We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Profire Energy Inc | NASDAQ:PFIE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 2.78% | 1.85 | 1.78 | 1.91 | 1.85 | 1.79 | 1.84 | 71,588 | 00:39:42 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2017
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the Transition Period From ________ to _________
|
Nevada
|
20-0019425
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
321 South 1250 West, Suite 1
|
|
Lindon, Utah
|
84042
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ X]
|
(Do not check if a smaller reporting company)
|
Emerging growth company [ ]
|
|
Page
|
|
|
|
|
PART I — FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1. Financial Statements
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
|
Item 2. Management's Discussion and Analysis of Financial Condition And Results of Operations
|
||
|
|
|
Item 3. Quantitative and Qualitative Disclosure about Market Risk
|
||
|
|
|
Item 4. Controls and Procedures
|
||
|
|
|
PART II — OTHER INFORMATION
|
|
|
|
|
|
Item 1. Legal Proceedings
|
||
|
|
|
Item 1A. Risk Factors
|
||
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
||
|
|
|
Item 3. Defaults Upon Senior Securities
|
||
|
|
|
Item 4. Mine Safety Disclosures
|
||
|
|
|
Item 5. Other Information
|
||
|
|
|
Item 6. Exhibits
|
||
|
|
|
Signatures
|
PROFIRE ENERGY, INC. AND SUBSIDIARIES
|
||||||||||||||||
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
REVENUES
|
|
|
|
|
|
|
|
|
||||||||
Sales of goods, net
|
|
$
|
8,834,650
|
|
|
$
|
3,462,893
|
|
|
$
|
16,126,879
|
|
|
$
|
7,435,817
|
|
Sales of services, net
|
|
630,301
|
|
|
511,150
|
|
|
1,162,568
|
|
|
1,081,880
|
|
||||
Total Revenues
|
|
9,464,951
|
|
|
3,974,043
|
|
|
17,289,447
|
|
|
8,517,697
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
COST OF SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold-product
|
|
4,035,528
|
|
|
1,712,643
|
|
|
7,090,828
|
|
|
3,493,209
|
|
||||
Cost of goods sold-services
|
|
452,591
|
|
|
347,150
|
|
|
854,613
|
|
|
810,343
|
|
||||
Total Cost of Goods Sold
|
|
4,488,119
|
|
|
2,059,793
|
|
|
7,945,441
|
|
|
4,303,552
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
GROSS PROFIT
|
|
4,976,832
|
|
|
1,914,250
|
|
|
9,344,006
|
|
|
4,214,145
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||
General and administrative expenses
|
|
2,739,055
|
|
|
2,385,567
|
|
|
5,682,368
|
|
|
5,055,668
|
|
||||
Research and development
|
|
275,776
|
|
|
250,722
|
|
|
479,520
|
|
|
404,244
|
|
||||
Depreciation and amortization expense
|
|
130,838
|
|
|
159,239
|
|
|
279,913
|
|
|
301,777
|
|
||||
Total Operating Expenses
|
|
3,145,669
|
|
|
2,795,528
|
|
|
6,441,801
|
|
|
5,761,689
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
INCOME (LOSS) FROM OPERATIONS
|
|
1,831,163
|
|
|
(881,278
|
)
|
|
2,902,205
|
|
|
(1,547,544
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
||||||
Gain (loss) on sale of fixed assets
|
|
46,374
|
|
|
(2,592
|
)
|
|
48,476
|
|
|
(1,705
|
)
|
||||
Other (expense) income
|
|
18,798
|
|
|
4,756
|
|
|
13,385
|
|
|
(271,557
|
)
|
||||
Interest income
|
|
54,840
|
|
|
27,942
|
|
|
86,118
|
|
|
33,363
|
|
||||
Total Other Income (Expense)
|
|
120,012
|
|
|
30,106
|
|
|
147,979
|
|
|
(239,899
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) BEFORE INCOME TAXES
|
|
1,951,175
|
|
|
(851,172
|
)
|
|
