Business
Pioneering Technology Reports Q2 2016 Financial Results
F MISSISSAUGA, ON / ACCESSWIRE / May 31, 2016 / Pioneering Technology Corp. (TSXV: PTE) (...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Reports Q2 2016 Financial ResultsFMISSISSAUGA, ON / ACCESSWIRE / May 31, 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 second quarter and the six months ended March 31, 2016. The Company's unaudited financial statements and Management's Discussion and Analysis are available for review at www.sedar.com.\nFinancial Highlights: \n\n Fourth consecutive quarter of profitability and sixth consecutive quarter of positive adjusted EBITDA. \n Revenues of $1,256,656 for the 2nd quarter (up 55% versus Q2 2015). \n Gross margin of $822,896 (65%). \n Net income of $85,061 (up 254% versus Q2 2015). \n Adjusted EBITDA of $175,369 (up 548% versus Q2 2015). \n Positive earnings per share of $0.01 for the first six months of fiscal 2016. \n Completed private placement of $1.5 million in capital to repay indebtedness (eliminating existing high interest financing) and to help fund inventory and growth. \n\nKevin Callahan, President & CEO of Pioneering said, \"Our business has now delivered profitable net income over the past four quarters and continues to grow. In addition, our expenses are actually down this quarter and year to date versus the previous year, but appear higher due to foreign exchange. We have proven that this is a relevant and sustainable business, with significant long term growth potential. We have created the category and led the innovation in the cooking appliance industry. New distribution relationships with industry supply leaders are now starting to positively impact sales as their substantial sales forces are delivering new opportunities significantly broadening our reach. Current changes to the cooking appliance regulatory environment will further drive growth and scale. We are just scratching the surface of this market and starting to see the beginnings of what is a very sizeable market opportunity for the Company, our proprietary technologies and our product solutions.\" \nSelected Financial Highlights for the Second Quarter & Six months Ended March 31, 2016 and 2015:\n\n \n \n \n \n Six months ending: \n \n \n Three months ending: \n \n \n \n \n \n 03/31/16 \n \n \n 03/31/15 \n \n \n 03/31/16 \n \n \n 03/31/15 \n \n \n \n...