Pro-Tech Industries, Inc. (fka PTCK)

[Renee]

PTCK revoked:

http://www.sec.gov/litigation/admin/2014/34-72698.pdf

[sidedraft]

This Initial Decision revokes the registrations of the registered securities of Pro-Tech Industries, Inc. (PTCK)

http://www.sec.gov/alj/aljdec/2014/id612cff.pdf

[Renee]

PTCK SEC Suspension:

http://www.sec.gov/litigation/suspensions/2014/34-72236.pdf

Order:

http://www.sec.gov/litigation/suspensions/2014/34-72236-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2014/34-72237.pdf

[10 bagger]

PTCK.. $0.2128 Discriptioin..

Pro-Tech Industries - PTI (OTCBB: PTCK) is a regional leader in design/build services for the following infrastructure segments: Fire Life Safety, alarm/detection, electrical and voice/data communications. PTI has succeeded in creating a team of exceptional employees with the education and experience capable of building diverse and complex projects. Our staff is a fast growing group with special skills, over-achievers, and driving each other's success. We capitalize on our youthful core of people, keeping us in touch with the latest technology, trends and demands of an ever-changing construction industry.

PTI has established itself as a leader in the construction industry and is committed to consistently providing exceptional quality and value in all of our work. PTI has an extensive resume when it comes to building and renovating quality structures of all types. Headquartered in Sacramento Ca, and regional offices in San Diego, Reno, and Las Vegas, PTI provides these services to the commercial/industrial, Federal Government, State/local government and local municipality sectors.

[10 bagger]

PTCK.. $0.17

Pro-Tech Industries Announces First Quarter 2011 Results

GlobeNewswire - May 18 at 09:00

Company Symbols: NASDAQ-OTCBB:PTCK


SACRAMENTO, Calif., May 18, 2011 (GLOBE NEWSWIRE) -- Pro-Tech Industries, Inc. (OTCBB:PTCK), a leader in design-build infrastructure services, announced its results for the quarter ending March 31, 2011.

For the quarter ended March 31, 2011, the Company reported revenue of $3.6 million and net income of $50,000 from continuing operations or $0.00 per share. This compares to revenue of $2.8 million and net loss from continuing operations of $402,000 or $(0.02) per share for the quarter ended March 31, 2010.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were $31,000 or $0.00 per share for the quarter ended March 31, 2011, compared to a $374,000 loss or $0.02 loss per share for the quarter ended March 31, 2010. The Company views EBITDA as a useful measure of its operating performance as it eliminates the aberrations produced by amortization and discontinued operations, and enables the investment community to better evaluate our long run profitability from the ongoing operations.

For the trailing twelve months, the Company's revenues were $14.6 million with an operating profit of $622,000 and net income of $553,000 from continuing operations or $0.03 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $861,000 or $0.05 per share for the quarter ended March 31, 2011. A reconciliation of these numbers has been included in the tables section and is taken from our filings.

Donald Gordon, Chairman of the Board and CEO, stated, "We are pleased with the progress made over the past twelve months. It shows the hard work of the management team and our associates is paying off. We have made hard decisions which at times have been difficult, but the positive results help to reinforce these decisions."

Sean McGuire, President of Pro-Tech Fire Protection Systems Corp, added, "Decisions we have made to emphasize the service and support side of our Fire Life Safety segment are beginning to pay dividends as we go into the second quarter. We are excited about the possibilities these services bring to the segment as we build up the services division to take on a more prominent role. We believe but cannot guarantee that we will see significant market penetration in this area as our investment takes hold in late second quarter and into quarter three."

About Pro-Tech Industries, Inc.:

Through its wholly owned subsidiary, Pro-Tech Fire Protection Systems Corp., Pro-Tech Industries, Inc. provides design-build services in the following infrastructure segments: Fire Protection, Alarm and Detection, Telecommunications and Network Services. These services are provided to the Commercial/Industrial Sector, Fortune 1000 companies, and Federal, State, and Local government. For more information please visit http://www.pro-techind.com.

Forward Looking Statements

Statements about the Company's expectations, including revenue and earnings and all other statements in this press release, other than historical facts, are "forward looking" statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and are subject to change at any time. The Company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the Company undertakes no obligation to update forward looking statements.

The following statements are summarized from the Company's annual report for the year ended December 31, 2010, on Form 10-K, filed on April 15, 2011. Please see this filing on the Security and Exchange Commission's Edgar website (sec.gov) in its entirety for full footnote disclosures and discussions.

