Mississauga, Ontario--(Newsfile Corp. - September 1, 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 third quarter and the nine months ended June 30, 2015. The Company's unaudited financial statements and Management's Discussion and Analysis are available for review at www.sedar.com.
Pioneering continues to grow and has delivered positive adjusted EBITDA six of its last seven quarters. Current period results are well ahead of year ago results. CEO Kevin Callahan said, "While we are extremely happy with our results in Q3 and year-to-date, we know this is just the beginning. With the launch of our new products and the relationships we are establishing with world class distribution partners we expect continued growth for the balance of 2015 and beyond".
- The Company reports its best quarterly results ever.
- Q3 revenue of $1,207,453 and gross margin of $735,821 (61%) an increase of 68% over Q3 of 2014.
- Revenue for the first nine months of 2015 is $3,210,654 with a gross margin of $1,976,842 (61.6%).
- Adjusted EBITDA for the nine month period is $402,765, approximately 12.5% of sales.
Selected financial information
|Nine months ending:||Three months ending:|
|Net Income (Loss)||$||105,355||($58,936||)||$||78,860||($109,484||)|
- The Company now has product solutions to address approximately 90% of the over 140 million stoves and 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 Company is establishing itself with large distribution partners. The Company's SmartBurner and Safe-T-sensor products were listed by STAPLES Advantage during the period. 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 (200+) in the U.S. The Company is hoping to announce additional distribution relationships soon.
- Boardwalk REIT announced its plan to include the SmartBurner in its specifications for the replacement of all future stoves in its housing portfolio. Boardwalk owns more than 220 properties with over 34,000 units making it one of Canada's biggest residential landlords. Boardwalk is the latest in a series of large property owners and REITs who have chosen the SmartBurner and Safe-T-element products as an important part of their overall safe housing strategy.
- During the period Pioneering's Safe-T-element product continued to be included as both an energy reduction and fire prevention product with some of North Americas largest ESCO's having completed large projects with both Siemens and Johnson Controls in conjunction with the US Department of Housing and Urban Development (HUD). Safe-T-element continues to be recognized as a product that saves both energy and lives and currently receives tax incentives/rebates for its installation to date in six US states and in the Province of Ontario. These opportunities continue to grow as awareness for the product grows.
- As a result of its attendance at the National Hardware show the Company is now in discussions with a number of DRTV companies and a Home Shopping Channel Network in the United States for opportunities with its SmartBurner and Safe-T-sensor products. DRTV/HSTV offers the opportunity to create significant consumer awareness for the Company's products and ultimately grow revenue which could lead to retail listings with large national retailers in both Canada and the U.S. The Company is hoping to close on 1-2 of these opportunities shortly.
- On June 26th, the Company announced its intention to carry out a private placement on a brokered "best efforts" for gross proceeds of up to $3,000,000. The private placement has not yet been completed and the Company has elected to defer the transaction until market conditions are more favourable.
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 (44% of all household fires and a multi-billion dollar problem) in North America. Pioneering cooking fire prevention product 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).
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.