U.S. markets open in 2 hours 27 minutes

Profire Energy, Inc. (PFIE)

NasdaqCM - NasdaqCM Real Time Price. Currency in USD
Add to watchlist
0.6600-0.0296 (-4.29%)
At close: 4:00PM EDT
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Bearishpattern detected
Commodity Channel Index

Commodity Channel Index

Previous Close0.6896
Open0.6600
Bid0.0000 x 900
Ask0.9380 x 900
Day's Range0.6400 - 0.6866
52 Week Range0.6250 - 1.8400
Volume112,683
Avg. Volume116,176
Market Cap31.623M
Beta (5Y Monthly)1.31
PE Ratio (TTM)N/A
EPS (TTM)-0.0400
Earnings DateAug 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est3.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Overvalued
-17% Est. Return
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
View more
  • GlobeNewswire

    Profire Energy Reports Financial Results for Second Quarter 2020

    LINDON, Utah, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the "Company") which creates, installs and services burner management solutions in the oil and gas industry, today reported financial results for its second quarter ending June 30, 2020. A conference call will be held on Thursday, August 6, 2020 at 1:00 p.m. ET to discuss the results. Second Quarter Summary * Recognized revenue of $4.4 million * Realized gross profit of $2.1 million or 47.9% of total revenues * Net loss of $808,503 or ($0.02) per share * Cash and liquid investments of $18.1 million and remained debt-free“Our second quarter results reflect both a full quarter’s impact of the COVID-19 global pandemic, which significantly reduced demand across the oil and gas industry, and the fallout of the price war between Russia and OPEC, which caused oil futures to turn negative for the first time in history,” said Ryan Oviatt, Co-CEO and CFO of Profire Energy. “We responded quickly to these events by reducing expenses and adjusting the cost structure of our organization during the quarter. These actions are reflected in our results through the sequential improvement in gross margin and a nearly $600,000 reduction in operating expenses from the first quarter, while maintaining our strong balance sheet.”Second Quarter 2020 Financial ResultsTotal revenues for the period equaled $4.4 million, compared to $7.4 million in the first quarter of 2020, and $10.1 million in the same period a year ago. The second quarter’s results reflect the full impact of COVID-19 on consumer demand compared to just a few weeks in the first quarter, as well as a 53% drop in the average oil price during the same period, due in part to a significant price war between Russia and OPEC in the first month of the quarter.Gross profit was $2.1 million, compared to $3.2 million in the first quarter of 2020 and $5.2 million in the year-ago quarter. Gross margin was 47.9% of revenues, compared to 42.5% of revenues in previous quarter and 51.2% of revenues in the first quarter of 2019. The sequential gross margin improvement was driven by actions taken during the quarter to adjust the cost structure of the company.Total operating expenses were $3.2 million, compared to $3.8 million in prior quarter and $4.2 million in the same period a year ago. The sequential and year-over-year decreases reflect ongoing cost control measures in response to COVID-19 and the ongoing supply and demand imbalance within the oil markets.Compared with the same quarter last year, operating expenses for G&A decreased 23%, R&D decreased 55% and depreciation increased by 63%.Net loss was $808,503 or ($0.02) per share, compared to a net loss of $365,264, or ($0.01) in the first quarter of 2020, and net income of $1.0 million or $0.02 per diluted share in the same quarter last year.Cash and investments totaled $18.1 million at June 30, 2020 compared to $18.6 million at the end of 2019, and the Company continues to operate debt-free.  Capital expenditures for the quarter were $469,000.   Working capital as of June 30, 2020 was $23.4 million, compared to $22.9 million at the end of 2019.“Despite turbulent times in our industry, we continue to add customers who recognize the value our solutions bring in improving safety and efficiency,” said Cameron Tidball, Co-CEO of Profire Energy. “We will continue to investigate and analyze opportunities to diversify our offerings, including the evaluation of select strategic acquisition targets that provide complementary solutions or have the potential to expand our customer base, that may arise through the disruption of the markets.”Conference CallProfire Energy Executives will host the call, followed by a question and answer period. Date: Thursday, August 6, 2020 Time: 1:00 p.m. ET (11:00 a.m. MT) Toll-free dial-in number: 1-855-327-6837 International dial-in number: 1-631-891-4304 The conference call will be webcast live and available for replay via this link: http://public.viavid.com/index.php?id=140972. 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 Todd Fugal at 1-801-796-5127. A replay of the call will be available via the dial-in numbers below after 4:00 p.m. ET on the same day through August 20, 2020.   Toll-free replay number: 1-844-512-2921  International replay number: 1-412-317-6671 Replay Pin Number: 10010507 About Profire Energy, Inc. Profire Energy assists energy production companies in the safe and efficient production and transportation of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent regulatory standards, and enhanced margins with their energy production processes, Profire Energy's burner management products are continuing to be a key part of their solutions. Profire Energy has offices in Lindon, Utah; Victoria, 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 possible acquisition opportunities, and the Company hosting a conference call on August 6, 2020. 