Pro-Tech Industries, Inc.
Consolidated Balance Sheet

3/31/11 12/31/10
Assets
Current Assets:
Cash and cash equivalents $290,999 $323,472
Contract receivable, net of allowance for doubtful accounts 2,778,822 2,471,505
Costs and estimated earnings in excess of billings 556,253 347,254
Inventory 56,366 59,948
Other current assets 105,237 127,399
Deferred financing cost, net 3,979 30,130
Total current assets 3,791,656 3,359,708

Property plant and equipment, net 273,909 282,183

Other Assets:
Deposits 10,856 10,856
Total assets $4,076,421 $3,652,747

Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable and accrued expenses $2,587,930 $1,821,676
Short term note payable 17,500 26,658
Notes payable – current portion 205,375 214,872
Accruals on uncompleted projects 172,429 310,082
Reserve for loss on uncompleted contracts 6,838 6,472
Line of credit 925,000 950,000
Warrant and preferred stock derivative liability 456,368 547,472
Discontinued operations 146,648 554,114
Total current liabilities 4,518,088 4,431,346

Long -Term Liabilities:
Notes payable- others – long term portion 140,564 183,530
Discontinued Operations 71,418 123,526
Total Long Term Liabilities 307,056 307,056

Series A 10% convertible redeemable preferred stock 602,079 459,411

Stockholders' Equity (Deficit):
Common Stock 18,894 18,833
Additional paid in capital 1,046,939 1,152,934
Accumulated deficit (2,321,561) (2,716,833)
Total stockholders' equity (deficit) (1,255,728) (1,545,066)

Total liabilities and stockholders' equity (deficit) $4,076,421 $3,652,747

Pro-Tech Industries, Inc.
Consolidated Income Statement
Three Months Ended March 31,

2011 2010

Net revenue $3,549,362 $2,807,467
Cost of sales 2,209,933 1,998,567
Gross profit 1,339,429 808,900

Operating Expenses:
Depreciation and amortization 51,068 75,677
Selling, general and administrative 1,308,223 1,182,430
Total Operating Expenses 1,359,291 1,258,107

Income (Loss) from Operations (19,862) (449,207)

Other Income (Expense):
Gain on change in fair value of derivative liability 91,104 --
Interest expense, net (21,472) (33,737)
Total Other Income (Expense) 69,632 (33,737)

Income (loss) income before income taxes 49,770 (482,944)

Income tax benefit (expense) -- 80,490

Income(loss) from continuing operations 49,770 (402,454)

Income(loss) from discontinued operations 359,679 (650,162)

Net Income(Loss) 409,449 (1,052,616)

Preferred stock dividends and amortized discount 154,689 --

Net Income(loss) attributable to common shareholders $254,760 $ (1,052,616)

Net income (loss) per share from continuing operations: $0.00 $ (0.02)

Net income (loss) per share: $0.02 $ (0.06)

Weighted average common shares outstanding (Note C) 18,398,574 18,022,600

Pro-Tech Industries, Inc.
Reconciliation of Income (Loss) from Operations to EBITDA

Quarter Ended Trailing Twelve Months
March 31, 2011 March 31, 2010 March 31, 2011

Income (Loss) from Operations $ (19,862) $ (449,207) $622,000

Add back:
Depreciation and amortization 51,068 75,677 239,000

EBITDA(loss BITDA) $31,206 $ (373,530) $861,000

EBITDA(loss BITDA) per share $0.00 $ (0.02) $0.05

Weighted average common shares outstanding 18,398,574 18,022,600 18,398,574

Trailing Twelve Months Reconciliation
(000's)

Twelve Months Less YTD Plus YTD Trailing Twelve
12/31/10 3/31/10 3/31/11 3/31/11

Net revenue $13,891 $2,807 $3,549 $14,633
Cost of sales 9,120 1,999 2,210 9,331
Gross profit 4,771 808 1,339 5,302

Operating Expenses:
Depreciation and amortization 264 76 51 239
Selling, general and administrative 4,315 1,182 1,308 4,441
Total Operating Expenses 4,579 1,258 1,359 4,680

Income (Loss) from Operations 192 450 (20) 622

Other Income (Expense):
Gain (loss) on change in fair value of derivative liability (34) 0 91 57
Interest expense, net (139) 34 (21) (126)
Total Other Income (Expense) (173) 34 70 (69)

Income before income taxes 19 484 50 553

Income tax benefit (expense) 80 (80) -- --

Income from continuing operations $99 $404 $50 $553

Net income from continuing operations per share $0.03
Weighted average common shares outstanding 18,398,574
CONTACT: INVESTOR CONTACT:

Pro-Tech Industries, Inc.
Michael P. Walsh, CFO
[e-mail]
916-504-4044

[10 bagger]

