OTTAWA, Ontario--(BUSINESS WIRE)--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 at www.cnsx.ca 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 release.
|For further information:|
|Plaintree Systems Inc.|
|Anna Pelkey, 613-623-3434 x2261|