flow; or, the conference call being available for replay until February 16, 2016. 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.

Tanner Lamb, Finance and Investor Relations

(801) 796-5127

PART I. FINANCIAL INFORMATION
Item 1 Financial Information
PROFIRE ENERGY, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
ASSETS
	December 31,			March 31,
	2015			2015
	(unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	19,281,501		$	14,144,796
Accounts receivable, net		6,515,543			9,462,378
Inventories		10,840,598			11,766,535
Income tax receivable		113,978			-
Prepaid expenses & other current assets		312,547			112,741
Total Current Assets		37,064,167			35,486,450
LONG-TERM ASSETS
Deferred tax asset		669,895			501,921
PROPERTY AND EQUIPMENT, net		8,449,492			9,275,965
OTHER ASSETS
Goodwill		997,701			997,701
Intangible assets, net of accumulated amortization		501,490			594,019
Total Other Assets		1,499,191			1,591,720
TOTAL ASSETS	$	47,682,745		$	46,856,056
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	1,379,019		$	1,040,530
Accrued liabilities		594,236			332,229
Income taxes payable		396,089			347,486
Total Current Liabilities		2,369,344			1,720,245
LONG-TERM LIABILITIES
Deferred income tax liability		616,735			631,353
TOTAL LIABILITIES		2,986,079			2,351,598
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: 53,255,275 and 53,199,136 shares issued and outstanding, respectively		53,255			53,199
Additional paid-in capital		26,152,201			25,525,052
Accumulated other comprehensive income (loss)		(3,122,872	)		(1,888,981	)
Retained earnings		21,614,082			20,815,188
Total Stockholders' Equity		44,696,666			44,504,458
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	47,682,745		$	46,856,056

These financial statements should be read in conjunction with forms 10-Q and 10-K and accompanying footnotes.

PROFIRE ENERGY, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Other Comprehensive Income (Loss)
(unaudited)
	For the Three Months Ended						For the Nine Months Ended
	December 31,						December 31,
	2015			2014			2015			2014
REVENUES
Sales of goods, net	$	6,515,584		$	11,695,016		$	20,019,400		$	38,640,246
Sales of services, net		1,038,671			821,683			2,509,392			2,742,219
Total Revenues		7,554,255			12,516,699			22,528,792			41,382,465
COST OF SALES
Cost of goods sold-product		2,833,909			5,299,912			9,247,014			16,837,531
Cost of goods sold-services		722,288			674,192			1,941,819			2,015,796
Total Cost of  Goods Sold		3,556,197			5,974,104			11,188,833			18,853,327
GROSS PROFIT		3,998,058			6,542,595			11,339,959			22,529,138
OPERATING EXPENSES
General and administrative expenses		1,800,491			2,446,896			5,439,067			7,722,366
Research and development		348,874			521,814			948,508			1,331,834
Payroll expenses		1,230,022			1,591,397			3,952,447			4,624,826
Depreciation and amortization expense		128,793			176,371			374,247			424,014
Total Operating Expenses		3,508,180			4,736,478			10,714,269			14,103,040
INCOME FROM OPERATIONS		489,878			1,806,117			625,690			8,426,098
OTHER INCOME (EXPENSE)
Interest expense		-			(14,222	)		-			(14,222	)
Gain on disposal of fixed assets		-			9,052			19,391			9,052
Other (expense) income		177,931			(910	)		421,251			1,954
Interest income		5,217			6,687			31,857			14,467
Total Other Income (Expense)		183,148			607			472,499			11,251
NET INCOME BEFORE INCOME TAXES		673,026			1,806,724			1,098,189			8,437,349
INCOME TAX EXPENSE (BENEFIT)		194,227			(110,426	)		299,295			2,221,292
NET INCOME	$	478,799		$	1,917,150		$	798,895		$	6,216,057
FOREIGN CURRENCY TRANSLATION GAIN (LOSS)	$	(482,744	)	$	(381,099	)	$	(1,233,891	)	$	(539,777	)
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(3,945	)	$	1,536,051		$	(434,997	)	$	5,676,280
BASIC EARNINGS PER SHARE	$	0.01		$	0.04		$	0.02		$	0.12
FULLY DILUTED EARNINGS PER SHARE	$	0.01		$	0.04		$	0.01		$	0.12
BASIC WEIGHTED AVERAGE NUMBEROF SHARES OUTSTANDING		53,255,275			52,884,358			53,239,087			51,112,924
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		53,523,081			53,161,058			53,506,778			51,389,624

These financial statements should be read in conjunction with forms 10-Q and 10-K and accompanying footnotes.

PROFIRE ENERGY, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
	For the Nine Months Ended
	December 31,
	2015			2014
OPERATING ACTIVITIES
Net Income	$	798,895		$	6,216,057
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		729,695			784,193
Gain on disposal of fixed assets		(19,391	)		(9,052	)
Bad debt expense		104,252			(14,832	)
Stock options issued for services		666,450			1,031,301
Changes in operating assets and liabilities:
Changes in accounts receivable		2,683,035			(3,035,929	)
Changes in income tax receivable		(113,978	)		-
Changes in inventories		625,368			(4,533,903	)
Changes in prepaid expenses		(199,923	)		(345,977	)
Changes in deferred tax asset		(167,974	)		(246,016	)
Changes in accounts payable and accrued liabilities		627,765			1,831,277
Changes in income taxes payable		45,417			(478,480	)
Net Cash Provided by Operating Activities		5,779,611			1,198,639
INVESTING ACTIVITIES
Proceeds from disposal of equipment		116,524			9,052
Cash paid for asset acquisition		-			(750,000	)
Purchase of fixed assets		(62,465	)		(5,941,953	)
Net Cash Provided by (Used in) Investing Activities		54,059			(6,682,901	)
FINANCING ACTIVITIES
Proceeds from stock issued for cash, net of stock offering costs		-			16,424,688
Value of equity awards surrendered by employees for tax liability		(39,243	)		-
Stock issued in exercise of stock options		-			197,961
Net Cash Provided by (Used in) Financing Activities		(39,243	)		16,622,649
Effect of exchange rate changes on cash		(657,722	)		(209,454	)
NET INCREASE IN CASH		5,136,705			10,928,933
CASH AT BEGINNING OF PERIOD		14,144,796			4,456,674
CASH AT END OF PERIOD	$	19,281,501		$	15,385,607
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION
CASH PAID FOR:
Interest	$	-		$	14,222
Income taxes	$	402,417		$	2,890,769
NON CASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for acquisition	$	-		$	1,000,000

These financial statements should be read in conjunction with forms 10-Q and 10-K and accompanying footnotes.