The Arnprior firm's net income was $100,000 in the third quarter of 2012, reversing a net loss of $100,000 a year ago.
In fiscal 2011, PSP's net and comprehensive loss was $3.4 million and in 2010, $3.0 million.
PSP typically leaves out mention of income in press releases and focuses instead on the non-GAAP measure of adjusted earnings before interest, taxes, depreciation and amortization. It has stated this is a useful measure of performance.
For this quarter, adjusted EBITDA was $250,000, a slight decrease from the $260,000 posted in the same quarter last year. In the same time period, sales fell almost 38 per cent, PSP noted, partly due to the end of the company's distribution business.
"Profitability is a significant milestone in the transformation of the company," stated CEO Doug Lucky.
"We're creating a business platform on the back of focus and alignment decisions, a stable balance sheet, and a value-added operating cost structure."
Just over a week ago, PSP terminated a takeover deal with ArmorWorks Enterprise LLC, the latest in a string of attempts to help the Arnprior firm's finances. Other measures have included asset sales and moving its headquarters from Kanata.
In a press release issued at the time of the scuttled deal, PSP noted it will "consider and evaluate on an ongoing basis all alternatives available to it in the course of realizing its strategic direction."
When a company talks about reviewing strategic alternatives, it often, but does not always, result in a sale of the business.
Major clients of PSP include the Department of National Defence and the RCMP.
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