Profire Energy, Inc. (NASDAQ:PFIE) Q1 2019 Earnings Conference Call Transcript
May 09, 2019 • 01:00 pm ET
Good afternoon, everyone and thank you for participating in today's conference call to discuss Profire Energy's First Quarter 2019 Ended March 31, 2019. Joining us today is the President and CEO of Profire Energy, Brenton Hatch, and CFO, Ryan Oviatt.
Before we begin today's call, I would like to take a moment to read the Company's safe harbor statement. Cautionary note regarding forward-looking statements. Statements made during this call that are not historical are forward-looking statements. This call contains forward-looking statements, including, but not limited to statements regarding the Company's expected growth; increase in operating expenses, expansion into international markets and planned launch of new products; the availability of Company's resources to make beneficial investments in 2019 and beyond; obtaining new product certifications; the Company's expected increase in operating expenses and hiring of additional employees; the Company's exploration of M&A opportunities and potential of international markets; and the Company's future financial performance.
All such forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions, and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market, and regulatory risks and factors identified in the Company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release
and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, except as required by law. Readers should not place undue reliance on these forward-looking statements.
I would like to remind everyone that this call is being recorded, and it will be available for replay through May 16, 2019 starting later this evening. It will be available via the link provided in yesterday's press release as well as the Company's website at www.profireenergy.com.
Following the remarks by Mr. Hatch and Mr. Oviatt, we will open the call to your questions. As part of the question-and-answer session, Mr. Hatch and Oviatt will be joined by Profire Energy's Chief Business Development Officer, Cameron Tidball, Vice President of Operations, Jay Fugal and Vice President of Product Development, Patrick Fisher.
Now, I would like to turn the call over to the President and Chief Executive Officer of Profire Energy, Mr. Brenton Hatch.
Brenton W. Hatch
Thank you very much. Welcome, everyone, to our first quarter earnings call and thank you for your interest in Profire. In Q1, 2019 we were able to achieve total revenues of $10.8 million and a net income of $1.7 million. I am delighted to see that our cash and liquid investments were over $23 million at quarter end, as we were once again able to generate positive cash flows. These numbers are all improvements over the fourth quarter of 2018.