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Pioneering earns $1.05mln in fiscal 2016, multi-year profit growth

Wednesday, October 19, 2016 11:57
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(Before It's News)

Pioneering Technology Corp. (CVE:PTE) shares advanced nearly 7% on Wednesday after the company said it made a profit of C$4.2mln in the year ended Sept 30.

Preliminary earnings showed that the company had made increasing gross profits in each of the last three fiscal years, and the latest was up from C$2.9mln in 2015 and C$1.7mln in 2014. Gross margin continues to be strong at 61 per cent for the full year 2016.

Net income also grew for a second straight year, to C$1.05mln – a near ten-fold increase on C$140,976 a year earlier and a loss of C$1.1mln in 2014. Basic earnings per share were 3 cents versus flat a year ago.

Revenue has also leapt year-on-year in the past trio of years. Revenue was C$6.8mln versus C$4.3mln in 2015 and C$2.9mln in 2014. This represents a 70-per-cent compound annual growth rate since 2013, the company said.

Financing from operations, the $1.5mln private placement completed in March, 2016, and new long-term debt financing enabled Pioneering to turn its negative working capital as of Sept. 30, 2015, of negative $1.0-million into positive working capital of approximately $3.6mln as of Sept. 30, 2016. This turnaround enabled the payout of high-interest borrowing, a new, fully supportive banking arrangement and will lead to lower future interest rates on long-term debt and bank borrowing.

“As a company we have accomplished much in 2016 and we are well positioned for continued growth in 2017 and beyond. Having exceeded our targets and delivered our sixth consecutive quarter of profitability we are well past our inflection point and have proven our business to be profitable, sustainable and capable of delivering increased value to shareholders,” said Pioneering chief executive officer Kevin Callahan.

“With that said, we believe we are just getting started. We believe that our continued focus on penetrating B2B channels combined with external industry developments will help drive revenue growth and company value.”

Pioneering engineers and brings to market energy-smart solutions for everyday consumer appliances making them safer, smarter and more efficient. The company’s patented technologies/products address a multibillion-dollar problem – cooking fires.

Pioneering shares werw up 6.7% at C$0.80 on Wednesday.

Story by ProactiveInvestors

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