Profire Energy Reports Financial Results for Second Quarter 2024
Profire Energy (NASDAQ: PFIE) reported strong financial results for Q2 2024, with revenue reaching $15.2 million, the second-highest quarterly revenue in company history. Gross profit increased to $7.9 million, with a gross margin of 51.8%. Net income was $2.1 million, or $0.04 per diluted share. The company's diversification efforts contributed 15% of total revenue for the quarter.
Key highlights include:
- Cash and investments of $18.4 million with no debt
- EBITDA of $3.0 million
- Total operating expenses of $5.3 million
- Strong outlook for energy derived from hydrocarbon production
The company remains optimistic about its future prospects and ability to deliver long-term shareholder value.
Profire Energy (NASDAQ: PFIE) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con ricavi che hanno raggiunto 15,2 milioni di dollari, il secondo ricavo trimestrale più alto nella storia dell'azienda. Il profitto lordo è aumentato a 7,9 milioni di dollari, con un margine lordo del 51,8%. Il reddito netto è stato di 2,1 milioni di dollari, ovvero 0,04 dollari per azione diluita. Gli sforzi di diversificazione dell'azienda hanno contribuito per il 15% al fatturato totale del trimestre.
Tra i punti salienti ci sono:
- Disponibilità liquide e investimenti di 18,4 milioni di dollari senza debiti
- EBITDA di 3,0 milioni di dollari
- Spese operative totali di 5,3 milioni di dollari
- Prospettive promettenti per l'energia derivante dalla produzione di idrocarburi
L'azienda rimane ottimista riguardo alle sue prospettive future e alla capacità di generare valore per gli azionisti a lungo termine.
Profire Energy (NASDAQ: PFIE) reportó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos que alcanzaron los 15,2 millones de dólares, el segundo ingreso trimestral más alto en la historia de la empresa. La ganancia bruta aumentó a 7,9 millones de dólares, con un margen bruto del 51,8%. El ingreso neto fue de 2,1 millones de dólares, o 0,04 dólares por acción diluida. Los esfuerzos de diversificación de la empresa contribuyeron con el 15% de los ingresos totales del trimestre.
Los puntos destacados incluyen:
- Liquidez e inversiones de 18,4 millones de dólares sin deudas
- EBITDA de 3,0 millones de dólares
- Gastos operativos totales de 5,3 millones de dólares
- Perspectivas sólidas para la energía derivada de la producción de hidrocarburos
La empresa se muestra optimista respecto a sus perspectivas futuras y su capacidad para generar valor a largo plazo para los accionistas.
Profire Energy (NASDAQ: PFIE)는 2024년 2분기에 1,520만 달러의 수익을 기록하며 회사 역사상 두 번째로 높은 분기 수익을 보고했습니다. 총 이익은 790만 달러로 증가했으며, 총 이익률은 51.8%입니다. 순이익은 210만 달러, 희석 주당 0.04달러입니다. 회사의 다각화 노력은 분기 총 수익의 15%를 차지했습니다.
주요 사항은 다음과 같습니다:
- 부채 없는 1,840만 달러의 현금 및 투자
- EBITDA는 300만 달러
- 총 운영비용은 530만 달러
- 탄화수소 생산에 기반한 에너지의 강력한 전망
회사는 미래 전망과 장기적으로 주주 가치를 창출할 수 있는 능력에 대해 낙관적입니다.
Profire Energy (NASDAQ: PFIE) a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec des revenus atteignant 15,2 millions de dollars, le deuxième revenu trimestriel le plus élevé de l'histoire de l'entreprise. Le bénéfice brut a augmenté à 7,9 millions de dollars, avec une marge brute de 51,8%. Le revenu net était de 2,1 millions de dollars, soit 0,04 dollar par action diluée. Les efforts de diversification de l'entreprise ont contribué à 15% des revenus totaux du trimestre.
