Mississauga, Ontario--(Newsfile Corp. - June 2, 2015) - Pioneering Technology Corp. (TSXV: PTE) ("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 31st, 2015. The Company's unaudited financial statements and Management's Discussion and Analysis are available for review at www.sedar.com. Some highlights include:
- The Company reports another profitable quarter.
- Q2 revenue of $810K and gross margin of $548K (68%).
- Revenue for the first six months of fiscal 2015 is $2M with a gross margin of $1.241M (62%).
- Adjusted EBITDA for the six month period was $200K or approximately 10% of sales.
- The Company now has a product solution to address 90% of the over 140M stoves + microwave ovens in North America - an addressable multi-billion dollar after market opportunity.
- Revenue is now being generated from all four of the Company's cooking fire prevention products.
- The new SmartBurner product, created for the consumer market, is driving significant growth in existing B2B channels and opening up other new large B2B channel opportunities.
- Safe-T-element now being adopted by major private sector property owners/managers looking for both fire safety and a return on investment. The Company recently completed a 3,000+ installation with one of North America's biggest private REITs. This customer owns over 40,000 residential units and planning to expand its installation program. This has opened up a very large business opportunity within same channel.
- The Company's SmartBurner and Safe-T-sensor products were listed by STAPLES Advantage. STAPLES is the largest office supply company in the world and one of the largest facility supply companies in North America. Both of the products are now being actively promoted by STAPLES Advantage's channel specific field sales force (300+) in the U.S.
- HD Supply Facilities Maintenance Canada has recognized Pioneering as an approved vendor and has commenced distributing and marketing SmartBurner to its channel customers throughout Canada.
- A U.S. Homeland Security/FEMA funded study identified Safe-T-element's temperature limiting control technology as the ONLY technology tested that prevented cooking fires on electric stovetops (similar sensor technology is now available in SmartBurner).
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 technology. 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 cooking fire prevention trademarks include Safe-T-element, SmartBurner, RangeMinder and Safe-T-Sensor. For more info visit: www.pioneeringtech.com.
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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.
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).
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