Plaintree Systems Inc. Announces Third Quarter Fiscal 2019 Results

ARNPRIOR, ON / ACCESSWIRE / February 25, 2019 / Plaintree Systems Inc. (Plaintree, traded on CSE under the symbol NPT).

Plaintree announced today that it has released its un-audited consolidated financial statements and related management discussions and analysis for the third quarter ending December 31, 2018 as well as cumulative performance year to date for the nine months ending December 31, 2018.

During the three and nine months ended December 31, 2018 of fiscal 2019, Plaintree realized revenues from operations of $5,121,234 and $17,357,600 respectively, up from $4,340,905 and $12,053,153 for the same periods of fiscal 2018. Net income from operations declined to $388,169 and $1,931,410 in the three and nine month period ending December 31, 2018 as compared to net income of $674,467 and $1,447,938 or the same periods a year earlier.

“We are very pleased at the continuing strong market for all of Plaintree’s diversified portfolio of products which has allowed us these positive financial results,” said David Watson CEO.

“Mining domes account for a very large proportion of Plaintree’s overall revenues and the nature of this market is such that margins are lower than our other product lines. Thus, when we have quarters where revenues are predominately from these domes, we can see a fluctuation in the net income line for the quarter such as we have seen this quarter.

On this basis, the reader will find multi quarter periods to be more representative of performance.”

About Plaintree Systems Inc.

Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.

The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings and Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.

The Electronics Division includes the legacy Hypernetics and Summit Aerospace USA Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.

Plaintree’s shares are traded under the symbol “NPT”. Shareholders and Investors can access Company information on CSE’s website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company’s website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company’s products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company’s business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2018 and related management discussion and analysis.

Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

For further information: Lynn Saunders, CFO – (613) 623-3434 x2223

SOURCE: Plaintree Systems Inc.

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