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) 796-5127Three Part Advisors Steven Hooser, Partner 214-872-2710     PROFIRE ENERGY, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets     As of   June 30, 2020 December 31, 2019 ASSETS (Unaudited)   CURRENT ASSETS     Cash and cash equivalents $8,022,237   $7,358,856   Short-term investments 2,290,667   1,222,053   Short-term investments - other 1,600,000   2,600,000   Accounts receivable, net 2,439,296   5,597,701   Inventories, net (note 3) 8,996,223   9,571,807   Prepaid expenses and other current assets (note 4) 2,144,150   1,672,422   Income tax receivable —   77,385   Total Current Assets 25,492,573   28,100,224   LONG-TERM ASSETS     Long-term investments 6,192,261   7,399,963   Financing right-of-use asset 72,914   107,991   Property and equipment, net 11,571,961   12,071,019   Intangible assets, net 1,883,236   1,989,782   Goodwill 2,579,381   2,579,381   Total Long-Term Assets 22,299,753   24,148,136   TOTAL ASSETS $47,792,326   $52,248,360         LIABILITIES AND STOCKHOLDERS' EQUITY     CURRENT LIABILITIES     Accounts payable $685,617   $2,633,520   Accrued liabilities (note 5) 1,122,242   2,089,391   Current financing lease liability (note 6) 45,411   59,376   Income taxes payable 99,481   403,092   Total Current Liabilities 1,952,751   5,185,379   LONG-TERM LIABILITIES     Net deferred income tax liability 543,441   439,275   Long-term financing lease liability (note 6) 30,238   52,120   TOTAL LIABILITIES 2,526,430   5,676,774         STOCKHOLDERS' EQUITY (note 7)     Preferred stock: $0.001 par value, 10,000,000 shares authorized:  no shares issued or outstanding —   —   Common stock: $0.001 par value, 100,000,000 shares authorized: 51,325,493 issued and 47,913,115 outstanding at June 30, 2020, and 50,824,355 issued and 47,411,977 outstanding at December 31, 2019 51,325   50,824   Treasury stock, at cost (5,353,019)  (5,353,019)  Additional paid-in capital 30,106,383   29,584,172   Accumulated other comprehensive loss (3,070,095)  (2,415,460)  Retained earnings 23,531,302   24,705,069   TOTAL STOCKHOLDERS' EQUITY 45,265,896   46,571,586   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $47,792,326   $52,248,360   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 Operations and Comprehensive Income (Loss) (Unaudited)    For the Three Months Ended June 30, For the Six Months Ended June 30,  2020 2019 2020 2019 REVENUES (note 9)        Sales of goods, net$3,999,139   $9,559,255   $10,860,097   $19,757,890   Sales of services, net360,340   564,776   946,524   1,199,199   Total Revenues4,359,479   10,124,031   11,806,621   20,957,089            COST OF SALES        Cost of goods sold-product1,944,389   4,568,666   5,778,071   9,139,654   Cost of goods sold-services328,225   368,327   777,009   865,525   Total Cost of Goods Sold2,272,614   4,936,993   6,555,080   10,005,179            GROSS PROFIT2,086,865   5,187,038   5,251,541   10,951,910            OPERATING EXPENSES        General and administrative expenses2,753,773   3,566,698   6,026,311   6,728,228   Research and development229,548   512,871   639,274   861,929   Depreciation and amortization expense180,997   110,910   328,469   227,133   Total Operating Expenses3,164,318   4,190,479   6,994,054   7,817,290            INCOME (LOSS) FROM OPERATIONS(1,077,453)  996,559   (1,742,513)  3,134,620            OTHER INCOME (EXPENSE)        Gain on sale of fixed assets157,455   21,410   157,455   38,340   Other expense(1,665)  (413)  (1,318)  (964)  Interest income77,532   85,887   151,925   177,590   Total Other Income233,322   106,884   308,062   214,966            INCOME (LOSS) BEFORE INCOME TAXES(844,131)  1,103,443   (1,434,451)  3,349,586            INCOME TAX BENEFIT (EXPENSE)35,628   (117,939)  260,684   (695,464)           NET INCOME (LOSS)$(808,503)  $985,504   $(1,173,767)  $2,654,122            OTHER COMPREHENSIVE INCOME (LOSS)        Foreign currency translation gain (loss)$375,267   $102,435   $(570,156)  $251,850   Unrealized gains (losses) on investments72,875   49,495   (84,479)  118,247   Total Other Comprehensive Income (Loss)448,142   151,930   (654,635)  370,097            COMPREHENSIVE INCOME (LOSS)$(360,361)  $1,137,434   $(1,828,402)  $3,024,219            BASIC EARNINGS (LOSS) PER SHARE (note 10)$(0.02)  $0.02   $(0.02)  $0.06   FULLY DILUTED EARNINGS (LOSS) PER SHARE (note 10)$(0.02)  $0.02   $(0.02)  $0.06            BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING47,723,208   47,348,137   47,607,825   47,392,534   FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING47,723,208   48,124,208   47,607,825   48,192,849   These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.     PROFIRE ENERGY, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited)    For the Six Months Ended June 30,  2020 2019 OPERATING ACTIVITIES    Net income (loss)$(1,173,767)  $2,654,122   Adjustments to reconcile net income (loss) to net cash provided by operating activities:    Depreciation and amortization expense566,791   483,063   Gain on sale of fixed assets(153,973)  (38,340)  Bad debt expense236,005   229,792   Stock awards issued for services250,198   363,841   Changes in operating assets and liabilities:    Accounts receivable3,248,693   983,865   Income taxes receivable/payable(1,761)  (1,261,267)  Inventories445,634   1,831,865   Prepaid expenses168,718   (35,637)  Deferred tax asset/liability104,166   205,314   Accounts payable and accrued liabilities(2,843,685)  (115,813)  Net Cash Provided by Operating Activities847,019   5,300,805        INVESTING ACTIVITIES    Proceeds from sale of equipment—   39,810   Sale of investments1,057,404   1,109,297   Purchase of fixed assets(994,410)  (1,429,735)  Payments for acquisitions, net of cash acquired—   (2,088,814)  Net Cash Provided by (Used in) Investing Activities62,994   (2,369,442)       FINANCING ACTIVITIES    Value of equity awards surrendered by employees for tax liability(148,879)  (184,433)  Cash received in exercise of stock options2,020   6,850   Purchase of treasury stock—   (1,333,578)  Principal paid towards lease liability(34,267)  (32,185)  Net Cash Used in Financing Activities(181,126)  (1,543,346)       Effect of exchange rate changes on cash(65,506)  (2,171)       NET INCREASE IN CASH663,381   1,385,846   CASH AT BEGINNING OF PERIOD7,358,856   10,101,932   CASH AT END OF PERIOD$8,022,237   $11,487,778        SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION         CASH PAID FOR:    Interest$4,247   $2,832   Income taxes$—   $1,793,281   NON-CASH FINANCING AND INVESTING ACTIVITIES    Common stock issued in settlement of accrued bonuses$419,373   $379,861   These financial statements should be read in conjunction with the Form 10-Q and accompanying footnotes.

