Profire Energy, Inc. has reported total revenues $11.3m for the second quarter, a 20% increase from the same quarter a year ago.
The technology company that creates, installs and services burner and chemical management solutions in the oil and gas industry, recorded total operating expenses were approximately $3.8m or a 21% increase over the same quarter last year which was highly attributable to the growth in staff and additional R&D spend. Compared with the same year ago quarter, operating expenses for general and administrative increased 23%, R&D increased 15% and depreciation decreased slightly.
Gross profit increased to $5.9m or 52.1% of total revenues, as compared to $5m or 52.6% of total revenues in the year-ago quarter. Gross profit margins fluctuate slightly each quarter due to product mix changes, increased direct labor costs, and adjustments in our inventory and warranty reserves.
Net income was $1.7m compared to net income of $1.3m in the same year-ago quarter. Cash and liquid investments totalled over $21m at the end of the quarter and the company continues to operate debt-free.
For more information, visit: www.profireenergy.com
9th August 2018