MISSISSAUGA, ON / ACCESSWIRE / August 30, 2016 / Pioneering Technology Corp. (TSXV: PTE) ("Pioneering"), a technology company and North America's leader in cooking fire prevention technologies and products, is pleased to report its financial results for the third quarter and the nine months ended June 30, 2016. The Company's unaudited financial statements and Management's Discussion and Analysis are available for review at www.sedar.com.
- Fifth consecutive quarter of profitability and seventh consecutive quarter of positive adjusted EBITDA.
- Revenues of $1,623,759 for the 3rd quarter (up 35% versus Q3 2015).
- Gross margin of $980,005 (60%).
- Net income of $240,601 (up 205% versus Q3 2015).
- Adjusted EBITDA of $499,015 (up 257% versus Q3 2015).
- Positive earnings per share of $0.02 for the first nine months of fiscal 2016.
- For the nine-month period net income was $516,970 (up 491% vs. 2015) and Adjusted EBITDA is $1,071,155 (up 240% vs. the same period in 2015).
Kevin Callahan, President & CEO of Pioneering said, "Our business is profitable, continues to trend upward and has significant long term growth potential. We have led the innovation in the cooking appliance industry and will use this innovation and our new distributor relationships to bring our solution to the many customers who require it. The breadth and depth of the relationships that our new distributors have with end customers will allow our products to be introduced and adopted quickly and on a large scale across the many channels where they are relevant. What this means is that opposed to having 5 sales people selling our products we now have hundreds of sales people trained and actively selling into our target channels. Current changes to the cooking appliance industry regulatory environment should even further drive growth. We are at the very early stages of exploiting this market opportunity and are beginning to see what is a very sizeable market for the Company, our proprietary technologies and our product solutions."
Selected Financial Highlights for the Third Quarter & Nine months Ended June 30, 2016 and 2015:
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†Expenses include realized & unrealized foreign exchange gain/loss and stock based compensation. Excluding foreign exchange gain/loss and stock based compensation, expenses for the 3-month period ended June 30, 2016 increased $22,322 or 4% and expenses for the 9-month period ended June 30, 2016 have decreased by $93,355 or 6%.
About Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an "energy smart" technology company and North America's leader in cooking fire prevention technologies and products. Pioneering engineers and brings to market energy-smart solutions for everyday consumer appliances making them safer, smarter, and more efficient. Pioneering's patented cooking-fire prevention technologies/products are engineered to help prevent cooking fires, the number one cause of household fire (a multi-billion-dollar problem) in North America. According to the National Fire Protection Association, stovetop cooking is the number one cause of household fire and fire injuries in North America (48% of all household fires - up from 20% in 1980). Pioneering has proprietary cooking fire prevention solutions for the majority of the more than 140 million stoves/ranges and over 140M microwave ovens throughout North America. Pioneering's cooking fire prevention trademarks include Safe-T-element, SmartBurner, RangeMinder & Safe-T-sensor. For more information, go to www.pioneeringtech.com.
For more information, please contact:
Pioneering Technology Corp.
Kevin Callahan, President & CEO
Phone : 905-712-2061 ext.222
220 Britannia Road East
Mississauga, ON L4Z 1S6
For investor relations please contact:
Contact Financial Corp.
1450 - 701 West Georgia St.
Vancouver, BC V7Y 1G5
Forward Looking Statements
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in Pioneering's target markets, the demand for Pioneering's products, the availability of funding and the efficacy of Pioneering's technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, Pioneering does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Pioneering's expectations and projections.
Adjusted EBITDA is a measure not recognized under Canadian generally accepted accounting principles ("GAAP"). However, management of Pioneering believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standard meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with GAAP and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Pioneering's Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Pioneering posted on SEDAR (www.sedar.com).
This news release contains certain forward-looking statements reflecting the Company's current views or expectations on its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
SOURCE: Pioneering Technology Corp.