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Plaintree Systems Inc. Announces Fiscal 2014 Results
|By Business Wire
|July 25, 2014 08:05 AM EDT
Plaintree Systems Inc. (Plaintree, traded on CSE under the symbol NPT).
Fiscal 2014 Results
Plaintree announced today that it has released its audited consolidated
financial statements and related management discussion and analysis for
the twelve months ended March 31, 2014.
During fiscal 2014, Plaintree realized revenues of $20,803,602 up from
$13,790,759 in fiscal 2013 and a net loss of $1,711,371 compared to a
net income of $373,286 in fiscal 2013. Net loss consists of losses from
operations of $1,143,213 and a write-down of related party receivable
from Spotton Corporation, acquired by Plaintree in April 2014, in the
amount of $568,158.
“Our largest project, a stainless steel dome, was to have been installed
in the fall of 2013 in Saskatchewan,” said David Watson, CEO of
Plaintree. “However, mobilizing delays, site access and manpower
availability issues ended up pushing the installation well back into the
coldest and windiest winter this Province had seen in over 100 years.
This resulted in our installation costs soaring over 700% and
effectively offsetting any profit for the year and causing our Cost of
Goods Sold percentage to be much higher than the previous years.”
“However, even after this unfortunate cost overrun, if you look at the
Company’s performance on an EBITDA basis and add back the extraordinary
loss attributable to the Spotton acquisition, Plaintree was about
breakeven for the year.”
For more information on these results, please refer to Plaintree’s
annual 2014 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, Arnprior Fire Trucks Corp., a manufacturer of
high end fire and emergency vehicles and the newly acquired Spotton
Corporation, a design and manufacturer of high end custom hydraulic and
pneumatic valves and cylinders.
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 CSE’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 CSE and SEDAR filings, visit the CSE website
or the Company’s website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CSE (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, 2013 and related management discussion and analysis.
Canadian Securities Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
For further information:
Plaintree Systems Inc.
Anna Pelkey, 613-623-3434 x2261
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