OTTAWA, Aug. 29 /CNW Telbec/ - Plaintree Systems Inc. (Plaintree, OTC
BB: PTEEF), today reported results for the first quarter of fiscal 2009 ended
June 30, 2008, representing the first quarter of combined results following
the completion of the amalgamation of Plaintree with Hypernetics Limited and
the Triodetic Group of Companies.
Consolidated revenue for all three product divisions this quarter 2009
was $6,841,758 up from $2,584,840 for the first quarter of last year. The
consolidated financial statements of the new company include the accounts of
Plaintree, Hypernetics and Triodetic Group of Companies. The company has
adopted the continuity of interest method, whereby the current and comparative
results are presented as if the companies have always been combined.
The net income attributed to common shares for this period increased to
$1,147,092, or 0.12 cents per share, compared to a loss of $92,559, or
(0.01) cents per share for the 1st quarter of 2008.
"This was the best quarter in recent memory for Plaintree" said David
Watson CEO. "The strong revenue and earnings figures for this period
demonstrate the potential of the new diversified Plaintree. I wish, however,
to advise the shareholders that revenue and earnings figures in the new
Plaintree are expected to fluctuate from quarter to quarter as Plaintree and
Triodetic both sell on a contract basis which results in uneven income
dispersal throughout the year. For example, on July 23 of this year, we
announced a $5 million dollar contract; revenues however, will not begin to be
recorded until the 3rd quarter of this year. Hypernetics on the other hand has
a relatively stable revenue stream from month to month and which helps to even
out quarterly results."
For more information on these results, please refer to Plaintree's First
Quarter 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.
About Plaintree Systems
Plaintree Systems Inc. specializes in developing optical wireless
communications equipment for Local Area, Wide Area, Voice, Internet and
Security Networks. On April 1, 2008, Plaintree completed its acquisition of
all of the issued and outstanding share capital of Hypernetics Limited
("Hypernetics") and 4439112 Canada Inc., which through a wholly-owned
subsidiary owned all of the share capital of Triodetic Building Products Inc.
and other subsidiaries (the "Triodetic Group of Companies"). Hypernetics was
established in 1972 and is a manufacturer of aero-space components for various
applications including aircraft antiskid braking, aircraft instrument
indicators, solenoids, high purity valves and permanent magnet alternators.
The Triodetic Group of Companies, 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. Immediately following the
completion of the Acquisition, Plaintree also amalgamated the businesses of
each of Hypernetics and the Triodetic Group of Companies into Plaintree and
going forward those businesses will be operated by Plaintree as separate
divisions of the Company.
Plaintree is publicly traded in the U.S. on the OTC BB (PTEEF), with
12,522,143 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 September 28, 2007.
For further information:
For further information: Lynn Saunders, (613) 623-3434 ext 3002