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Plaintree Systems Inc. Announces Fiscal 2015 First Quarter Results
|By Business Wire
|August 29, 2014 07:45 AM EDT
Plaintree Systems Inc. (Plaintree, traded on CSE under the symbol NPT).
Q1 2015 Results
Plaintree announced today that it has released its un-audited
consolidated financial statements and related management discussion and
analysis for the three months ended June 30, 2014.
During the first quarter 2015, Plaintree realized revenues of $4,668,611
up from $3,612,195 in first quarter 2014 and a net loss of $526,212
compared to a net income of $138,500 in these respective periods.
“The relocation of the Summit business to our new facility, seasonal
slowdowns with customers and weather related cost overruns on the
installation on our largest project, a stainless steel dome in
Saskatchewan impacted our results this quarter,” said David Watson,
Plaintree CEO. "We hope to move past this issue in Q2.”
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, 2014 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.
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