NPT Plaintree Systems Inc

Plaintree Systems Inc. (Plaintree, traded on CNSX under the symbol NPT).

Fiscal 2011 Results

Plaintree announced today that it has released its audited financial statements and related management discussion and analysis for the year ended March 31, 2011.

During fiscal 2011, Plaintree realized revenues of $11,040,555 compared to $9,087,383 in fiscal 2010 and net income of $333,380, compared to a net loss of $1,239,922 in fiscal 2010. Basic loss per share was $0.09 and $0.22 in fiscals 2011 and 2010 respectively. Diluted loss per share was $0.09 and $0.22 in fiscals 2011 and 2010 respectively. The basic and diluted loss per share takes into account Plaintree’s obligations to pay an 8% per annum cumulative dividend on its issued and outstanding Class A preferred shares before any distributions can be made to Plaintree’s common shareholders. While the dividend is only paid when declared by the board of directors of Plaintree, any unpaid amounts accrue in the amount of $1,466,000 per annum. As a result, notwithstanding that Plaintree recorded a profit during fiscal 2011, after taking into account the accrued dividends on the Class A preferred shares, this resulted in a loss per share for Plaintree’s common shareholders.

“Overall sales for Plaintree were up 21% during fiscal 2011 from fiscal 2010 a good indication that the Company is regaining ground after the world wide recession” said David Watson, CEO. “Actual income from operations was $641,195 before reflecting any loss on disposal of assets. One of the key areas of growth for us is the stockpile covers we design and manufacture for the mining industry. If mineral prices stay high, it will bode well for us in fiscal 2012.”

For more information on these results, please refer to Plaintree’s annual 2011 financial statements together with the related Management’s Discussion and Analysis report, copies of which can be obtained from the Company’s website at www.plaintree.com and/or under Plaintree’s name at www.sedar.com.

Declaration of Dividends on Class A Preferred Shares

The board of directors of Plaintree on July 13, 2011 declared a cash dividend of $10.91405 per Class A Preferred Share ($200,000 in the aggregate) payable on July 22, 2011 to the holders of record at the close of business on July 18, 2011. The Class A Preferred Shares are entitled to annual cumulative dividends of 8% on the $1,000 redemption amount of the Class A Preferred Shares ($1,466,000 per annum in the aggregate based on 18,325 Class A Preferred Shares currently being outstanding). As at the end of Fiscal 2011, an aggregate of $3,598,000 of dividends have accrued on the Class A Preferred Shares since their issuance on April 1, 2008 after taking into effect the current dividend declared above and past dividends declared and paid previously (see press releases dated February 26, 2009, July 24, 2009 and July 12, 2010). The Class A Preferred Shares were issued as part of the consideration paid to acquire Hypernetics and the Triodetic Group of Companies and are held by related parties (see press release dated April 2, 2008). The Class A Shares are not listed on any stock exchange. The payment of the dividends will be credited against the amount accrued to date on the Class A Preferred Shares.

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, free form structures, barrel vaults, space frames and industrial dome coverings, and Arnprior Fire Trucks Corp., a manufacturer of high end fire and emergency vehicles, formed in 2010.

The Electronics Division includes the legacy Hypernetics and Plaintree free space optics 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. Plaintree’s legacy business designs and manufactures ultra secure optical wireless products which free the user from the numerous problems that Radio Frequency wireless encounters.

Plaintree’s shares are traded under the symbol “NPT”. Shareholders and Investors can access Company information on CNSX’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 CNSX and SEDAR filings, visit the CNSX website at www.cnq.ca or the Company’s website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CNSX (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, 2011 and related management discussion and analysis.

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

Plaintree Systems (CSE:NPT)
Historical Stock Chart
From Dec 2024 to Jan 2025

Plaintree Systems (CSE:NPT)
Historical Stock Chart
From Jan 2024 to Jan 2025