Plaintree Systems Inc Announces Sales Increase and Return to Profitability in Third Quarter of Fisca
Plaintree Systems Inc Announces Sales Increase and Return to Profitability in Third Quarter of Fiscal 2013
OTTAWA, Ontario--(BUSINESS WIRE)-- Plaintree Systems Inc. (Plaintree, traded on CNSX under the symbol NPT).
Plaintree announced today that it has released its unaudited interim condensed consolidated financial statements and related management discussion and analysis for the three and nine months ended December 31, 2012 with increased sales over previous quarter of 40% and profit year to date of $161,593.
During the third quarter of fiscal 2013, Plaintree revenues improved to $4,091,181 compared to $2,778,462 and $2,803,679 respectively during the first and second quarter of fiscal 2013. Net profit also improved to $373,339 in the three months ended December 31, 2012 from losses of $(176,802) and $(34,944) for the quarters ended June 30, 2012 and September 30, 2012 respectively. Basic earnings (loss) per share for the three months and nine months ended December 31, 2012 was $0.00 and $(0.08) respectively.
"Over the past two years, all of Plaintree's operations were very busy quoting on potential business, but every new project seemed to face delay after delay," said David Watson, CEO. "Finally in this quarter, we began to see some projects get the approval to move ahead and we hope to see even more projects finally getting the green light."
For more information on these results, please refer to Plaintree's annual 2012 financial statements together with the related Management's Discussion and Analysis report, copies of which can be obtained from the Company's website at www.plaintree.com and/or under Plaintree's name at www.sedar.com.
About Plaintree Systems
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.
The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, and Arnprior Fire Trucks Corp., a manufacturer of high end fire and emergency vehicles.
The Electronics Division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Plaintree free space optics (FSO) businesses.
Plaintree's FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
Plaintree's shares are traded under the symbol "NPT". Shareholders and Investors can access Company information on CNSX's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CNSX and SEDAR filings, visit the CNSX website at www.cnsx.ca or the Company's website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CNSX (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations.The actual results of the company may differ materially from current expectations.The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition.For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2012 and related management discussion and analysis.
Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information: (613) 623-3434 x2261
Plaintree Systems Inc.
Anna Pelkey, (613) 623-3434 x2261
KEYWORDS: North America Canada
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