PTCK.. $0.15 10Q 3/31/11

PRO-TECH INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS


March 31, 2011 December 31,
(unaudited) 2010
ASSETS
Current Assets:
Cash and cash equivalents $ 290,999 $ 323,472
Contract receivable, net of allowance for doubtful accounts as of March 31, 2011 and December 31, 2010, of $80,000 and $100,000, respectively (Note D) 2,778,822 2,471,505
Costs and estimated earnings in excess of billings (Note E) 556,253 347,254
Inventory 56,366 59,948
Other current assets 105,237 127,399
Deferred financing cost, net 3,979 30,130
Total current assets 3,791,656 3,359,708

Property plant and equipment, net (Note F) 273,909 282,183

Other Assets:
Deposits 10,856 10,856
Total assets $ 4,076,421 $ 3,652,747

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable and accrued expenses (Note H) $ 2,587,930 $ 1,821,676
Short term note payable 17,500 26,658
Notes payable – current portion (Note J) 205,375 214,872
Accruals on uncompleted projects (Note E) 172,429 310,082
Reserve for loss on uncompleted contracts 6,838 6,472
Line of credit (Note I) 925,000 950,000
Warrant and preferred stock derivative liability 456,368 547,472
Discontinued operations (Note C) 146,648 554,114
Total current liabilities 4,518,088 4,431,346

Long -Term Liabilities:
Notes payable- others – long term portion (Note J) 140,564 183,530
Discontinued Operations (Note C) 71,418 123,526
Total Long Term Liabilities 211,982 307,056

Series A 10% convertible redeemable preferred stock, $0.001 par value, 40,000 shares authorized; 23,000 issued and outstanding, (net) at March 31, 2011 and December 31, 2010, respectively (face value $575,000, respectively) 602,079 459,411

Stockholders' Equity (Deficit):
Preferred stock, undesignated, $0.001 par value; 4,960,000 shares authorized, no shares issued and outstanding - -
Common Stock, $0.001 par value; 70,000,000 shares authorized; 18,894,474 and 18,832,808 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively 18,894 18,833
Additional paid in capital 1,046,939 1,152,934
Accumulated deficit (2,321,561 ) (2,716,833 )
Total stockholders’ equity (deficit) (1,255,728 ) (1,545,066 )

Total liabilities and stockholders' equity (deficit) $ 4,076,421 $ 3,652,747

Three months Ended
March 31, 2011 Three months Ended
March 31, 2010

Net revenue $ 3,549,362 $ 2,807,467
Less: Cost of sales 2,209,933 1,998,567
Gross profit 1,339,429 808,900

Operating Expenses:
Depreciation and amortization (Note F & G) 51,068 75,677
Selling, general and administrative 1,308,223 1,182,430
Total Operating Expenses 1,359,291 1,258,107

Income (Loss) from Operations (19,862 ) (449,207 )

Other Income (Expense):
Gain (loss) on change in fair value of derivative liability 91,104 -
Interest expense, net (21,472 ) (33,737 )
Total Other Income (Expense) 69,632 (33,737 )

Income (loss) income before income taxes 49,770 (482,944 )

Income tax benefit (expense) - 80,490

Income(loss) from continuing operations 49,770 (402,454 )

Income(loss) from discontinued operations 359,679 (650,162 )

Net Income(Loss) 409,449 (1,052,616 )

Preferred stock dividends and amortized discount 154,689 -

Net Income(loss) attributable to common shareholders $ 254,760 $ (1,052,616 )

Net income (loss) per share from continuing operations:
Basic $ 0.00 $ (0.02 )
Diluted $ 0.00 $ (0.02 )

Net income (loss) per share:
Basic $ 0.02 $ (0.06 )
Diluted $ 0.02 $ (0.06 )

Net income (loss) per share attributable to common shareholder:
Basic $ 0.01 $ (0.06 )
Diluted $ 0.01 $ (0.06 )

Weighted average common shares outstanding (Note A):
Basic 18,398,574 18,022,600
Diluted 21,263,353 18,022,600


See accompanying notes to these unaudited condensed consolidated financial statements

[10 bagger]

PTCK.. $0.15 Year end results..

Pro-Tech Industries Announces Year End 2010 Results

GlobeNewswire - Apr 18 at 09:00

Company Symbols: NASDAQ-OTCBB:PTCK


SACRAMENTO, Calif., April 18, 2011 (GLOBE NEWSWIRE) -- Pro-Tech Industries, Inc. (OTCBB:PTCK), a leader in design-build infrastructure services, announced its results for the fiscal year ending December 31, 2010.

