Business
Pioneering Technology Announces Q3 2011 Financial Results
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ TORONTO, Aug. 30, 2011 /CNW/ - Pi...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nTORONTO, Aug. 30, 2011 /CNW/ - Pioneering Technology Corp. (TSX-V: PTE),\n (\"Pioneering\" or the \"Company\"), an energy smart product innovation and\n consumer goods company, announced today its financial results for the\n third quarter of its fiscal 2011 year, which ended June 30, 2011. The\n Company's unaudited financial statements for the quarter, together with\n its Management's Discussion and Analysis of these results, are\n available for review under the Company's profile at www.sedar.com.\n\n\nAfter reporting seven consecutive quarters of operating profits, the\n Company reported an operating loss of $311,752 for the three months\n ended June 30, 2011 versus operating income of $71,890 during the same\n period a year ago. The operating loss was a result of lower sales\n during the quarter to publicly funded institutions in the U.S., many of\n whom deferred planned spending due to the delay in passing the U.S.\n budget and uncertainties surrounding the increase to the U.S. debt\n ceiling. With those matters now resolved, the Company anticipates that\n its U.S. institutional customers will proceed with previously planned\n purchases, which should be reflected in significantly higher sales over\n the balance of fiscal 2011 and into fiscal 2012.\n\n\nDuring the period the Company reported net income of $371,181 and fully\n diluted earnings per share of $0.02. During the same period in 2010 the\n Company realized net income of $19,448 and earnings per share of\n $0.001. For the 9 months ended June 30th 2011, the Company reported net\n income of $277,308 and earnings per share of $0.02 versus $113,277 and\n $0.01 during the same period in 2010. The increase in net income for\n the period is due primarily to an extraordinary gain of $703,927 on the\n sale of the Company's common shares of Adenyo Inc., which is explained\n in greater detail in the financial statements and the MDA.\n\n\nFinancial Highlights for the Third Quarter Ended August 29, 2011 \n\n\n\n\n\nSummary Operating Results ($000's)\n\n\n3 months\n\n\n9 months \n\n\n \n\n\nFY11\n\n\nFY10\n\n\nFY11\n\n\nFY10\n\n\nRevenue\n\n\n$92.4\n\n\n$859.6\n\n\n$1,329.3\n\n\n$2,239.7\n\n\nGross Profit\n\n\n$40.8\n\n\n$399.5\n\n\n$793.3\n\n\n$1,168,1\n\n\nGross Profit %\n\n\n44%\n\n\n46%\n\n\n60%\n\n\n5...