Business
Pioneering Technology Reports Record 2015 Financial Results
2015 Adjusted EBITDA of $650K and Net Income of $141K; Compound Annual Revenue Growth Rate (...
About this update from Pioneering Technology Corp.
[{"type":"text","content":"Pioneering Technology Reports Record 2015 Financial Results2015 Adjusted EBITDA of $650K and Net Income of $141K; Compound Annual Revenue Growth Rate (2013- 2015) of 79%; Q4 2015 Revenue up 375% Versus Q4 2014 Revenue\nMISSISSAUGA, ON / ACCESSWIRE / February 1, 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 audited 2015 financial results and business highlights for the year ended September 30, 2015. Pioneering's audited financial statements and MD&A are available on SEDAR (www.sedar.com). \nPioneering completed fiscal 2015 with revenue of approximately $4.4 million, net income of $141,976 and adjusted EBITDA of $652,641. For the three months ended September 30, 2015 Pioneering reports its seventh quarter of positive adjusted EBITDA over the past eight quarters and that it is experiencing substantial revenue growth (79% CAGR since 2013) on the strength of growing awareness of the significant societal problem that stovetop cooking fires represent and support for the proprietary solutions Pioneering offers to address this problem. Pioneering believes that the new products it introduced in 2015 combined with ongoing business development activities and imminent industry changes will support continued revenue and profitability growth in fiscal 2016. \n\"We are pleased with our progress in fiscal 2015,\" said Kevin Callahan, Pioneering's President and Chief Executive Officer. \"Our focus on building awareness of the significant dangers posed by stovetop cooking fires and working with business to business distribution partners to make our products available to a wider range of potential customers resulted in increased revenue and profit. We believe that the company has passed an inflection point and is poised for significant growth in fiscal 2016.\" \nThe following chart summarizes Pioneering's audited financial results for the year ended September 30, 2015 as compared to audited results for the same period in 2014 and 2013:\n\n \n \n \n 2015 \n 2014 \n 2013 \n \n \n \n \n \n \n \n \n Revenue \n $4,393,534 \n $2,924,472 \n $1,382,798 \n \n \n Gross Profit \n $2,936,677 \n $1,756,789 \n $797,444 \n \n \n Expenses \n $2,420,416 \n $2,736,978 \n $1,607,835 \n \n \n Net Income (Loss) \n $140,97...