3,050,184
|
|
|
(1,787,443
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Income tax expense (benefit)
|
|
638,528
|
|
|
(245,877
|
)
|
|
1,137,465
|
|
|
(417,531
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||
NET INCOME (LOSS)
|
|
$
|
1,312,647
|
|
|
$
|
(605,295
|
)
|
|
$
|
1,912,719
|
|
|
$
|
(1,369,912
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
OTHER COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation gain (loss)
|
|
$
|
238,543
|
|
|
$
|
773
|
|
|
$
|
313,656
|
|
|
$
|
(839,417
|
)
|
Unrealized gains on investments, net of tax
|
|
26,659
|
|
|
—
|
|
|
62,947
|
|
|
—
|
|
||||
Total Other Comprehensive Income (Loss)
|
|
265,202
|
|
|
773
|
|
|
376,603
|
|
|
(839,417
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
TOTAL COMPREHENSIVE INCOME (LOSS)
|
|
$
|
1,577,849
|
|
|
$
|
(604,522
|
)
|
|
$
|
2,289,322
|
|
|
$
|
(2,209,329
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC EARNINGS PER SHARE
|
|
$
|
0.03
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
FULLY DILUTED EARNINGS PER SHARE
|
|
$
|
0.03
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
|
|
49,678,917
|
|
|
53,256,333
|
|
|
50,152,958
|
|
|
53,274,640
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING
|
|
50,283,144
|
|
|
53,256,333
|
|
|
50,757,185
|
|
|
53,274,640
|
|
|
As of
|
||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||
Raw materials
|
$
|
157,437
|
|
|
$
|
940,527
|
|
Finished goods
|
8,322,753
|
|
|
7,112,098
|
|
||
Work in process
|
—
|
|
|
—
|
|
||
Subtotal
|
8,480,190
|
|
|
8,052,625
|
|
||
Reserve for Obsolescence
|
(182,945
|
)
|
|
(213,122
|
)
|
||
Total
|
$
|
8,297,245
|
|
|
$
|
7,839,503
|
|
|
|
June 30, 2017
|
||||||||||||||||||||||
|
|
Adjusted Cost
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short Term Investments
|
|
Long Term Investments
|
||||||||||||
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money Market Funds
|
|
$
|
1,205,256
|
|
|
$
|
—
|
|
|
$
|
1,205,256
|
|
|
$
|
1,205,256
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual Funds
|
|
1,626,236
|
|
|
(46,762
|
)
|
|
1,579,474
|
|
|
—
|
|
|
—
|
|
|
1,579,474
|
|
||||||
Subtotal
|
|
2,831,492
|
|
|
(46,762
|
)
|
|
2,784,730
|
|
|
1,205,256
|
|
|
—
|
|
|
1,579,474
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of Deposit
|
|
$
|
2,250,000
|
|
|
$
|
—
|
|
|
$
|
2,250,000
|
|
|
$
|
—
|
|
|
$
|
2,250,000
|
|
|
$
|
—
|
|
Corporate Bonds
|
|
2,138,828
|
|
|
(19,820
|
)
|
|
2,119,008
|
|
|
—
|
|
|
455,241
|
|
|
1,663,767
|
|
||||||
Municipal Bonds
|
|
4,781,183
|
|
|
(12,231
|
)
|
|
4,768,952
|
|
|
—
|
|
|
1,655,361
|
|
|
3,113,591
|
|
||||||
Subtotal
|
|
9,170,011
|
|
|
(32,051
|
)
|
|
9,137,960
|
|
|
—
|
|
|
4,360,602
|
|
|
4,777,358
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
|
$
|
12,001,503
|
|
|
$
|
(78,813
|
)
|
|
$
|
11,922,690
|
|
|
$
|
1,205,256
|
|
|
$
|
4,360,602
|
|
|
$
|
6,356,832
|
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
|
Adjusted Cost
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short Term Investments
|
|
Long Term Investments
|
||||||||||||
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money Market Funds
|
|
$
|
1,053,844
|
|
|
$
|
—
|
|
|
$
|
1,053,844
|
|
|
$
|
1,053,844
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual Funds
|
|
1,473,536
|
|
|
(90,495
|
)
|
|
1,383,041
|
|
|
—
|
|
|
—
|
|
|
1,383,041
|
|
||||||
Subtotal
|
|
2,527,380
