Pioneering Technology Announces Preliminary Unaudited Record 2016 Year-end Financial Results and Highlights
New Record Highs for Revenue, Net Income & Adjusted EBITDA in Q4 & Full Year 2016
(firmenpresse) - MISSISSAUGA, ONTARIO -- (Marketwired) -- 10/19/16 -- Pioneering Technology Corporation (TSX VENTURE: PTE)(OTC: PTEFF), ("Pioneering" or the "Company"), a technology company and North America''s leader in cooking fire prevention technologies and products is very pleased to announce preliminary selected unaudited financial results and business highlights for the fourth quarter and the year ended September 30, 2016. Pioneering''s audited financial statements for the year ended September 30, 2016 will be filed on or before January 28, 2017. Audited financial statements for the years ended September 30, 2015 and 2014 are available on SEDAR (). The financial results discussed below are unaudited and subject to change upon completion of Pioneering''s annual audit.
Financial Highlights:
Pioneering CEO Kevin Callahan said of the results, "As a company we have accomplished much in 2016 and we are well positioned for continued growth in 2017 and beyond. Having exceeded our targets and delivered our 6th consecutive quarter of profitability we are well past our inflection point and have proven our business to be profitable, sustainable and capable of delivering increased value to shareholders. With that said, we believe we are just getting started. We believe that our continued focus on penetrating B2B channels combined with external industry developments will help drive revenue growth and company value."
Selected Financial Highlights for Q4 2016 & Year-ended September 30, 2016, 2015 & 2014
Business Highlights:
Customer, Distribution and Market Developments
These distribution partners have large existing customer bases and strong relationships with primary decisions makers. The relationships are expected to continue to provide Pioneering with opportunities to increase sales significantly in key market verticals where cooking fires are a problem. These new partners have extensive sales networks focused on selling into all of Pioneering''s desired channels helping to accelerate channel penetration and growth while at the same time helping to keep sales and marketing related expenses in check.
An example of the significant impact these partnerships will have on future sales growth can be evidenced by the sale to a large suite style hotel chain (see press release dated September 6, 2016) that equipped over 17,000 hotel rooms with the SmartBurner product. This purchase represents approximately 20% of this hotel chain''s hotel inventory. Pioneering is currently working with its distribution partner to equip the remaining 80% in 2017 and 2018. This one customer represents a small percentage of this distributors entire customer base. Penetrating this channel and other distributor channel customers in 2017 is a strategic priority for Pioneering and has the potential to drive significant revenue growth.
Industry Developments
Financing Developments
Historically, the Company financed its working capital requirements through a combination of cash flow generated by operations and debt financing. During 2016 Pioneering worked hard to strengthen its balance sheet and position the company for long term growth. In 2016 Pioneering:
The above financing activities, coupled with 55% revenue growth, means that as of September 30, 2016 Pioneering had a working capital ratio of approximately 3.87 - a significant improvement from the working capital ratio as of September 30, 2015.
About Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an "energy smart" technology company and North America''s leader in innovative cooking fire prevention technologies. Pioneering engineers and brings to market energy-smart solutions for everyday consumer appliances making them safer, smarter, and more efficient. The company''s patented technologies/products address a multi-billion-dollar problem - cooking fires. According to the National Fire Protection Association, stovetop cooking is the number one cause of household fire and fire injuries in North America (48% of all household fires - up from 20% in 1980). Pioneering''s temperature limiting control (TLC) technology is now installed in over 150,000 multi-residential housing units across North America without a single cooking fire being reported and delivering a return on investment for its customers. Pioneering has proprietary cooking fire prevention solutions, including its trademarked Safe-T-element, SmartBurner, RangeMinder & Safe-T-sensor, for the majority of the more than 140 million stoves/ranges and over 140 million microwave ovens throughout North America. For more info, go to .
Forward Looking Statements
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management''s current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in Pioneering''s target markets, the demand for Pioneering''s products, the availability of funding and the efficacy of Pioneering''s technology and governmental regulation. These forward-looking statements are made as of the date hereof an, except as required by applicable law, Pioneering does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Pioneering''s expectations and projections.
Non-GAAP Measures
Adjusted EBITDA is a measure not recognized under Canadian generally accepted accounting principles ("GAAP"). However, management of Pioneering believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standard meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with GAAP and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Pioneering''s Adjusted EBITDA should be read in conjunction with the financial statements and management''s discussion and analysis of Pioneering posted on SEDAR ().
This news release contains certain forward-looking statements reflecting the Company''s current views or expectations on its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
Contacts:
Pioneering Technology Corp.
Kevin Callahan
President & CEO
905-712-2061 ext. 222
Contact Financial Corp.
Rob Gamley
Investor Relations
604-689-7422
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Datum: 19.10.2016 - 05:30 Uhr
Sprache: Deutsch
News-ID 1464592
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Food
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