Les points saillants incluent :
- Trésorerie et investissements de 18,4 millions de dollars sans dettes
- EBITDA de 3,0 millions de dollars
- Dépenses d'exploitation totales de 5,3 millions de dollars
- Perspectives favorables pour l'énergie issue de la production d'hydrocarbures
L'entreprise reste optimiste quant à ses perspectives d'avenir et sa capacité à créer de la valeur à long terme pour les actionnaires.
Profire Energy (NASDAQ: PFIE) hat für das zweite Quartal 2024 starke Finanzergebnisse gemeldet, mit einem Umsatz von 15,2 Millionen US-Dollar, dem zweithöchsten Quartalsumsatz in der Unternehmensgeschichte. Der Bruttogewinn stieg auf 7,9 Millionen US-Dollar, mit einer Bruttomarge von 51,8%. Der Nettogewinn betrug 2,1 Millionen US-Dollar oder 0,04 US-Dollar pro verwässerter Aktie. Die Diversifizierungsbemühungen des Unternehmens trugen 15% zum Gesamtumsatz des Quartals bei.
Wichtige Highlights sind:
- Barmittel und Investitionen von 18,4 Millionen US-Dollar ohne Schulden
- EBITDA von 3,0 Millionen US-Dollar
- Gesamte Betriebskosten von 5,3 Millionen US-Dollar
- Starke Aussichten für Energie aus Kohlenwasserstoffproduktion
Das Unternehmen bleibt optimistisch hinsichtlich seiner zukünftigen Perspektiven und der Fähigkeit, langfristigen Wert für die Aktionäre zu schaffen.
- Revenue increased to $15.2 million, the second-highest quarterly revenue in company history
- Gross profit rose to $7.9 million with a 90 basis point increase in gross margin to 51.8%
- Diversification efforts contributed 15% of total revenue for the quarter
- Cash and investments of $18.4 million with no debt
- Strong outlook for energy derived from hydrocarbon production
- Net income decreased to $2.1 million ($0.04 per diluted share) from $2.9 million ($0.06 per diluted share) in the prior-year quarter
- EBITDA decreased to $3.0 million from $3.7 million in the prior-year quarter
- Total operating expenses increased to $5.3 million from $4.2 million in the prior-year quarter
Insights
Profire Energy's Q2 2024 results demonstrate solid performance with revenue of
Profire Energy's Q2 results reflect a positive industry outlook for hydrocarbon-based energy production. The company's diversification strategy, contributing
Company Reports Second Highest Quarterly Revenue in Company History
LINDON, Utah, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the "Company") that provides solutions which enhance the efficiency, safety, and reliability of industrial combustion appliances, today reported financial results for its second quarter ending June 30, 2024. A conference call will be held on Thursday, August 8, 2024 at 8:30 a.m. ET to discuss the results.
Second Quarter Summary (comparisons to prior-year quarter)
- Revenue of
$15.2 million , compared to$14.6 million - Gross profit of
$7.9 million , compared to$7.4 million - Gross margin increased by 90 basis points to
51.8% - Net income of
$2.1 million , or$0.04 per diluted share, versus$2.9 million and$0.06 - Generated EBITDA of
$3.0 million , versus$3.7 million - Cash and investments of
$18.4 million with no debt
"We reported another very successful quarter, highlighted by the second highest quarterly revenue in company history, further progress across our diversification strategy, and maintaining momentum within our legacy business," said Ryan Oviatt, co-CEO and Chief Financial Officer of Profire Energy. "We increased our cash balance while building our inventory and repurchasing shares, and continue to remain debt-free."
Second Quarter 2024 Financial Results
Total revenues for the period equaled
Gross profit was
Total operating expenses were
Compared with the same quarter last year, operating expenses for G&A increased
Net income was
"Our diversification efforts continue to be a critical component of our growth strategy, representing
Conference Call
Profire Energy Executives will host the call, followed by a question-and-answer period.
