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Powin Corporation Announces Third Quarter 2010 Results

^{Published on 2010-11-01 12:06:05 - Market Wire}
 

TIGARD, Ore.--([ BUSINESS WIRE ])--Powin Corporation (OTCBB: PWON), a Tigard, Oregon-based OEM and direct manufacturer that supplies companies as diverse as Walmart, Freightliner and Camp-Chief with camping and fitness equipment, gun safes, the MACO furniture line and hundreds of other products, today announced financial results for the third quarter of 2010. The company completed its Initial Public Offering on March 31, 2010 and its shares became available for public trading on the Over-the-Counter Bulletin Board (OTCBB) in October of this year.

"We are pleased with our growth in net revenues and are optimistic this trend will continue as the U.S. economy recovers"

During the period July 1, 2010 to September 29, 2010, Powin reported net revenues of $15.08 million, an increase of $2.6 million, or 21.3%, compared to the same period in 2009. The companya™s OEM segment net revenues were up 14.2% or $1.7 million; the QBF segment net revenues were up 158.6%, or $732.3 thousand; and the Maco segment net revenues were up 614.3%, or $92.3 thousand. Wooden segment net revenues increased 178.8%, or $138.4 thousand, a turnaround from net revenue decreases in the first and second quarters of 2010.

aWe are pleased with our growth in net revenues and are optimistic this trend will continue as the U.S. economy recovers,a said Ronald Horne, CFO of Powin Corporation. aOur profitability continues to be strong despite the costs of becoming a public company.a

Operating income for the third quarter 2010 totaled $1.66 million, an increase of 48.7% or $543.4 thousand, compared to the same period in 2009. The Companya™s segments, other than OEM and QBF segments, are showing material improvements in their margins for the three-month period ended September 30, 2010, compared to the 2009 period.

Operating expenses during the third quarter of 2010 increased 48.7%, or $371.6 thousand, over the same quarter in 2009 primarily due to personnel increases in the companya™s sales and marketing programs, financial and IT management and accrual for certain annual costs associated with its new status as a public company.

For the nine-month period ended September 30, 2010, net revenues increased 34.6%, or $10.2 million, over the same nine-month period in 2009. Operating income increased $656.5 thousand, or 16.8%, compared to the same period in 2009. Operating expenses for the nine-month period ended September 30, 2010 increased 50.7%, or $1.0 million, over the same period in 2009.