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Pioneering Technology Corp

Exchange: TSXV Exchange | Dec 11, 2018, 2:40 AM EST

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Pioneering Technology Reports Q2 Financial Results

Pioneering Technology Reports Q2 Financial Results

The Company reports strong six month growth & improving EBITDA



Mississauga, Ontario (FSCwire) - Pioneering Technology Corp. (PTE - TSX Venture), ("Pioneering" or the "Company"), an "Energy Smart" product innovation/consumer goods company and North America's leader in cooking fire prevention technologies, reports its financial results for the second quarter and the six months ended March 31, 2014. The Company's unaudited financial statements together with its Management Discussion and Analysis are available for review at www.sedar.com.  

 

The Company reports that revenue increased to $1,948,648 for the six months ending March 31, 2014. This compares to revenues of $648,269 during the same period last year, which represents an increase of 201% or $1,300,379. 

Financial Highlights – selected information

 

        Six months ending:

      Three months ending:

 

 

 

 

 

 

          03/31/14

          03/31/13

       03/31/14

         03/31/13

 

 

 

 

 

Revenue

1,948,648

648,269

843,227

406,695

 

 

 

 

 

Income (loss) for period

50,547

(431,263)

(80,596)

(155,993)

 

 

 

 

 

Adjusted EBITDA

237,927

(566,000)

20,254

(215,460)

 

 

 

 

 

Earnings (loss) per share

0.00

(0.02)

0.00

(0.01)

 

Pioneering Technology’s CEO Kevin Callahan stated, “Overall, we are very pleased with the results of our second quarter and the sales performance of our current products in this fiscal year.  As the market place in North America becomes more aware of the significant losses created by cooking fires, they are turning to the engineered solutions that Pioneering has brought to market. This momentum is translating into improved financial results.  A strong pipeline for existing products together with two new consumer products to be launched this summer are helping position the Company for accelerated growth in the months and years to come.”

 

Other Q2 Highlights

 

The Company secured a new patent and regulatory listing approval for the sale of its new consumer version of the Safe-T-element called the Smart Burner which will be launched this summer. 

 

The Company secured its first major retail deal for the Smart Burner in Canada with Home Hardware.  The product will be available to all of Home Hardware’s 1,100 locations.   

 

The Company announced that it has appointed the Buick Group Corp as its investor relations consultant to begin telling its growth story to the investment community. 

 

##

 

 

About Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an "Energy Smart" product innovation/consumer goods company and North America's leader in cooking fire prevention technologies. Pioneering engineers and brings to market energy smart solutions for consumer products making them safer, smarter and/or 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 and around the world. Pioneering trademarks include Safe-T-element, RangeMinder, Smart Burner, Safe-T-Sensor, Powergrill, Battery Eliminator, Powerpak and the Hydro-free Furnace Fan.

 

For more information please contact:

Kevin Callahan, President & CEO of Pioneering Technology 905-712-2061 kcallahan@pioneeringtech.com OR

Jonathan Buick, The Buick Group, Corporate Relations 416-915-0915 jbuick@buickgroup.com

 

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 the Corporation's target markets, the demand for the Corporation's products, the availability of funding, the efficacy of the Corporation's technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Corporation's expectations and projections.

 

Non-GAAP Measures

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 Corporation’s Adjusted EBITDA should be read in conjunction with the financial statements and management’s discussion and analysis of the Corporation posted on SEDAR (www.sedar.com).

 

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

 

(Not for dissemination in the United States of America)



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/PioneeringJune22014.pdf

Source: Pioneering Technology Corp. (TSX Venture:PTE) http://www.pioneeringtech.com/

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