|
|
|
(90,495
|
)
|
|
2,436,885
|
|
|
1,053,844
|
|
|
—
|
|
|
1,383,041
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of Deposit
|
|
$
|
2,250,000
|
|
|
$
|
—
|
|
|
$
|
2,250,000
|
|
|
$
|
—
|
|
|
$
|
2,250,000
|
|
|
$
|
—
|
|
Corporate Bonds
|
|
2,246,956
|
|
|
(29,419
|
)
|
|
2,217,537
|
|
|
—
|
|
|
400,053
|
|
|
1,817,484
|
|
||||||
Municipal Bonds
|
|
4,929,249
|
|
|
(59,294
|
)
|
|
4,869,955
|
|
|
—
|
|
|
2,565,483
|
|
|
2,304,472
|
|
||||||
Subtotal
|
|
9,426,205
|
|
|
(88,713
|
)
|
|
9,337,492
|
|
|
—
|
|
|
5,215,536
|
|
|
4,121,956
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
|
$
|
11,953,585
|
|
|
$
|
(179,208
|
)
|
|
$
|
11,774,377
|
|
|
$
|
1,053,844
|
|
|
$
|
5,215,536
|
|
|
$
|
5,504,997
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||
Sales
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Canada
|
1,958,320
|
|
|
1,422,087
|
|
|
3,042,218
|
|
2,187,845
|
||
United States
|
7,506,631
|
|
|
2,551,956
|
|
|
14,247,229
|
|
6,329,852
|
||
Total Consolidated
|
9,464,951
|
|
|
3,974,043
|
|
|
17,289,447
|
|
8,517,697
|
||
|
|
|
|
|
|
|
|
||||
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||
Profit (Loss)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Canada
|
246,534
|
|
|
(53,176)
|
|
|
(335,510)
|
|
(458,021)
|
||
United States
|
1,066,113
|
|
|
(552,119)
|
|
|
2,248,229
|
|
(911,891)
|
||
Total Consolidated
|
1,312,647
|
|
|
(605,295)
|
|
|
1,912,719
|
|
(1,369,912)
|
||
|
|
|
|
|
|
|
|
||||
|
As of
|
|
|
|
|
||||||
Long-lived assets
|
June 30, 2017
|
|
December 31, 2016
|
|
|
|
|
||||
Canada
|
$
|
1,493,693
|
|
|
$
|
1,472,207
|
|
|
|
|
|
United States
|
13,520,264
|
|
|
12,979,296
|
|
|
|
|
|
||
Total Consolidated
|
$
|
15,013,957
|
|
|
$
|
14,451,503
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||
|
|
Income
(Numerator) |
|
Weighted Average Shares (Denominator)
|
|
Per-Share
Amount |
|
Income
(Numerator) |
|
Weighted Average Shares (Denominator)
|
|
Per-Share
Amount |
||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income available to common stockholders
|
|
1,312,647
|
|
|
49,678,917
|
|
|
$
|
0.03
|
|
|
1,912,719
|
|
|
50,152,958
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Effect of Dilutive Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Stock options & RSUs
|
|
—
|
|
|
604,227
|
|
|
|
|
|
—
|
|
|
604,227
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income available to common stockholders + assumed conversions
|
|
1,312,647
|
|
|
50,283,144
|
|
|
$
|
0.03
|
|
|
1,912,719
|
|
|
50,757,185
|
|
|
$
|
0.04
|
|
|
|
Three months ended June 30, 2016
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||
|
|
Income
(Numerator) |
|
Weighted Average Shares (Denominator)
|
|
Per-Share
Amount |
|
Income
(Numerator) |
|
Weighted Average Shares (Denominator)
|
|
Per-Share
Amount |
||||||||
Basic EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income available to common stockholders
|
|
(605,295
|
)
|
|
53,256,333
|
|
|
$
|
(0.01
|
)
|
|
(1,369,912
|
)
|
|
53,274,640
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Effect of Dilutive Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Stock options & RSUs
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income available to common stockholders + assumed conversions
|
|
(605,295
|
)
|
|
53,256,333
|
|
|
$
|
(0.01
|
)
|
|
(1,369,912
|
)
|
|
53,274,640
|
|
|
$
|
(0.03
|
)
|
|
For the three months ended