For the year ended December 31, 2010, the Company reported revenue of $13.9 million, operating profit of $193,000 and net income of $100,000 from continuing operations or $0.01 per share. This compares to revenue of $13.6 million, operating loss of $507,000 and net loss from continuing operations of $427,000 or $0.03 per share for the year ended December 31, 2009.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were $456,000 or $0.03 per share for the year ended December 31, 2010, compared to a $262,000 loss or $0.01 loss per share for the year ended December 31, 2009. The Company views EBITDA as a useful measure of its operating performance as it eliminates the aberrations produced by amortization and discontinued operations, and enables the investment community to better evaluate our long run profitability from the ongoing operations.

During 2010, the Company restructured its operations and is in the process of divesting its specialty construction unit and shutting down its electrical division. In doing this, the Company took a one-time loss of $2,261,000 or $0.12 per share for the year ended December 31, 2010, arising from this discontinued operation. The divestiture and divisional closing allows management to devote attention and growth capital to its profitable core competencies in the fire life safety and telecommunications divisions.

Donald Gordon, Chairman of the Board and CEO, stated, "We are pleased with the progress made this past year. We have positive sales growth and positive earnings for the first time in two years. We believe our results show the sales effort and cost cutting measures are taking hold as we continue to execute our growth strategy and enjoy the benefit of a favorable mix of products."

Management contends that our Fire Protection segment performance is leading the way and remains solid. This segment represented 77% of our sales for fiscal 2010 as compared to 69% of our sales at the close of fiscal 2009. Currently we have seen our Telecommunications segment drop off compared to the second quarter of the prior year. However, we are trying to backfill this revenue through our relationship with Atazz Technical Services and are starting to see an increase in bid activity and job wins. We expect, but cannot guarantee, this relationship to help replace the decrease in revenue from our contract with the Sacramento based systems integrator for the State of California which is winding down. While private sector work in all of our segments remains sluggish, we are starting to see some increases in bid activity. The turbulence in the economy continues to impact all of our segments and management has worked hard at cutting costs to better position the Company to be competitive in the bidding process. We expect, but cannot provide any assurances, that both of these segments will gain strength over the balance of the year and we envision modest continued improvement into fiscal 2011.

Pro-Tech has devoted a tremendous amount of time the past few weeks, focusing on areas of cash flow improvement within our existing operations and looking at potential acquisitions. "The combination of expanding areas and disciplines the Company is currently involved in, as well as new areas of possible acquisitions, are quite exciting." said Pro-Tech's newest board member and VP of Business Development Kent Misemer. "We have been in contact with several acquisition candidates that offer some real synergies within our existing units and as well as some opportunities to expand our footprint into new areas."

The Company management is looking for acquisitions that constitute steady, repeatable cash flow and can be assimilated in our current organization. This strategic action will receive significant attention from management over the next couple of quarters.

About Pro-Tech Industries, Inc.:

Through its wholly owned subsidiary, Pro-Tech Fire Protection Systems Corp., Pro-Tech Industries, Inc. provides design-build services in the following infrastructure segments: Fire Protection, Alarm and Detection, Telecommunications and Network Services. These services are provided to the Commercial/Industrial Sector, Fortune 1000 companies, and Federal, State, and Local government. For more information please visit http://www.pro-techind.com.

Forward Looking Statements

Statements about the Company's expectations, including revenue and earnings and all other statements in this press release, other than historical facts, are "forward looking" statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and are subject to change at any time. The Company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the Company undertakes no obligation to update forward looking statements.

The following statements are summarized from the Company's annual report for the year ended December 31, 2010, on Form 10-K, filed on April 15, 2011. Please see this filing on the Security and Exchange Commission's Edgar website (sec.gov) in its entirety for full footnote disclosures and discussions.

Pro-Tech Industries, Inc.
Consolidated Balance Sheet


2010 2009
Assets
Current Assets:
Cash and cash equivalents $323,472 $186,894
Contract receivable, net of allowance for doubtful accounts 2,471,505 2,077,643
Costs and estimated earnings in excess of billings 347,254 123,185
Inventory 59,948 151,394
Other current assets 127,399 231,386
Deferred financing cost, net 30,130 --
Discontinued operations -- 2,064,466
Total current assets 3,359,708 4,834,968

Property plant and equipment, net 282,183 298,141

Other Assets:
Intangibles, net of accumulated amortization -- 102,548
Deposits 10,856 10,856
Discontinued Operations -- 335,581
Total assets $3,652,747 $5,582,094

Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable and accrued expenses $1,821,676 $1,630,846
Short term note payable 26,658 --
Notes payable – current portion 214,872 184,512
Accruals on uncompleted projects 310,082 98,367
Reserve for loss on uncompleted contracts 6,472 --
Line of credit 950,000 900,000
Warrant and preferred stock derivative liability 547,472 --
Discontinued operations 554,114 1,429,275
Total current liabilities 4,431,346 4,243,000

