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Profire Energy, Inc. (NASDAQ: PFIE) is a leading oilfield technology company based in Lindon, Utah, with additional offices in Houston, Texas, and Edmonton, Alberta, Canada. Profire Energy is dedicated to enhancing the efficiency, safety, and reliability of industrial combustion appliances used in the oil and gas industry. The company specializes in burner-management systems (BMS), which are critical for the safe and efficient operation of natural-draft fire tube vessels.
Profire Energy’s products are designed to help energy production companies comply with stringent EPA standards, ensure employee safety, and improve operational margins. Their BMS solutions have become a staple in the industry, contributing significantly to the overall safety and efficiency of oil and gas operations.
In addition to BMS, Profire Energy offers a range of complementary oilfield products, addressing various needs within the energy sector. The company operates primarily in the United States and Canada, with the majority of its revenue generated from the U.S. market.
Recent achievements highlight Profire Energy’s sustained momentum and growth. The company reported its best six-month revenue and net income in its history for the second quarter of 2023. Total revenues equaled $14.4 million, with a gross profit of $7.4 million, reflecting a year-over-year increase driven by ongoing customer demand and diversification efforts. Notably, the company achieved the highest quarterly net income and EBITDA in its history.
Profire Energy’s strategic focus includes a strong emphasis on diversification, particularly within the renewable natural gas sector. The company has completed multiple installations for various industries, including food and beverage, industrials, and landfill customers, which are part of their broader Critical Energy Infrastructure segment.
Financially, Profire Energy remains robust. For the third quarter of 2023, the company reported revenues of $14.8 million, a gross profit of $7.5 million, and operating expenses of $4.9 million. The net income for the quarter was $2.0 million, demonstrating consistent performance and growth. The company's balance sheet remains strong, with cash and liquid investments totaling $20.0 million at the end of 2023, and the company continues to operate debt-free.
Profire Energy’s forward-looking strategy includes further diversification of its revenue streams and the implementation of tax planning strategies that have significantly benefited the company’s financial performance. The company’s commitment to delivering long-term value to shareholders is evident in its plans for share repurchases and strategic investments in growth opportunities.
For more information about Profire Energy’s products and services, please visit their website at www.profireenergy.com.
Profire Energy, Inc. (NASDAQ: PFIE) will hold a conference call on May 6, 2021, at 1:00 p.m. ET to discuss its first-quarter financial results for the period ending March 31, 2021. The results are expected to be filed with the SEC and announced before the call. Co-CEOs Ryan Oviatt and Cameron Tidball will lead the presentation, followed by a Q&A session. Interested parties can join the call via phone or online, with a replay available for a limited time afterward. Further details, including dial-in numbers, are provided in the release.
Profire Energy, Inc. (NASDAQ: PFIE) has announced a strategic distribution agreement with Spartan Controls Ltd. to enhance its reach in Western Canada. This partnership aims to solidify customer relationships and expand sales capabilities in industrial combustion markets. Furthermore, Profire has entered into a partnership with ECI to strengthen its presence in the Northeast. These alliances are part of Profire’s growth strategy to diversify its market engagement and improve business opportunities as economies recover from the pandemic.
Profire Energy, a technology leader improving industrial combustion efficiency, safety, and reliability, will participate in the Virtual 33rd Annual ROTH Conference from March 15-17, 2021. Co-CEOs Ryan Oviatt and Cameron Tidball will hold virtual one-on-one meetings during the event. The company is focused on the oil and gas industry's upstream, midstream, and downstream sectors, and is exploring applications in other industries. Profire Energy is headquartered in Lindon, Utah, with operations across North America.
Profire Energy (NASDAQ: PFIE) reported its fourth quarter and full-year results for 2020, revealing a net income of $55,918 and operating cash flow of $141,723. Fourth quarter revenues reached $5.7 million, up from $4.0 million in the previous quarter but down from $8.1 million year-over-year. Full-year revenues totaled $21.5 million, significantly lower than the prior year’s $39.0 million due to the impacts of the COVID-19 pandemic and declining oil prices. The company remains debt-free with cash and liquid investments of over $17.6 million.
Profire Energy, Inc. (PFIE) announced a conference call on March 11, 2021, at 1:00 p.m. ET to discuss its fourth quarter and full year 2020 results. Financial results will be filed with the SEC and a press release will precede the call. Co-CEOs Ryan Oviatt and Cameron Tidball will lead the discussion, followed by a Q&A session. Attendees can join via dial-in or web link. A replay will be available through March 25, 2021. Profire Energy specializes in burner and chemical management solutions for the oil and gas sector, focusing on safety and compliance.
Profire Energy, Inc. (NASDAQ: PFIE) reported its third-quarter results for the period ending September 30, 2020, revealing revenue of $4.0 million, a decline from $4.4 million in Q2 2020 and $9.9 million year-over-year. The company experienced a net loss of $1.1 million or ($0.02) per share, consistent with the previous quarter. The gross profit stood at $1.5 million, a decrease in gross margin to 38.0%. Despite ongoing cost control measures, the company faces challenges due to COVID-19 and a 27% drop in average oil prices.
Profire Energy, Inc. (PFIE) announces a conference call for November 10, 2020, at 1:00 p.m. ET to discuss its third-quarter financial results for 2020, ending September 30. Co-CEOs Ryan Oviatt and Cameron Tidball will present results followed by a Q&A session. Financial results will be publicly filed with the SEC and detailed in a press release before the call. For participants, toll-free and international dial-in numbers are provided, along with a link for live webcasting and replay options.
Profire Energy (NASDAQ: PFIE) reported Q2 2020 results showing a net loss of $808,503 or ($0.02) per share on revenues of $4.4 million. This represents a decline from $7.4 million in Q1 2020 and $10.1 million year-over-year, reflecting significant impacts from the COVID-19 pandemic and oil price drops. Gross profit stood at $2.1 million with a margin of 47.9%. Operating expenses decreased to $3.2 million. Cash and investments remain strong at $18.1 million, maintaining a debt-free status.
Profire Energy (Nasdaq: PFIE) announced the resignation of Arlen B. Crouch from its Board of Directors, effective August 3, 2020. Crouch has served since 2013. Concurrently, Colleen Larkin Bell has been appointed to the Board, bringing 30 years of experience in the natural gas and energy sector. Her prior roles include Vice President at Dominion Energy and General Counsel at Questar Corporation. The leadership believes Bell's expertise will enhance Profire's capacity to adapt to market conditions and drive future growth in safety and efficiency for energy production.
Profire Energy, Inc. (Nasdaq: PFIE) will hold a conference call on August 6, 2020, at 1:00 p.m. ET to discuss its 2020 second quarter results ending June 30, 2020.
Co-CEOs Ryan Oviatt and Cameron Tidball will present, followed by a Q&A session. Attendance details include a toll-free number and a live webcast available for replay for one year. Profire Energy, dedicated to enhancing oil and gas safety and efficiency, underscores its burner management solutions. The company's financial results will precede the call with a report to the Securities and Exchange Commission.
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