Plaintree Systems Inc Releases Fiscal 2010 Results

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

Fiscal 2010 Results

Plaintree announced today that it has released its audited financial statements and related management discussion and analysis for the year ended March 31, 2010.

During fiscal 2010, Plaintree realized revenues of $9,190,873 compared to $21,399,740 in fiscal 2009 and net loss of $1,293,501, compared to net income of $4,844,499 in fiscal 2009. Basic loss per share was $0.22 in fiscal 2010 compared to earnings per share of $0.27 in fiscal 2009. Diluted loss per share was $0.22 in fiscal 2010 compared to diluted earnings per share of $0.26 in fiscal 2009.

“The world wide recession impacted the results of Plaintree throughout the first three quarters of fiscal 2010”, said David Watson, CEO and President. “Increased activity in the fourth quarter of fiscal 2010 was visible and encouraging. Also, it is important to point out that the foreign exchange loss of $694,718 together with the write-down of inventories of $701,634 account for more than the year’s losses.”

For more information on these results, please refer to Plaintree’s annual 2010 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 June 29, 2010 have declared a cash dividend of $10.91405 per Class A Preferred Share ($200,000 in the aggregate) payable on July 5, 2010 to the holders of record at the close of business on June 30, 2010. 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. As at the end of Fiscal 2010, an aggregate of $• of dividends have accrued on the Class A Preferred Shares since their issuance on April 1, 2008 after taking into effect past dividends declared and paid previously (see press release dated February 26, 2009 and July 24, 2009). 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.

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

The Specialty Structures Division, formally the 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.

The Electronics Division includes the legacy Hypernetics and Plaintree free space optics businesses. Hypernetics was established in 1972 and was 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 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) and in the U.S. on the OTC BB (PTEEF), 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 U.S. Securities and Exchange Commission and Canadian regulatory authorities, including the Company’s Form 20-f dated November 12, 2009.

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)
過去株価チャート
から 12 2024 まで 1 2025