Profire Energy Inc. (OTCBB: PFIE), a manufacturer, installer and servicer of oilfield combustion management systems and related burner products, with customers like EnCana Corporation (NYSE: ECA) and Devon Energy Corporation (NYSE: DVN), recently reported strong financial results as it begins to entrench itself in the U.S. market.
Profire Energy, Inc. (OTCBB: PFIE) manufactures, installs and services oilfield combustion management systems and related burner products. Its products and services aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. Profire is a market leader in Burner Management Systems (BMS) in terms of market share for the Profire Burner Management System, which is a fired heater skid mounted valve, piping, and logic safety system used to control when fuel gas is allowed to flow to the heater burners and pilots. Safe startup of fired heaters is a function of properly following established procedures for purging, pilot ignition and main burner operation.
The Company’s lead products are: Profire 2100 and Profire 1100, which are burner management systems that oil and gas producers rely on to provide dependable management and ignition of combustion burners and associated vessels such as separators, dehydrators, line heaters, incinerators, etc.
Profire is known for reliable and efficient systems and services in the Canadian oilfield market. Profire is now marketing in the U.S. through its Lindon, Utah office. Moving forward, Profire management is positioning the company in the renewable and clean energy technology market via internally developed technology and potentially through acquisitions.
On November 14, 2011, Profire reported net income before taxes for the 9/30/11 quarter of $1.65 million on total revenues of $4.5 million. In the same quarter of 2010, Profire had net income before taxes of $894,093 and total revenues of $2,137,022., which were up 112% and 104%, respectively.
For the six month period ended September 30, 2011, revenues were $7.2 compared to $2.9 million, a 147% increase. Net income before taxes totaled $2.7, a 249% increase over the 2010 comparable period.
Andrew Limpert, Chief Financial Officer of Profire Energy stated in the press release:
“The Company continues to grow at an accelerating rate. The products, specifically the PF 2100, are being well-received by existing and new clients. Further, we are encouraged by the increase of energy development activity in many areas of the US and Canada, and will continue to execute our strategic growth plan to address this expansion in the energy sector.”
Profire is a also a leader in terms of research and development in the BMS market as exemplified by their establishment of their subsidiary, Profire Research and Development Engineers. This group has recently added multiple engineering modifications to:
- PF Ignition Coil,
- BMS Enclosure, associated stability and mounting brackets,
- Other accessories required for optimized application of ignition and combustion vessel safety management.
Benefits achieved for the PF 2100 through these efforts include:
- Greater durability,
- Broader temperature range usage, and
- Simplicity in manufacturing, assembly and installation.
The new components will be included in the PF 2100 shipments starting in the fourth quarter.
To learn more about Profire Energy’s products and services, see www.profireenergy.com.