Long -Term Liabilities:
Notes payable- others – long term portion 183,530 332,580
Discontinued Operations 123,526 81,491
Total Long Term Liabilities 307,056 414,071

Series A 10% convertible redeemable preferred stock 459,411 --

Stockholders' Equity (Deficit):
Common Stock 18,833 18,594
Additional paid in capital 1,152,934 1,421,467
Accumulated deficit (2,716,833) (515,038)
Total stockholders' equity (deficit) (1,545,066) 925,023

Total liabilities and stockholders' equity (deficit) $3,652,747 $5,582,094
Pro-Tech Industries, Inc.
Consolidated Income Statement

2010 2009

Net revenue $13,890,892 $13,623,986
Cost of sales 9,119,909 8,064,534
Gross profit 4,770,983 5,559,452

Operating Expenses:
Depreciation and amortization 263,784 245,090
Selling, general and administrative 4,314,596 5,821,543
Total Operating Expenses 4,578,380 6,066,633

Income (Loss) from Operations 192,603 (507,181)

Other Income (Expense):
Gain on change in fair value of derivative liability (33,818) --
Interest expense, net (139,350) (94,900)
Total Other Income (Expense) (173,168) (94,900)

Income (loss) income before income taxes 19,435 (602,081)

Income tax benefit (expense) 80,490 174,901

Income(loss) from continuing operations 99,925 (427,180)

Income(loss) from discontinued operations (2,260,864) (87,858)

Net Income(Loss) (2,160,939) (515,038)

Preferred stock dividends and amortized discount 398,065 --

Net Income(loss) attributable to common shareholders $ (2,559,004) $ (515,038)

Net income (loss) per share from continuing operations: $ 0.01 $ (0.03)

Net income (loss) per share: $ (0.12) $ (0.03)

Weighted average common shares outstanding (Note C) 18,209,335 17,766,190
Pro-Tech Industries, Inc.
Reconciliation of Income (Loss) from Operations to EBITDA


Year Ended
December 31, 2010 Year Ended
December 31, 2009

Income (Loss) from Operations $ 192,603 $ (507,181)

Add back:
Depreciation and amortization 263,784 245,090

EBITDA(loss BITDA) $ 456,387 $ (262,091)

EBITDA(loss BITDA) per share $ 0.03 $ (0.01)

Weighted average common shares outstanding 18,209,335 17,766,190
CONTACT: Pro-Tech Industries, Inc.
Michael P. Walsh, CFO
[e-mail]
916-504-4044
Source: Pro-Tech Industries, Inc.
2011 GlobeNewswire, Inc.

[10 bagger]

PTCK.. $0.13.. DD

From the 10K..

RESULTS OF OPERATIONS


Fiscal Year Ended December 31, 2010, Compared to Fiscal Year Ended December 31, 2009


Revenue

Revenues were $13,890,892 for the year ended December 31, 2010, an increase of $266,906, or 2%, from revenues of $13,623,986 for the year ended December 31, 2009. The increase was pretty flat compared to prior year and represents the results of a slow economy. The increase came primarily from our Fire Life Safety division offset by a decrease in our Telecommunications division.

Fire Life Safety segment revenue for the year ended December 31, 2010 and 2009 were approximately $10,681,000 or 77% and $9,342,000 or 69% of total revenue, respectively. The increase in revenue was hard work and diligence by our sales group in mining new markets and customers previously not worked with. We hope to continue looking and winning opportunities in these markets, as well as expansion in to some other related market segments. Management believes, but cannot guarantee, that this segment’s revenues will increase steadily in the following quarters.


Telecommunication segment revenue for the year ended December 31, 2010 and 2009 was approximately $3,209,000 or 23% and $4,282,000 or 31% of total revenue, respectively. The large contract that has supported this group is starting to wind down. While there could be additional opportunities with this customer, management is reviewing how to gain traction into other areas where this segment has specialized licensing opportunities that some of the competition does not have at its disposable. Management is exploring the means to leverage these opportunities and relationships in these trying times.


Cost of Revenue


Cost of revenue consists of direct costs on contracts such as direct labor, design, materials, third party subcontractors, and certain other direct overhead costs. Our cost of revenue was $9,119,909 or 66% of revenue for the year ended December 31, 2010, compared to $8,064,534 or 59% for the same period of the prior year. The dollar increase in our total cost of revenue is due primarily to the corresponding increase in the percentage of cost of sales during the year ended December 31, 2010. The cost of revenue percentage is expected to vary depending on our mix of project revenue and segment revenue. The cost increase is representative of current economic conditions tightening margins, especially on contract type jobs. The Company feels it is imperative that they be competitive without underbidding to win jobs.


