The Company expects revenues to increase 34.7% year-over-year to $22.5 million, and net income to increase 200% to $4.2 million for the fiscal year ending March 31, 2014. Management believes PFIE will continue to find and capitalize on new opportunities in the U.S. oil and gas market.
PFIE's strong historical revenue growth bodes well for the Company going forward. Between the fiscal years 2008 and 2012, annual revenues for the Company grew 269% from $4.3 million to $15.9 million. Since its inception in 2002, PFIE has grown from a small service company (delivering parts out of an old Buick) into the largest operator in the BMS space, servicing blue-chip multinationals such as ExxonMobil, Husky Oil, Devon Energy, Shell, and ConocoPhillips.
Current penetration for BMS technology in the U.S. is estimated at only 1% to 1.5% of a $2.5 billion to $6.7 billion overall market. With oil and gas operators increasingly focused on improving safety and efficiency, PFIE's technology fills a huge, unmet market need.
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