(Exact name of registrant as specified in its charter) | ||||||||||||||
(State or other jurisdiction of incorporation) | Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | ||||||||||||||
(Zip code) | ||||||||||||||
(Registrant’s telephone number, including area code) | ||||||||||||||
N/A | ||||||||||||||
(Former name or former address, if changed since last report.) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
Exhibit Number | Description | |||||||
Press Release Announcing Financial Results | ||||||||
104.0 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
PROFIRE ENERGY, INC. | ||||||||
Date: | By: | /s/ Ryan W. Oviatt | ||||||
November 8, 2023 | Ryan W. Oviatt | |||||||
Co-Chief Executive Officer |
9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||
EBITDA Calculation: | 3 months | 3 months | 9 Months | 9 Months | ||||||||||
Net Income | $ 2,039,390 | $ 1,210,748 | $ 7,486,168 | $ 2,122,738 | ||||||||||
add back net income tax expense | $ 611,008 | $ 958,300 | $ 2,061,851 | $ 1,145,919 | ||||||||||
add back net interest expense | $ (69,727) | $ (44,029) | $ (249,641) | $ (67,572) | ||||||||||
add back depreciation and amortization | $ 274,208 | $ 272,204 | $ 822,204 | $ 831,036 | ||||||||||
EBITDA calculated | $ 2,854,879 | $ 2,397,223 | $ 10,120,582 | $ 4,032,121 |
PROFIRE ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
As of | ||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
ASSETS | (Unaudited) | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and cash equivalents | $ 8,338,863 | $ 7,384,578 | ||||||||||||
Short-term investments | 2,795,040 | 1,154,284 | ||||||||||||
Accounts receivable, net | 13,253,470 | 10,886,145 | ||||||||||||
Inventories, net (note 3) | 13,531,652 | 10,293,980 | ||||||||||||
Prepaid expenses and other current assets (note 4) | 2,744,172 | 2,314,639 | ||||||||||||
Total Current Assets | 40,663,197 | 32,033,626 | ||||||||||||
LONG-TERM ASSETS | ||||||||||||||
Long-term investments | 6,220,703 | 7,503,419 | ||||||||||||
Financing lease right-of-use asset | 136,332 | 120,239 | ||||||||||||
Property and equipment, net | 10,650,384 | 10,423,964 | ||||||||||||
Intangible assets, net | 1,143,480 | 1,268,907 | ||||||||||||
Goodwill | 2,579,381 | 2,579,381 | ||||||||||||
Total Long-Term Assets | 20,730,280 | 21,895,910 | ||||||||||||
TOTAL ASSETS | $ 61,393,477 | $ 53,929,536 | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Accounts payable | $ 1,193,876 | $ 2,955,506 | ||||||||||||
Accrued liabilities (note 5) | 3,760,890 | 3,573,994 | ||||||||||||
Current financing lease liability (note 6) | 65,321 | 53,646 | ||||||||||||
Income taxes payable | 669,431 | 205,169 | ||||||||||||
Total Current Liabilities | 5,689,518 | 6,788,315 | ||||||||||||
LONG-TERM LIABILITIES | ||||||||||||||
Net deferred income tax liability | 955,256 | 488,858 | ||||||||||||
Long-term financing lease liability (note 6) | 74,495 | 67,883 | ||||||||||||
TOTAL LIABILITIES | 6,719,269 | 7,345,056 | ||||||||||||
STOCKHOLDERS' EQUITY (note 7) | ||||||||||||||
Preferred stock: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding | — | — | ||||||||||||
Common stock: $0.001 par value, 100,000,000 shares authorized: 52,949,566 issued and 47,671,720 outstanding at September 30, 2023, and 52,143,901 issued and 47,105,771 outstanding at December 31, 2022 | 52,952 | 52,144 | ||||||||||||
Treasury stock, at cost | (7,675,637) | (7,336,323) | ||||||||||||
Additional paid-in capital | 32,734,069 | 31,737,843 | ||||||||||||
Accumulated other comprehensive loss | (3,349,033) | (3,294,873) | ||||||||||||
Retained earnings | 32,911,857 | 25,425,689 | ||||||||||||
TOTAL STOCKHOLDERS' EQUITY | 54,674,208 | 46,584,480 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 61,393,477 | $ 53,929,536 |
PROFIRE ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(See Note 1) | (See Note 1) | |||||||||||||||||||||||||
REVENUES (note 8) | ||||||||||||||||||||||||||
Sales of products, net | $ 13,970,065 | $ 11,895,881 | $ 41,201,461 | $ 29,634,986 | ||||||||||||||||||||||
Sales of services, net | 858,871 | 933,457 | 2,624,514 | 2,330,639 | ||||||||||||||||||||||
Total Revenues | 14,828,936 | 12,829,338 | 43,825,975 | 31,965,625 | ||||||||||||||||||||||
COST OF SALES | ||||||||||||||||||||||||||
Cost of sales - products | 6,551,986 | 5,960,311 | 18,796,499 | 14,873,075 | ||||||||||||||||||||||
Cost of sales - services | 799,866 | 750,151 | 2,304,838 | 2,013,825 | ||||||||||||||||||||||
Total Cost of Sales | 7,351,852 | 6,710,462 | 21,101,337 | 16,886,900 | ||||||||||||||||||||||
GROSS PROFIT | 7,477,084 | 6,118,876 | 22,724,638 | 15,078,725 | ||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||
General and administrative | 4,572,460 | 3,538,541 | 12,487,783 | 10,878,734 | ||||||||||||||||||||||
Research and development | 215,359 | 309,566 | 734,894 | 818,823 | ||||||||||||||||||||||