|
|||||||||||||
|
June 30, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
|
September 30, 2016
|
|
June 30, 2016
|
|||||
Total Revenues
|
$9,464,951
|
|
$7,824,495
|
|
$7,022,330
|
|
$4,990,813
|
|
$3,974,043
|
|||||
Gross Profit Percentage
|
52.6
|
%
|
|
55.8
|
%
|
|
50.7
|
%
|
|
52.6
|
%
|
|
48.2
|
%
|
Operating Expenses
|
$3,145,669
|
|
$3,296,131
|
|
$2,890,716
|
|
$2,752,028
|
|
$2,795,528
|
|||||
Net Income (Loss)
|
$1,312,647
|
|
$600,071
|
|
$608,896
|
|
$74,452
|
|
$(605,295)
|
|||||
Operating Cash Flow
|
$800,580
|
|
$1,964,946
|
|
$538,358
|
|
$1,108,674
|
|
$736,681
|
•
|
Hired third parties to provide advice on COSO framework and risk control matrices;
|
•
|
Implemented Company-wide trainings over internal controls in relation with new accounting standard operating procedures, including the requirement of supplying supporting evidence, proving the level of precision with which a control is performed, etc.;
|
•
|
Required evidence of review in nearly all controls;
|
•
|
Reviewed and updated each employee's access within the enterprise resource management system;
|
•
|
Required purchase orders agree with sales orders within a certain threshold;
|
•
|
Required written and verbal confirmation for wire transfers;
|
•
|
Revised the processes over financial reporting, including preparation of the cash flow statement and tax provision; and
|
•
|
Implemented new controls over equity awards to ensure compliance with laws, regulations, and plan limitations.
|
Period
|
|
(a) Total Number of
Shares Purchased
|
|
(b) Weighted
Average Price Paid
Per Share
|
|
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
|
|
(d) Maximum Dollar
Value of Shares that
May Yet Be
Purchased Under
the Plans
|
||||||
April, 2017
|
|
254,266
|
|
|
$
|
1.38
|
|
|
254,266
|
|
|
$
|
747,335
|
|
May, 2017
|
|
1,551,328
|
|
|
$
|
1.32
|
|
|
251,328
|
|
|
$
|
409,428
|
|
June, 2017
|
|
99,278
|
|
|
$
|
1.31
|
|
|
99,278
|
|
|
$
|
1,869,835
|
|
Total
|
|
1,904,872
|
|
|
|
|
|
604,872
|
|
|
|
|
Retirement and Release Agreement, dated February 23, 2017, between Profire Energy, Inc. and Harold Albert (incorporated by reference to Exhibit 10.1 to Company's Current Report on Form 8-K filed on February 27, 2017).
|
|
|
|
Stock Redemption Agreement, dated May 25, 2017, between Profire Energy, Inc. and Hatch Family Holdings Company, LLC, which is wholly owned by Brenton W. Hatch.
|
|
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)
|
|
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)
|
|
|
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350
|
|
|
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350
|
|
|
|
Exhibit 101.INS*
|
XBRL Instance Document
|
|
|
Exhibit 101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
|
Exhibit 101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
Exhibit 101.DEF*
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
Exhibit 101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
Exhibit 101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
PROFIRE ENERGY, INC.
|
|
|
|
|
Date:
|
August 9, 2017
|
By:
|
/s/ Brenton W. Hatch
|
|
|
|
Brenton W. Hatch
|
|
|
|
Chief Executive Officer
|
Date:
|
August 9, 2017
|
By:
|
/s/ Ryan W. Oviatt
|
|
|
|
Ryan W. Oviatt
|
|
|
|
Chief Financial Officer
|
1 Year Profire Energy Chart |
1 Month Profire Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions