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Powin Corp. (PWON) First Quarter Sales Up 11% from Last Year

May 16, 2011 2:45 PM ET
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Oregon-based Powin Corp. recently announced that sales for the first quarter of 2011, ended March 31, totaled $10.95 million, up 11 percent from sales of $9.86 million in the same period of last year. The company, a direct manufacturer of outdoor cookware products, gun safes, fitness and recreational equipment, truck parts, plastic products, renewable energy products and furniture, posted net income of $31,331 for the first quarter of 2011.

Powin’s gross profits in the first quarter of 2011 totaled $1.54 million, up almost 12 percent from last year. Gross profits equal 14 percent of the company’s net revenues.

Ronald Horne, Chief Financial Officer of Powin, remarked, “Sales are continuing to rebound after several difficult years during a deep, worldwide recession. We are pleased with these results and see the positive trend continuing throughout 2011. We are also very bullish about new manufacturing and other activities at Powin which will be detailed in future news releases.”

Powin also announced that it opened a metal manufacturing plant in Mexico in February 2011. In March 2011, the Company received its registration to open a branch office in the Republic of South Africa.

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