  • ACCESSWIRE

    LD Micro Announces Preliminary List of Presenters for the LD-500

    LOS ANGELES, CA / ACCESSWIRE / August 5, 2020 / LD Micro today announced the initial list of companies slated to present at the upcoming LD 500, taking place September 1st-4th, 2020, exclusively online.

  • GlobeNewswire

    Profire Energy Announces Changes to its Board of Directors

    Arlen B. Crouch resigns from the Board of Directors; Company Appoints Colleen L. Bell as Newest DirectorLINDON, Utah, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Profire Energy, Inc. (Nasdaq: PFIE), a technology company which creates, installs and services burner management solutions in the oil and gas industry, today announced the resignation of Mr. Arlen B. Crouch from the Company’s Board of Directors. Mr. Crouch has served on the Company’s Board since 2013. Contemporaneously with Mr. Crouch’s resignation, the Board of Directors appointed Colleen Larkin Bell as the newest member of the Company’s Board. Both of these changes were effective August 3, 2020. “On behalf of our board of directors, I want to thank Arlen for his service to Profire,” stated Brenton Hatch, Profire’s Executive Chairman. “His advice and expert guidance have been crucial to Profire for many years. We wish him the best in his retirement and any future endeavors.”Ms. Bell joins the Board with 30 years of experience in the natural gas and energy industry as a legal professional, in which she has held various executive roles. Ms. Bell served as Vice President and General Manager of Dominion Energy Western Distribution, Gas Infrastructure Group from 2016 to 2019. Prior to her time at Dominion Energy, Ms. Bell served as the Vice President and General Counsel for Questar Corporation.“Colleen will be a great addition to the team and offers a deep understanding of industry practices,” said Ryan Oviatt, the Company’s Co-CEO and President. “Her expertise coupled with industry knowledge will be valuable to us as Profire continues to navigate through current market conditions and as we continue to position ourselves for future growth as the industry recovers. We are pleased to have her join the Board and we look forward to working with her over the coming years.”“Colleen’s appointment will bring critical experience and a connection to the downstream utility distribution sector,” said Cameron Tidball, the Company’s Co-CEO and President.  “Colleen’s experience in support of regulatory compliance issues in the natural gas utility sector will help support further expansion of our customer and product development opportunities. We welcome her to the Profire team and look forward to her presence and involvement with the Board.”“Joining Profire at this time presents a unique opportunity,” said Ms. Bell. “Profire is a well-managed company that is looking to build and expand its industry-leading technology to help users minimize waste and costs as the sector currently faces multiple headwinds. I look forward to working with the management team and the Board to provide shareholder value while delivering valuable products and expertise within the oil and gas industry.”About Profire Energy, Inc. Profire Energy assists energy production companies in the safe and efficient production and transportation of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent regulatory standards, and enhanced margins with their energy production processes, Profire Energy's burner management products are continuing to be a key part of their solutions. Profire Energy has offices in Lindon, Utah; Victoria, 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. All such forward-looking statements are subject to uncertainty and changes in circumstances. 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) 796-5127Three Part Advisors Steven Hooser, Partner (214) 872-2710