Date: Thursday, August 8, 2024
Time: 8:30 a.m. ET (6:30 a.m. MT)
Toll-free dial-in number: 1-800-225-9448
International dial-in number: 1-203-518-9708
Conference ID: PROFIRE
The conference call will be webcast live and available for replay via this link: https://viavid.webcasts.com/starthere.jsp?ei=1653744&tp_key=6e0824482a
The webcast replay will be available for one year.
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting the conference call, please contact Athena Kefalas at 1-801-796-8969.
A replay of the call will be available via the dial-in numbers below after 1:00 p.m. ET on the same day through August 22, 2024.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay Pin Number: 11156393
About Profire Energy, Inc.
Profire Energy is a technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances while mitigating potential environmental impacts related to the operation of these devices. It is primarily focused in the upstream, midstream, and downstream transmission segments of the oil and gas industry. However, in recent years, we have completed many installations of our burner-management solutions in other industries that we believe will be applicable as we expand our addressable market over time. Profire specializes in the engineering and design of burner and combustion management systems and solutions used on a variety of natural and forced draft applications. Its products and services are sold primarily throughout North America. It has an experienced team of sales and service professionals that are strategically positioned across the United States and Canada. Profire has offices in Lindon, Utah; Victoria, Texas; Midland-Odessa, Texas; Homer, Pennsylvania; Greeley, Colorado; Millersburg, Ohio; and Acheson, 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 Company’s expected growth and the Company’s expected revenues from diversification opportunities. 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 and 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.
Ryan Oviatt, Co-CEO & CFO
(801) 796-5127
Three Part Advisors
Steven Hooser, Partner
John Beisler, Managing Director
214-872-2710
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use this non-GAAP financial measure for financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. We believe this non-GAAP financial measure is useful to investors both because it allows for greater transparency with respect to key metrics used by management in its financial and operational decision making.
The Following is a tabular presentation of EBITDA, including a reconciliation to net income which the Company believes to be the most directly comparable US GAAP financial measure.
| 6/30/2024 | 6/30/2023 | ||
| EBITDA Calculation: | 3 months | 3 months | |
| Net Income | |||
| add back net income tax expense | |||
| add back net interest expense | |||
| add back depreciation and amortization | |||
| EBITDA calculated | |||
| PROFIRE ENERGY, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| As of | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | (Unaudited) | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 8,920,732 | $ | 10,767,519 | ||||
| Short-term investments | 3,633,333 | 2,799,539 | ||||||
| Accounts receivable, net | 14,158,647 | 14,013,740 | ||||||
| Inventories, net (note 3) | 16,059,628 | 14,059,656 | ||||||
| Prepaid expenses and other current assets (note 4) | 3,041,359 | 2,832,262 | ||||||
| Total Current Assets | 45,813,699 | 44,472,716 | ||||||
| LONG-TERM ASSETS | ||||||||
| Net deferred tax asset | 489,360 | 496,785 | ||||||
| Long-term investments | 5,888,449 | 6,425,582 | ||||||
| Lease right-of-use asset (note 6) | 406,852 | 432,907 | ||||||
| Property and equipment, net | 11,194,296 | 10,782,372 | ||||||
| Intangible assets, net | 1,025,345 | 1,104,102 | ||||||
| Goodwill | 2,579,381 | 2,579,381 | ||||||
| Total Long-Term Assets | 21,583,683 | 21,821,129 | ||||||
| TOTAL ASSETS | $ | 67,397,382 | $ | 66,293,845 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 1,645,228 | $ | 2,699,556 | ||||
| Accrued liabilities (note 5) | 4,448,655 | 4,541,820 | ||||||
| Current lease liability (note 6) | 138,552 | 130,184 | ||||||
| Income taxes payable | 374,384 | 1,723,910 | ||||||
| Total Current Liabilities | 6,606,819 | 9,095,470 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Net deferred income tax liability | 50,705 | 52,621 | ||||||
| Long-term lease liability (note 6) | 276,186 | 307,528 | ||||||
| TOTAL LIABILITIES | 6,933,710 | 9,455,619 | ||||||
| STOCKHOLDERS' EQUITY (note 7) | ||||||||
| Preferred stock: | — | — | ||||||
| Common stock: | 53,592 | 53,048 | ||||||
| Treasury stock, at cost | (9,514,893 | ) | (9,324,272 | ) | ||||
| Additional paid-in capital | 33,375,359 | 32,751,749 | ||||||
| Accumulated other comprehensive loss | (3,149,889 | ) | (2,844,702 | ) | ||||
| Retained earnings | 39,699,503 | 36,202,403 | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 60,463,672 | 56,838,226 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 67,397,382 | $ | 66,293,845 | ||||
These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.
