Plaintree Systems Inc. Announces Second Quarter Fiscal 2022 Results

Rhea-AI Summary

Plaintree Systems Inc. has reported significant growth in its fiscal 2022 financial results for the first six months ending September 30, 2021. Revenues reached $7,914,775, up from $5,049,355 in the same period last year. The company achieved a net income of $723,778, a remarkable increase from $85,283 year over year. Despite facing challenges like supply shortages and inflation, CEO David Watson expressed optimism for continued business growth.

Positive

• Revenue increased by 56% year-over-year to $7,914,775.
• Net income surged by 700% year-over-year to $723,778.
• EBITDA for the first six months was $1,472,466.

Negative

• Challenges such as supply shortages and inflation may impact future performance.

ARNPRIOR, ON / ACCESSWIRE / November 12, 2021 / Plaintree Systems Inc. (CSE:NPT) ("Plaintree" or the "Company").

Quarterly Statements for the first Two Quarters of Fiscal 2022 ending September 30, 2021.

Plaintree announced today that it has released its unaudited interim consolidated financial statements and related management discussion and analysis for the three- and six-month period ending September 30, 2021.

During the first six months of fiscal 2022 ending September 30 2021, Plaintree realized revenues from operations of $7,914,775 comparable to $5,049,355 for the same period in fiscal 2021.

Net income was $723,778 in the six-month period ending September 30, 2021, as compared to net income of $85,283 for the same period a year earlier.

"Despite supply shortages, inflation and a shortage of workers, YTD we are up 56% in sales and 700% in Net Income over the same period last year and EBITDA for the first six months of this year was $1,472,466. We are currently busy and we anticipate that this increased level of business to continue over winter", said David Watson, Plaintree CEO.

About Plaintree Systems

Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.

The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, foundations for unstable soil conditions and flood zones, for free form structures, barrel vaults, space frames and industrial dome coverings and Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.

The Electronics Division includes the legacy Hypernetics and Summit Aerospace USA Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.

Plaintree's shares are traded under the symbol "NPT". Shareholders and Investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company's website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2021 and related management discussion and analysis.

Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

For further information: Lynn Saunders, CFO (613) 623-3434 x2223

SOURCE: Plaintree Systems Inc.

View source version on accesswire.com:
https://www.accesswire.com/672473/Plaintree-Systems-Inc-Announces-Second-Quarter-Fiscal-2022-Results

FAQ

What were Plaintree Systems' revenues for the first half of fiscal 2022?

Plaintree Systems reported revenues of $7,914,775 for the first half of fiscal 2022.

What was the net income for Plaintree Systems in the first two quarters of fiscal 2022?

The net income for Plaintree Systems was $723,778 for the first two quarters of fiscal 2022.

What significant growth did Plaintree Systems report in its recent earnings?

Plaintree Systems reported a 700% increase in net income year-over-year.

What challenges is Plaintree Systems facing currently?

Plaintree Systems is facing challenges such as supply shortages and inflation affecting its operations.