Profire Energy, Inc. (NASDAQ:PFIE) Q2 2018 Earnings Conference Call - Final Transcript
Aug 09, 2018 • 01:00 pm ET
Good afternoon, everyone, and thank you for participating in today's conference call to discuss Profire Energy's Second Quarter 2018 ended June 30, 2018. Joining us today is President and CEO of Profire Energy, Brenton Hatch; and CFO, Ryan Oviatt.
(Forward-Looking Cautionary Statements)
I would like to remind everyone that this call is being recorded and will be available for replay through August 16, 2018, starting later this evening. It will be accessible via the link provided in yesterday's press release as well as on the Company's website at www.profireenergy.com.
Following remarks from Mr. Hatch and Mr. Oviatt, we will open the call to your questions. As part of the questions and answer session, Mr. Hatch and Mr. Oviatt will be joined by Profire Energy's Chief Business Development Officer, Cameron Tidball; and VP of Operations, Jay Fugal.
Now I would like to turn the call over to the President and CEO of Profire Energy, Mr. Brenton Hatch.
Thank you very much. Good afternoon, everyone, and thank you for your interest in Profire and for joining us on this call. This past quarter, we continued our efforts to establish good customer relationships, improve our products and expand our reach into international markets.
Our overall performance for the quarter represented our second best quarter in terms of revenue in the past 3.5 years. Prior to the quarter ending, we've provided an update that we expected revenues between $11 million and $11.2 million. We are pleased to announce that we exceeded these expectations and actually recognized revenues of $11.3 million. Revenues are up nearly 20% from the $9.4 million we recorded in the second quarter of 2017.
As you are all aware, the past few years has been very volatile in the industry. We believe the activity in the oil and gas markets is a result of the stabilization in the industry and the return to seasonal cycles. Historically, the spring and summer months are slower. The difference between the first two quarters reflects this seasonality. However, because of the strategic decisions we've talked about before, we are able to show year-over-year growth and are on track to exceed our 2017 performance and achieve historic levels of cash flow and profitability.
Net income in the period was down just slightly from the previous quarter and is up over 30% when compared to the same quarter last year and equates to $0.04 per share. While our legacy product sales remain the majority of our business, we are focusing on international growth now more than ever with the implementation of our business development team. We have established a relationship with an international distributor, which resulted in repeated sales this quarter. We have also hosted international groups in our corporate offices to discuss how our product can be used internationally. The business development team remains dedicated to Profire's strategic growth. As always, we maintain our traditional corporate beliefs and strategies while taking deliberate and strategic actions for growth.
We continue to add new capabilities to our existing products