| PROFIRE ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||
| Condensed Consolidated Statements of Income and Comprehensive Income | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (See Note 1) | (See Note 1) | |||||||||||||||
| REVENUES (note 8) | ||||||||||||||||
| Sales of products, net | $ | 13,725,996 | $ | 13,719,559 | $ | 26,417,800 | $ | 27,477,907 | ||||||||
| Sales of services, net | 1,434,517 | 840,693 | 2,383,853 | 1,765,643 | ||||||||||||
| Total Revenues | 15,160,513 | 14,560,252 | 28,801,653 | 29,243,550 | ||||||||||||
| COST OF SALES | ||||||||||||||||
| Cost of sales - products | 6,441,389 | 6,386,849 | 12,536,394 | 12,491,024 | ||||||||||||
| Cost of sales - services | 859,550 | 758,958 | 1,648,914 | 1,504,972 | ||||||||||||
| Total Cost of Sales | 7,300,939 | 7,145,807 | 14,185,308 | 13,995,996 | ||||||||||||
| GROSS PROFIT | 7,859,574 | 7,414,445 | 14,616,345 | 15,247,554 | ||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| General and administrative | 4,817,648 | 3,857,580 | 9,372,976 | 7,967,609 | ||||||||||||
| Research and development | 300,578 | 192,864 | 615,069 | 467,253 | ||||||||||||
| Depreciation and amortization | 149,808 | 140,093 | 299,668 | 282,981 | ||||||||||||
| Total Operating Expenses | 5,268,034 | 4,190,537 | 10,287,713 | 8,717,843 | ||||||||||||
| INCOME FROM OPERATIONS | 2,591,540 | 3,223,908 | 4,328,632 | 6,529,711 | ||||||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||
| Gain on sale of property and equipment | 92,068 | 181,343 | 136,889 | 234,418 | ||||||||||||
| Other expense | 3,047 | (36,866 | ) | (20,295 | ) | (46,423 | ) | |||||||||
| Interest income | 83,347 | 123,654 | 155,244 | 181,701 | ||||||||||||
| Interest expense | (2,657 | ) | (854 | ) | (5,602 | ) | (1,787 | ) | ||||||||
| Total Other Income | 175,805 | 267,277 | 266,236 | 367,909 | ||||||||||||
| INCOME BEFORE INCOME TAXES | 2,767,345 | 3,491,185 | 4,594,868 | 6,897,620 | ||||||||||||
| INCOME TAX EXPENSE | (704,620 | ) | (634,028 | ) | (1,097,768 | ) | (1,450,842 | ) | ||||||||
| NET INCOME | $ | 2,062,725 | $ | 2,857,157 | $ | 3,497,100 | $ | 5,446,778 | ||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
| Foreign currency translation gain (loss) | $ | (126,084 | ) | $ | 278,328 | $ | (370,885 | ) | $ | 272,804 | ||||||
| Unrealized gains on investments | 54,632 | (30,416 | ) | 65,698 | 45,871 | |||||||||||
| Total Other Comprehensive Income (Loss) | (71,452 | ) | 247,912 | (305,187 | ) | 318,675 | ||||||||||
| COMPREHENSIVE INCOME | $ | 1,991,273 | $ | 3,105,069 | $ | 3,191,913 | $ | 5,765,453 | ||||||||
| BASIC EARNINGS PER SHARE | $ | 0.04 | $ | 0.06 | $ | 0.07 | $ | 0.12 | ||||||||
| FULLY DILUTED EARNINGS PER SHARE | $ | 0.04 | $ | 0.06 | $ | 0.07 | $ | 0.11 | ||||||||
| BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING | 47,119,403 | 47,393,768 | 47,002,139 | 47,284,749 | ||||||||||||
| FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING | 49,123,026 | 49,473,080 | 49,005,378 | 49,349,488 | ||||||||||||
These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.
