Plaintree Systems Inc. (PTEEF.OB) said Friday it slipped to a loss for the full year 2012, compared to a profit last year, as lower margins offset growth in revenues.
The company reported full year net loss of $0.6 million or $0.16 per share, compared to net income of $0.3 million last year.
Results for 2012 include a bad debt account of $233,092 and inventory write-downs of $273,359.
Revenues for the full year meanwhile increased to $12.6 million from $11 million a year ago.
CEO David Watson said, "Throughout the world-wide economic downturn that affected us in 2010, we have continued to invest heavily in the Plaintree operations."
Watson further said, "In the past two years, we have invested over four million dollars in our new plant and state of the art equipment. Add to this our recent acquisition of Summit Aerospace USA Inc. located in the USA and it is easy to see our commitment to the future."
Canada-based Plaintree Systems Inc. makes electronic products and specialty structures products.
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by RTT Staff Writer
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