Fire Life Safety segment cost of revenue and cost of revenue as a percentage of revenue for the year ended December 31, 2010 and 2009 was approximately $6,117,000 and 57% and $4,789,000 and 51%, respectively. The dollar increase in our cost of revenue is primarily due to the corresponding increase in revenues during the year ended December 31, 2010, as well as an increase in dollars due to higher cost of sales as a percentage of sales. The change in cost of revenue as a percentage of revenue was due to the blend of project revenue attributable to our existing operations and the more competitive bid environment reducing the margins available on work won.


Telecommunication segment cost of revenue and cost of revenue as a percentage of revenue for the year ended December 31, 2010 and 2009 was approximately $3,002,000 and 94% and $3,276,000 and 77%, respectively. The dollar decrease in cost of revenue is primarily due to the reduction in sales. The increase in cost of revenue as a percentage of revenue was due to the blend of project revenue attributable to our existing operations, plus the cost of initial expansion into additional segments of the telecommunications market. The division is also review some cost recuperation credits with two of its subcontractors in relation to incorrect billings during 2010. We are also addressing recuperating costs from a major customer in relation to billing and cost issues on a project. Management hopes to solve some of these issues during the first and second quarters of 2011. Management believes, but cannot guarantee, that some of the administrative costs should be better leveraged as this division grows.


Selling, general and administrative

Selling, general and administrative expenses were $4,314,596 for the year ended December 31, 2010 compared to $5,821,543 for the year ended December 31, 2009, a reduction of $1,506,947. The selling, general and administrative cost related to revenues decreased to 31% for year ended December 31, 2010 as compared to 43% for the year ended December 31, 2009. The Company is working hard on keeping these costs controlled in order to keep leveraged as revenues increased. We also recognize the importance of being staffed appropriately to allow for timely and accurate distribution of information to allow management to properly do their jobs.


The decrease is primarily a result of a decrease in legal and accounting expense of approximately $144,000 due to defense of the union and bank lawsuits, for which the union suit has been settled and decrease in accounting fees associated with review and reporting requirements. Prior to the merger, we were not required to have annual audits or quarterly reviews, causing extra costs the reviews and audits of 2009 to catch up the past reporting periods. The remainder of the decrease was primarily attributable to salaries and benefits of reduced staffing levels, consolidation of rents and an older fleet which has reduced our vehicle leasing costs.

Depreciation and amortization

Depreciation and amortization expense increased to $263,784 for the year ended December 31, 2010 compared to $245,090 in the year ended December 31, 2009. The increase came primarily from the amortization related to deferred finance costs of the capital raise in April 2010, plus increase in depreciation due to the leasehold improvements from 2009, offset by the reduction in the amortization of the intangibles from the Conesco purchase. This amortization finalized in August 2010.


Interest

Net interest expense increased to $139,351 for the year ended December 31, 2010 compared expense of $94,900 for the year ended December 31, 2009. This change was primarily due to the increase in interest expense due to full use of the line of credit for working capital purposes, notes payable and fees and costs of late payments due to tight cash constraints.


Income Tax

Income tax benefit decreased to $80,490 for the year ended December 31, 2010 from $174,901 for the year ended December 31, 2009. This is a $94,411 decrease in benefit due mainly to the movement of the section 481a adjustment of $424,814 from deferred status at December 31, 2009 to current at December 31, 2010.

Critical Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. A summary of the critical accounting policies and the judgments that we make in the application of those policies is presented in Note C to our consolidated financial statements.

Our consolidated financial statements are based on the selection of accounting policies and the application of accounting estimates, some of which require management to make significant assumptions. Actual results could differ materially from the estimated amounts. The following accounting policies are critical to understanding and evaluating our reported financial results:

Revenue Recognition


We recognizes revenues from fixed-price and modified fixed-price construction contracts on the percentage-of-completion method, measured by the percentage of cost incurred to date to estimated total cost for each contract. That method is used because management considers total cost to be the best available measure of progress on the contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change within the near term. We also recognizes revenue from non-fixed price (time and materials) contracts. The revenue from these contracts is billed monthly and is based on actual time and material costs which have occurred on the job for the billing period.


Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation. Selling, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability may result in revisions to costs and income, which are recognized in the period in which the revisions are determined. Changes in estimated job profitability resulting from job performance, job conditions, contract penalty provisions, claims, change orders, and settlements, are accounted for as changes in estimates in the current period.