| PROFIRE ENERGY, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| For the Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net income | $ | 3,497,100 | $ | 5,446,778 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization expense | 539,091 | 547,996 | ||||||
| Gain on sale of property and equipment | (136,889 | ) | (234,418 | ) | ||||
| Bad debt expense | 134,047 | 378,753 | ||||||
| Stock awards issued for services | 572,505 | 583,493 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (70,936 | ) | (3,034,236 | ) | ||||
| Income taxes receivable/payable | (1,344,767 | ) | 682,284 | |||||
| Inventories | (2,077,251 | ) | (2,662,032 | ) | ||||
| Prepaid expenses and other current assets | (266,714 | ) | (51,121 | ) | ||||
| Deferred tax asset/liability | 7,158 | 205,571 | ||||||
| Accounts payable and accrued liabilities | (1,069,176 | ) | (80,409 | ) | ||||
| Net Cash Provided by (Used in) Operating Activities | (215,832 | ) | 1,782,659 | |||||
| INVESTING ACTIVITIES | ||||||||
| Proceeds from sale of property and equipment | 202,553 | 309,493 | ||||||
| Purchase of investments | (230,362 | ) | (405,578 | ) | ||||
| Purchase of property and equipment | (1,069,555 | ) | (607,248 | ) | ||||
| Net Cash Used in Investing Activities | (1,097,364 | ) | (703,333 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Value of equity awards surrendered by employees for tax liability | (316,816 | ) | (248,958 | ) | ||||
| Cash received in exercise of stock options | 35,325 | 65,335 | ||||||
| Purchase of treasury stock | (190,620 | ) | (57,957 | ) | ||||
| Principal paid toward lease liability | (22,037 | ) | (13,972 | ) | ||||
| Net Cash Used in Financing Activities | (494,148 | ) | (255,552 | ) | ||||
| Effect of exchange rate changes on cash | (39,443 | ) | 37,740 | |||||
| NET CHANGE IN CASH | (1,846,787 | ) | 861,514 | |||||
| CASH AT BEGINNING OF PERIOD | 10,767,519 | 7,384,578 | ||||||
| CASH AT END OF PERIOD | $ | 8,920,732 | $ | 8,246,092 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| CASH PAID FOR: | ||||||||
| Interest | $ | 5,602 | $ | 1,787 | ||||
| Income taxes | $ | 2,457,245 | $ | 576,750 | ||||
| NON-CASH FINANCING AND INVESTING ACTIVITIES | ||||||||
| Common stock issued in settlement of accrued bonuses | $ | 324,415 | $ | 378,526 | ||||
| Common stock issued for stock options | $ | 46,131 | $ | — | ||||
These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.
FAQ
What was Profire Energy's revenue for Q2 2024?
How much did Profire Energy's (PFIE) gross profit increase in Q2 2024?
What was Profire Energy's (PFIE) net income per diluted share for Q2 2024?
How much cash and investments did Profire Energy (PFIE) have at the end of Q2 2024?
What percentage of Profire Energy's (PFIE) Q2 2024 revenue came from diversification efforts?
