Profire Energy, Inc. (PFIE) saw a push of 0.84% in the aftermarket. However, the last trading session concluded at $1.19 with an incline of 1.71%.
Third Quarter 2021 Conference Call
PFIE announced on 20th October 2021 that the company will hold a conference call on Thursday, November 4, 2021, at 1:00 p.m. ET. The results for the third quarter of 2021 were reported in the conference, which ended September 30, 2021. Prior to the conference call, the company’s financial results will be submitted to the Securities and Exchange Commission. Later they will be announced in a press release.
Share Repurchase Program
PFIE announced on 16th September 2021 that it has received the authority to purchase up to $2,000,000 in common shares over the next 12 months. The board of directors of the company approved a share repurchase program as a way to return funds to shareholders on a more timely basis. For any reason, such market circumstances, the cost of repurchasing shares, the availability of other investment options, availability, and other considerations are necessary while acquiring the shares. Lastly, the Company will not acquire any specific number of shares under the repurchase program.
Second Quarter Fiscal Year 2021 Results by PFIE
PFIE reported second-quarter 2021 results on 4th August 2021. The total revenue growth rate was $6.0 million. The gross profit was $2.7 million, up from $2.2 million in the previous quarter. Moreover, the gross margin was 44.0 percent of revenues in the second quarter of 2020. And total operational expenditures were $3.3 million in the second quarter of 2021. The sequential rise reflects sales and product development investments in response to growing demand as well as labor market cost pressure. Last but not least, the operating expenditures for G&A were up 1%, R&D was up 31%, and depreciation was down 8% compared to the same period last year.
First Quarter Fiscal Year 2021 Results by PFIE
PFIE released the first quarter 2021 results on 5th May 2021. Total revenue for the quarter was $5.1 million, down from $5.7 million in the fourth quarter of 2020. The COVID-19 pandemic’s influence on the industry, dramatically reduced drilling operations activity and wiped out clients’ capital budgets in 2020. This was the principal reason for the sequential and year-over-year drop. Moreover, the gross profit was $2.2 million, down from $2.8 million in the fourth quarter of 2020. The sequential dip was attributable to a change in product mix and decreased coverage of fixed expenses. Lastly, operating expenditures for G&A declined 22 percent, R&D decreased 37 percent, and depreciation climbed 14 percent compared to the same quarter last year.