Revenue on contracts can be derived from different disciplines and is accounted for on a consolidated basis by job to see overall performance, as well as the ability to break the job down by discipline to see how each contributes to the overall performance of the job.


The asset, “Costs and estimated earnings in excess of billings on uncompleted contracts”, represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings on uncompleted contracts,” or “accruals on uncompleted contracts” represents billings in excess of revenues recognized.

[10 bagger]

PTCK.. $0.13.. 10K DD

PRO-TECH INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2010 AND 2009
2010 2009
ASSETS
Current Assets:
Cash and cash equivalents $ 323,472 $ 186,894
Contract receivable, net of allowance for doubtful accounts as of December 31, 2010 and December 31, 2009, of $100,000 and $50,000, respectively (Note E) 2,471,505 2,077,643
Costs and estimated earnings in excess of billings (Note F) 347,254 123,185
Inventory 59,948 151,394
Other current assets 127,399 231,386
Deferred financing cost, net 30,130 -
Discontinued operations (Note D) - 2,064,466
Total current assets 3,359,708 4,834,968

Property plant and equipment, net (Note H) 282,183 298,141

Other Assets:
Intangibles, net of accumulated amortization as of December 31, 2010 and December 31, 2009, of $283,979 and $181,431, respectively (Note I) - 102,548
Deposits 10,856 10,856
Discontinued Operations (Note D) - 335,581
Total assets $ 3,652,747 $ 5,582,094

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable and accrued expenses (Note J) $ 1,821,676 $ 1,630,846
Short term note payable 26,658 -
Notes payable – current portion (Note L) 214,872 184,512
Accruals on uncompleted projects (Note F) 310,082 98,367
Reserve for loss on uncompleted contracts 6,472 -
Line of credit (Note K) 950,000 900,000
Warrant and preferred stock derivative liability 547,472 -
Discontinued operations (Note D) 554,114 1,429,275
Total current liabilities 4,431,346 4,243,000

Long -Term Liabilities:
Notes payable- others – long term portion (Note L) 183,530 332,580
Discontinued Operations (Note D) 123,526 81,491
Total Long Term Liabilities 307,056 414,071

Series A 10% convertible redeemable preferred stock, $0.001 par value, 40,000 shares authorized; 23,000 and 0 issued and outstanding, (net) at December 31, 2010 and December 31, 2009, respectively (face value $575,000 and $0, respectively) 459,411 -

Stockholders' Equity (Deficit):
Preferred stock, undesignated, $0.001 par value; 4,960,000 shares authorized, no shares issued and outstanding - -
Common Stock, $0.001 par value; 70,000,000 shares authorized; 18,832,808 and 18,593,880 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively 18,833 18,594
Additional paid in capital 1,152,934 1,421,467
Accumulated deficit (2,716,833 ) (515,038 )
Total stockholders’ equity (deficit) (1,545,066 ) 925,023

Total liabilities and stockholders' equity (deficit) $ 3,652,747 $ 5,582,094

See accompanying notes to these consolidated financial statements


29
--------------------------------------------------------------------------------



PRO-TECH INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


2010 2009

Net revenue $ 13,890,892 $ 13,623,986
Cost of sales 9,119,909 8,064,534
Gross profit 4,770,983 5,559,452

Operating Expenses:
Depreciation and amortization (Notes H, I & M) 263,784 245,090
Selling, general and administrative 4,314,596 5,821,543
Total Operating Expenses 4,578,380 6,066,633

Income (Loss) from Operations 192,603 (507,181 )

Other Income (Expense):
Gain on change in fair value of derivative liability (33,818 ) -
Interest expense, net (139,350 ) (94,900 )
Total Other Income (Expense) (173,168 ) (94,900 )

Income (loss) income before income taxes 19,435 (602,081 )

Income tax benefit (expense) 80,490 174,901

Income(loss) from continuing operations 99,925 (427,180 )

Income(loss) from discontinued operations (Note D) (2,260,864 ) (87,858 )

Net Income(Loss) (2,160,939 ) (515,038 )

Preferred stock dividends and amortized discount 398,065 -

Net Income(loss) attributable to common shareholders $ (2,559,004 ) $ (515,038 )

Net income (loss) per share from continuing operations:
Basic $ 0.01 $ (0.02 )
Diluted $ 0.00 $ (0.02 )

Net income (loss) per share:
Basic $ (0.12 ) $ (0.03 )
Diluted $ (0.12 ) $ (0.03 )

Net income (loss) per share attributable to common shareholder:
Basic $ (0.14 ) $ (0.03 )
Diluted $ (0.14 ) $ (0.03 )

Weighted average common shares outstanding (Note C):
Basic 18,209,335 17,766,190
Diluted 21,152,335 17,766,190

[10 bagger]

PTCK.. $0.12 DD

Pro-Tech Industries Renews Contract With Legend Merchant Group and Appoints Kent Misemer to the Board of Directors

Business Wire - Mar 17 at 09:00

Company Symbols: NASDAQ-OTCBB:PTCK


SACRAMENTO, Calif.--(BUSINESS WIRE)-- Pro-Tech Industries (OTCBB:PTCK), a leader in design-build infrastructure services, has announced that it has renewed an agreement with Legend Merchant Group, for investment banking services. The Company also would like to announce the appointment of Kent Misemer to the Board of Directors.

