PROFIRE ENERGY, INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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001-36378
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20-0019425
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(State or other jurisdiction of incorporation)
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Commission File Number)
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(IRS Employer Identification No.)
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321 South 1250 West, Suite 1, Lindon, Utah
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(Address of principal executive offices)
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84042
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(Zip code)
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(801) 796-5127
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(Registrant's telephone number, including area code)
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N/A
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(Former name or former address, if changed since last report.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
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Exhibit Number
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Description
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99.1
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Press Release Announcing Financial Results
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PROFIRE ENERGY, INC.
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By:
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/s/ Brenton W. Hatch
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Brenton W. Hatch
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Chief Executive Officer
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·
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Total revenues of $4,990,813
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·
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Net income of $74,452 or $0.00 per diluted share
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·
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Cash and liquid investments at period-end totaled $22.7 million
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·
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Generated positive cash flow from operations of $1,845,355
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·
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Remained debt-free
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PART I. FINANCIAL INFORMATION
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Item 1 Financial Information
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PROFIRE ENERGY, INC. AND SUBSIDIARIES
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Condensed Consolidated Balance Sheets
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(Unaudited)
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As of
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ASSETS
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September 30,
2016
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March 31,
2016
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(Unaudited)
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CURRENT ASSETS
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Cash and cash equivalents
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$
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11,674,786
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$
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21,292,595
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Accounts receivable, net
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3,695,422
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4,132,137
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Inventories, net
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8,921,196
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11,046,682
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Income tax receivable
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507,526
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268,326
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Short term investments
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2,172,410
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-
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Investments - other
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3,000,000
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-
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Prepaid expenses & other current assets
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463,287
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315,757
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Total Current Assets
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30,434,627
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37,055,497
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LONG-TERM ASSETS
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Deferred tax asset
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455,504
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452,431
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Long Term Investments
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5,950,473
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-
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PROPERTY AND EQUIPMENT, net
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7,715,964
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8,232,911
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OTHER ASSETS
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Goodwill
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997,701
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997,701
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Intangible assets, net of accumulated amortization
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508,276
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529,300
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Total Other Assets
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1,505,977
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1,527,001
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TOTAL ASSETS
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$
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46,062,544
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$
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47,267,840
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES
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Accounts payable
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$
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802,218
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$
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893,822
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Accrued liabilities
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478,108
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620,783
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Income taxes payable
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-
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335,375
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Total Current Liabilities
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1,280,326
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1,849,980
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LONG-TERM LIABILITIES
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Deferred income tax liability
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558,829
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632,732
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TOTAL LIABILITIES
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1,839,155
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2,482,712
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STOCKHOLDERS' EQUITY
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Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued and outstanding
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-
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-
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Common shares: $0.001 par value, 100,000,000 shares authorized: 53,325,215 issued and 53,109,905 outstanding at September 30, 2016 and 53,256,296 issued and outstanding at March 31, 2016
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53,325
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53,256
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Treasury stock, at cost
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(261,544
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)
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-
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Additional paid-in capital
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26,617,570
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26,164,622
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Accumulated other comprehensive loss
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(2,505,050
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)
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(2,282,682
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)
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Retained earnings
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20,319,089
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20,849,932
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Total Stockholders' Equity
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44,223,390
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44,785,128
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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46,062,544
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$
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47,267,840
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PROFIRE ENERGY, INC. AND SUBSIDIARIES
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Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
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(Unaudited)
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For the
Three Months Ended
September 30,
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For the
Six Months Ended
September 30,
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2016 | 2015 | 2016 | 2015 | ||||||||||||
REVENUES
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Sales of goods, net
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$
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4,507,044
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$
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7,291,846
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$
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7,969,936
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$
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13,503,816
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Sales of services, net
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483,769
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805,448
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994,919
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1,470,721
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Total Revenues
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4,990,813
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8,097,294
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8,964,855
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14,974,537
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COST OF SALES
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Cost of goods sold-product
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1,977,658
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3,445,188
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3,690,300
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6,413,106
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Cost of goods sold-services
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388,496
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623,992
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735,645
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1,219,530
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Total Cost of Sales
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2,366,154
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4,069,180
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4,425,945
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7,632,636
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GROSS PROFIT
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2,624,659
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4,028,114
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4,538,910
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7,341,901
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OPERATING EXPENSES
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General and administrative expenses
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2,328,100
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2,919,862
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4,713,665
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6,361,000
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Research and development
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263,712
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295,146
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514,435
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599,635
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Depreciation and amortization expense
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160,216
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137,999
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319,455
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245,454
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Total Operating Expenses
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2,752,028
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3,353,007
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5,547,555
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7,206,090
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INCOME (LOSS) FROM OPERATIONS
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(127,369
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)
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675,107
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(1,008,645
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)
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135,811
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OTHER INCOME (EXPENSE)
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Gain (Loss) on sale of fixed assets
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-
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754
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(2,592
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)
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19,391
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Other income
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82,452
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352,310
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87,207
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243,320
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Interest income
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19,667
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5,517
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47,609
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26,640
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Total Other Income
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102,119
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358,581
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132,224
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289,351
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NET INCOME (LOSS) BEFORE INCOME TAXES
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(25,249
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)
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1,033,689
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(876,420
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)
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425,162
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INCOME TAX EXPENSE (BENEFIT)
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(99,701
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)
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254,781
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(345,578
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)
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105,067
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NET INCOME (LOSS)
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$
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74,452
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$
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778,907
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$
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(530,843
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)
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$
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320,095
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OTHER COMPREHENSIVE INCOME (LOSS)
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Foreign currency translation loss
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$
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(202,520
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)
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$
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(1,084,519
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)
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$
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(201,747
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)
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$
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(751,147
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)
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Unrealized losses on investments
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(20,621
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)
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-
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(20,621
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)
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-
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Total Other Comprehensive Loss
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(223,141
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)
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(1,084,519
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)
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(222,368
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)
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(751,147
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)
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TOTAL COMPREHENSIVE LOSS
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$
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(148,689
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)
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$
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(305,612
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)
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$
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(753,211
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)
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$
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(431,052
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)
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BASIC EARNINGS PER SHARE
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$
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0.00
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$
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0.01
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$
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(0.01
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)
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$
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0.01
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FULLY DILUTED EARNINGS PER SHARE
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$
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0.00
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$
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0.01
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$
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(0.01
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)
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$
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0.01
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BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
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53,215,385
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53,236,979
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53,235,747
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53,230,892
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FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
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54,091,419
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53,344,291
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53,235,747
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53,338,204
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