Profire Energy Announces Preliminary Third Quarter 2022 Revenue Range of $12.5 to $12.7 Million
October 10 2022 - 9:00AM
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
announced, after a preliminary review of its third quarter 2022
results, revenue is estimated to be between $12.5 million and $12.7
million, compared to $9.6 million in the second quarter of 2022.
Revenue related to the company’s diversification efforts is
expected to double on a sequential quarterly basis to approximately
$1 million, or roughly 8% of revenue. These revenue estimates, and
the finalization of net income, EBITDA, and other financial data
for the third quarter of 2022, are subject to completion of the
company’s quarterly close and review procedures which are still on
going.
“We are pleased with our preliminary third-quarter revenues
which, despite market turbulence, demonstrate the necessity of
Profire solutions in the oil and gas industry,” said Ryan Oviatt,
Co-Chief Executive Officer and Chief Financial Officer. “Our sales
order activity and pipeline remain strong as we continue to execute
on our strategy, which includes among many things, being a
technology leader within the oil and gas industry.”
“We continue to focus on the enablement and improvement of
on-site automation of combustion appliances. Our solutions play an
integral role improving safety and efficiency while supporting our
customers in meeting their regulatory and emissions requirements.
Our diversification efforts continue to gain traction in larger
midstream plants and facilities as well as in our pursuits of
non-oil and gas combustion applications,” said Cameron Tidball,
Co-Chief Executive Officer. “Recognizing $1 million in revenue from
these initiatives in the quarter is a meaningful achievement for
the Company and we anticipate reporting additional progress in the
future.”
The Company plans to report its full third quarter results and
host its earnings conference call in the first week of November.
Details for the call and webcast will be announced in late October.
In addition, management will present at the Dawson James Securities
Small Cap Growth Conference at 2:00 pm ET on October 12, 2022 at
the Wyndham Grand Hotel in Jupiter, Florida. A webcast of the
presentation is available at https://ir.profireenergy.com.
Investors who would like to schedule a meeting at the conference
should contact their Dawson James representative.
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, the Company has commenced identifying
applications in other industries where their solutions can likely
add value. 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; Homer,
Pennsylvania; 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 revenues for the third
quarter of 2022, the Company’s expectation that revenue will
continue to grow from its diversification efforts, and the
Company’s anticipation that customers will continue to increase
their interest in midstream products and non-oil and gas
applications. 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 and CFO(801) 796-5127
Three Part AdvisorsSteven Hooser,
Partner214-872-2710
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