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LINDON, Utah, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (OTCBB:PFIE), a technology company which manufactures, installs and services burner management systems and other combustion management technologies for the oil and gas industry, today announced that it has filed its Quarterly Report on Form 10-Q for its fiscal quarter ended December 31, 2012 with the U.S. Securities and Exchange Commission.
The company reported total revenues for the three and nine months ended December 31, 2012 of $3,541,061 and $11,597,927 (a 30% and 6% decrease, respectively, from the same periods of fiscal 2012). During the three months ended December 31, 2012 the company realized a net loss of $326,269 (compared to net income of $895,035 during the same quarter of fiscal 2012). During the nine month period ended December 31, 2012 the company realized net income of $884,596 (a 69% decrease from the same period of fiscal 2012). The company's working capital (i.e. current assets less current liabilities) increased from $6,348,108 at December 31, 2011 to $7,411,662 at December 31, 2012.
"The mixed nature of our Q3 financial results was expected by company management, given the number of long-term investments made in the quarter," said Andrew Limpert, chief financial officer of Profire. "Historically, we have had periods of concentrated investment and periods of concentrated return, which is largely due to our historical commitment to finance operations with organic cash flow. As we continue to grow, we anticipate the amounts we invest to increase, as we anticipate the corresponding returns to increase. Over time, this critical mass should yield decreased volatility in our quarterly financial results."
Speaking to the context of the quarter's results, Limpert continued:
"We anticipate a strong finish to fiscal 2013 and a strong year of financial opportunity in fiscal 2014 as we leverage these investments. We have already started seeing returns on past investments in value-adding personnel, as this quarter saw a decrease in total cost of goods sold (COGS) as a percentage of total revenues from 56% to 39%, in Q3 of FY2012. This increase in margin is largely due to hiring experienced supply chain personnel to source and order parts efficiently, and manage inventory efficiently."