Ottawa area-based Plaintree Systems Inc. (CNSX:NPT) posted a profit in the first quarter of fiscal 2014, according to financial information released Tuesday.
Plaintree's David Watson. (Provided)
The specialty structures and electronics company recorded a net income of $138,500, reversing a $176,801 net loss for the first quarter of fiscal 2013.
Revenues increased by about 29 per cent, to $3.6 million, in the first quarter of fiscal 2014 compared with $2.8 million in the same quarter in fiscal 2013.
"After three years of slow world markets and yet continued heavy capital investment by Plaintree, we are pleased to see things starting to improve," said David Watson, CEO of Plaintree, in a statement.
“The real news is that to date in fiscal 2014 the company has received almost $20 million in orders, most of which will be shipped and invoiced during this year,” Mr. Watson stated at the time.
Plaintree is based just outside of Ottawa in Arnprior, Ont.