Depreciation and amortization | 145,662 | 152,876 | 428,644 | 479,473 | ||||||||||||||||||||||
Total Operating Expenses | 4,933,481 | 4,000,983 | 13,651,321 | 12,177,030 | ||||||||||||||||||||||
INCOME FROM OPERATIONS | 2,543,603 | 2,117,893 | 9,073,317 | 2,901,695 | ||||||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||||
Gain on sale of assets | 17,350 | 12,887 | 251,768 | 323,570 | ||||||||||||||||||||||
Other expense | 19,718 | (5,761) | (26,704) | (24,180) | ||||||||||||||||||||||
Interest income | 74,165 | 45,107 | 255,865 | 86,959 | ||||||||||||||||||||||
Interest expense | (4,438) | (1,078) | (6,226) | (19,387) | ||||||||||||||||||||||
Total Other Income | 106,795 | 51,155 | 474,703 | 366,962 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 2,650,398 | 2,169,048 | 9,548,020 | 3,268,657 | ||||||||||||||||||||||
INCOME TAX EXPENSE | (611,008) | (958,300) | (2,061,851) | (1,145,919) | ||||||||||||||||||||||
NET INCOME | $ 2,039,390 | $ 1,210,748 | $ 7,486,169 | $ 2,122,738 | ||||||||||||||||||||||
OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||||
Foreign currency translation loss | $ (301,642) | $ (591,282) | $ (28,838) | $ (723,209) | ||||||||||||||||||||||
Unrealized losses on investments | (71,193) | (172,802) | (25,322) | (594,596) | ||||||||||||||||||||||
Total Other Comprehensive Loss | (372,835) | (764,084) | (54,160) | (1,317,805) | ||||||||||||||||||||||
COMPREHENSIVE INCOME | $ 1,666,555 | $ 446,664 | $ 7,432,009 | $ 804,933 | ||||||||||||||||||||||
BASIC EARNINGS PER SHARE | $ 0.04 | $ 0.03 | $ 0.16 | $ 0.04 | ||||||||||||||||||||||
FULLY DILUTED EARNINGS PER SHARE | $ 0.04 | $ 0.02 | $ 0.15 | $ 0.04 | ||||||||||||||||||||||
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING | 47,521,238 | 47,036,012 | 47,364,445 | 47,201,611 | ||||||||||||||||||||||
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING | 49,504,024 | 48,558,207 | 49,314,304 | 48,761,346 |
PROFIRE ENERGY, INC. AND SUBSIDIARIES | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
For the Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ 7,486,169 | $ 2,122,738 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 822,204 | 831,036 | |||||||||
Gain on sale of property and equipment | (251,768) | (323,570) | |||||||||
Bad debt expense | 420,883 | 40,948 | |||||||||
Stock awards issued for services | 878,392 | 605,955 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (2,360,696) | (2,620,155) | |||||||||
Income taxes receivable/payable | 464,256 | 1,130,931 | |||||||||
Inventories | (3,245,588) | (3,190,546) | |||||||||
Prepaid expenses and other current assets | (437,023) | (1,668,442) | |||||||||
Deferred tax asset/liability | 466,398 | 307,663 | |||||||||
Accounts payable and accrued liabilities | (1,574,995) | 1,566,810 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 2,668,232 | (1,196,632) | |||||||||
INVESTING ACTIVITIES | |||||||||||
Proceeds from sale of property and equipment | 328,350 | 549,574 | |||||||||
Purchase of investments | (383,520) | (133,371) | |||||||||
Purchase of property and equipment | (974,070) | (370,791) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (1,029,240) | 45,412 | |||||||||
FINANCING ACTIVITIES | |||||||||||
Value of equity awards surrendered by employees for tax liability | (502,307) | (94,802) | |||||||||
Cash received in exercise of stock options | 178,195 | 31,084 | |||||||||
Purchase of treasury stock | (339,313) | (1,228,731) | |||||||||
Principal paid toward lease liability | (26,617) | (28,145) | |||||||||
Net Cash Used in Financing Activities | (690,042) | (1,320,594) | |||||||||
Effect of exchange rate changes on cash | 5,335 | (76,591) | |||||||||
NET CHANGE IN CASH | 954,285 | (2,548,405) | |||||||||
CASH AT BEGINNING OF PERIOD | 7,384,578 | 8,188,270 | |||||||||
CASH AT END OF PERIOD | $ 8,338,863 | $ 5,639,865 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
CASH PAID FOR: | |||||||||||
Interest | $ 6,227 | $ 2,331 | |||||||||
Income taxes | $ 1,126,750 | $ 21,000 | |||||||||
NON-CASH FINANCING AND INVESTING ACTIVITIES | |||||||||||
Common stock issued in settlement of accrued bonuses | $ 378,526 | $ 212,787 |
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Cover |
Nov. 02, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 08, 2023 |
Entity Registrant Name | PROFIRE ENERGY, INC. |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 001-36378 |
Entity Tax Identification Number | 20-0019425 |
Entity Address, Address Line One | 321 South 1250 West |
Entity Address, Address Line Two | Suite 1 |
Entity Address, City or Town | Lindon |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84042 |
City Area Code | 801 |
Local Phone Number | 796-5127 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common, $0.001 Par Value |
Trading Symbol | PFIE |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001289636 |
Amendment Flag | false |
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