LINDON, Utah, October 14, 2019 – Shares of Profire Energy Inc. (NASDAQ: PFIE) inclined 1.13% to $1.79. The stock traded total volume of 64.974K shares lower than the average volume of 100.61K shares.
Profire Energy, Inc. (PFIE) reported total revenues for the period equaled $10.81M, a 2% sequential increase over the fourth quarter of 2018. Profire’s legacy business continues to perform well and the Company achieved higher sales of the PF3100 compared to the previous quarter.
Net income was $1.70M or $0.03 per diluted share, compared to a net income of $1.90M or $0.04 per share in the first quarter of 2018.
Total operating expenses were approximately $3.60M, a 6% decrease from the same quarter last year. This change was primarily due to lower sales commissions from lower revenues and lower R&D consulting costs as a result of the Company receiving the SIL certification for its PF3100 burner management system in July of last year.
Gross profit was $5.80M or 53.2% of total revenues which was up from 50.4% in the same quarter last year. This increase was driven by improvements in inventory reserves, product mix, and warranty reserves.
Cash and liquid investments totaled $23.40M at March 31, 2019 compared to $22.60M at the end of 2018, and the Company continues to operate debt-free. During the first quarter of 2019 the Company repurchased $1.30M of Profire stock pursuant to its previously announced share repurchase program.
PFIE has the market capitalization of $85.29M and its EPS growth ratio for the past five years was 0.60%. The return on assets ratio of the Company was 10.20% while its return on investment ratio stands at 12.00%. Price to sales ratio was 1.98 while 44.50% of the stock was owned by institutional investors.