Plaintree Systems Inc. Announces Third Quarter Fiscal 2023 Results
Plaintree Systems Inc. (CSE:NPT) reported strong financial results for the first three quarters of fiscal 2023, ending December 31, 2022. The company achieved revenues of $16,545,490, up from $11,025,377 in fiscal 2022, a Year-over-Year increase of 49%. Net income also rose significantly to $1,390,041 compared to $164,230 in the prior year. Despite these positive figures, the CEO mentioned challenges, including supply chain issues affecting Elmira Stove Works' shipments due to its recent acquisition. The company operates in specialty structures and applied electronics sectors.
- Revenue increased by 49% YoY to $16,545,490.
- Net income surged to $1,390,041, up from $164,230 YoY.
- Supply chain issues negatively impacted shipments from Elmira Stove Works.
ARNPRIOR, ON / ACCESSWIRE / February 23, 2023 / Plaintree Systems Inc. (CSE:NPT) ("Plaintree" or the "Company").
Quarterly Statements for the first Three Quarters of Fiscal 2023 ending December 31, 2022.
Plaintree announced today that it has released its unaudited interim consolidated financial statements and related management discussions and analysis for the three and nine months ending December 31, 2022.
During the first nine months of fiscal 2023 ending December 31 2022, Plaintree realized revenues from operations of
Net income was
"Plaintree is pleased to post these respectful numbers despite the costs incurred with moving and setting up our latest acquisition, namely Elmira Stove Works Inc." said David Watson, Plaintree CEO. In fact the figures would have even been better if it were not for the continuing supply chain issues that plague the appliance market which have had a big impact on Elmira's shipments."
About Plaintree Systems
Plaintree has two diversified product lines consisting of Specialty Structures and Applied Electronics.
The Specialty Structures Division includes the 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 Applied Electronics Division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Elmira Stove Works 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. Elmira Stove Works Inc a manufacturer of high-end heritage and retro-styled kitchen appliances under the brand names "Northstar", "Fireview" and "Heritage".
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, 2022 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/740537/Plaintree-Systems-Inc-Announces-Third-Quarter-Fiscal-2023-Results
FAQ
What were Plaintree Systems' earnings results for the third quarter of fiscal 2023?
What factors affected Plaintree Systems' recent financial results?
Has Plaintree Systems provided any guidance for future quarters?
