ARNPRIOR, ON / ACCESSWIRE / September 3, 2020 / Plaintree Systems Inc. (CSE:NPT) ("Plaintree" or the "Company"). Plaintree announced today that it has released its audited consolidated financial statements and related management discussions and analysis for the fiscal year ended March 31, 2020.
During the fiscal 2020, Plaintree realized revenues of $17,355,827, compared to fiscal 2019 revenues of $21,704,067. Plaintree ended fiscal 2020 year with net losses before income tax expense of $(203,682), down from $1,864,822 in fiscal 2019.
"Diversification of products and markets can help to level out a company's revenues." said David Watson CEO. "Q1 ending June 30, 2019, we had our aerospace market serviced by Hypernetics and Summit unexpectedly slow down for 2 quarters and yet at the same time, our specialty structures division, Triodetic, was very busy. During the last half of the fiscal 2020, we had Hypernetics and Summit recover but conversely, Triodetic slowed down resulting in an essentially breakeven year for profit. At fiscal year end, Plaintree had a strong cash balance and retained a healthy current ratio going into the Covid crisis."
About Plaintree Systems
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, foundations for unstable soil conditions and flood zones, for 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, 2020 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.