TUALATIN, Ore.--(BUSINESS WIRE)--Powin Corporation (OTCQB:PWON), a Tualatin, Oregon-based OEM and direct manufacturer for some of America’s best-known wholesalers and retailers, including Walmart, Freightliner, LiteSolar and Camp-Chief, today announced financial results for the fourth quarter of 2011 and for year-end 2011.
The company saw a strong surge of sales in the fourth quarter, which helped offset the loss of one large national OEM client earlier in the year.
For the period October 1, 2011 to December 31, 2011, Powin reported an increase in total sales of $12.03 million, an increase of $3.1 million, or 34.4%, compared to the same period in 2010. The increase came during what is normally the slowest sales quarter of the year. The company’s OEM segment, which lost a national retail customer in the second quarter of 2011, rebounded strongly to post a fourth quarter sales increase of $2.12 million, or 28.4% compared to the same period in 2010. Also making gains in the fourth quarter were the company’s QBF segment, which posted a sales increase of $542 thousand, or 48.1%, and the company’s new Powin Energy segment, which recorded a sales increase of $443 thousand, or 337%.
Total sales for the year ended December 31, 2011 were $46 million, down 4.9% from the same 2010 period. Total sales for the QBF subsidiary increased $1.5 million, or 35.4%, as activity from its international manufacturing client, Freightliner, continues to increase.
“We saw an excellent rebound in customer orders in both the OEM and QBF segments in the fourth quarter, and that momentum is carrying over into 2012,” said Joseph Lu, CEO of Powin Corporation. “We are also gratified that our Powin Energy segment is beginning to capitalize on the enormous potential in the renewable energy market.”
For the three-month period ending December 31, 2011, Powin’s consolidated gross profit totaled $1.37 million, a decrease of $49.5 thousand, or 3.5%, compared to the fourth quarter of 2010. Gross profit for the 12 months ending December 31, 2011 was $5.46 million, a decrease of $522 thousand, or 8.7%, compared to the same 2010 period. For the year ended December 31, 2011, the company recorded a loss of $4.4 thousand in net income, compared to a net income gain of $1.0 million in 2010.
Powin Corporation (“PWON”) trades on OTCQB, the OTC market tier for companies that report to the SEC or a U.S. banking or insurance regulator. Investors can find Real-Time quotes and market information for the company at http://www.otcmarkets.com/stock/PWON/quote.
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