Revenues from Strategic Diversification Efforts Represent 8% of Revenue
LINDON, Utah, Oct. 10, 2022 (GLOBE NEWSWIRE) — 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.
Profire Energy, Inc.
Ryan Oviatt, Co-CEO and CFO
Three Part Advisors
Steven Hooser, Partner