On March 8, the Company's Board of Directors approved the appointment of Kent Misemer as a member of the Board of Directors as well his appointment as VP of Business Development. From 2003 through 2009, Mr. Misemer was the Chief Executive Officer and President of Liberty Propane, LLC, a portfolio company of Sterling Capital Partners, an independent retail propane company, which was sold in December 2009. Previously, Mr. Misemer was the President and Chief Executive Officer of Propane Continental. Mr. Misemer has over 30 years of executive management experience in the propane industry supply chain as well as other industries. In addition to being a co-founder of Liberty Propane, Mr. Misemer was also involved in the creation of Propane Continental and Tri-Power Fuels, Inc. Mr. Misemer also serves as a director and member of the Audit Committee of Cornerstone Records Management, LLC, a data storage and offsite data Management Company. Mr. Misemer received his Bachelors of Business Administration from the Ottawa University in Ottawa, Kansas.

Mr. Misemer's primary responsibilities will be working with management and the Board on growth strategies, both organic and through acquisitions, as well as developing banking and bonding relationships. Mr. Misemer has been involved in over 70 acquisitions in his previous positions with Liberty Propane and Propane continental.

On March 10, 2011, the Company extended its agreement with Legend Merchant Group to represent Pro-Tech Industries as its investment banker. Legend was responsible for the Company's capital raise in April 2010. Legend Merchant Group, Inc. is a diversified financial services firm headquartered in New York, NY, with offices in San Francisco, CA. The firm provides institutional, corporate and high net worth clients a wide range of advisory services, including investment banking, merchant banking, brokerage services and asset management. Legend focuses on businesses and industries where its professionals bring together their capital markets expertise, investment banking backgrounds and substantial operating experience. Legend's team combines these elements into relationships geared toward long-term growth and capital appreciation. Legend Merchant Group is an FINRA registered Broker-Dealer, a Registered Investment Advisor, and is a member of the NYSE Arca and SIPC.

About Pro-Tech Industries, Inc.:

Through its wholly owned subsidy, Pro-Tech Fire Protection Systems Corp., Pro-Tech Industries, Inc. provides design-build services in the following infrastructure segments: Fire Protection, Alarm and Detection, Telecommunications and Network Services. These services are provided to the Commercial/Industrial Sector, Fortune 1000 companies, and Federal, State, and Local government. For more information please visit http://www.pro-techind.com.

Forward Looking Statements

About Forward-Looking Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to demand for our services, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.





CONTACT: Investor Contact:
Pro-Tech Industries, Inc.
Michael P. Walsh, CFO, 916-504-4044
[e-mail]

Source: Pro-Tech Industries, Inc.

[Clemdane]

Stock Marketing Inc alerted PTCK 5/17. That is why I came here to check it out and found the board was nearly dead.

Here is what SMI's email said:

PTCK
Pro-Tech Industries, Inc.

ptck.png

Pro-Tech Industries Receives Additional $1.5 Million in Contracts!

PTCK expects it will receive these revenues beginning in June 2010!

PTCK has also recently announced they eceived approval to start the first of three phases on the $3.5 million Retrofit of the US Marine Corps Facilities in Barstow CA.

Fire Protection and Safety is a concern for just about everyone on this planet.

PTCK has taken prevention technology to the next level!

This is going to be one awesome year for PTCK!

ABOUT PTCK

PTCK is a regional leader in design/build services for the following infrastructure segments: fire protection/life safety, alarm/detection, electrical, and voice/data communications. PTCK has succeeded in creating a team of exceptional employees with the education and experience capable of building diverse and complex projects. PTI has established itself as a leader in the construction industry and has an extensive resume when it comes to building and renovating quality structures of all types. View their website at http://www.pro-techind.com

[B7$4]

"PTCK News" Pro-Tech Industries is Awarded Renewal of Inspections and Service Contract for Major Property Management Group in Sacramento Area

http://www.marketwatch.com/story/pro-tech-industries-is-awarded-renewal-of-inspections-and-service-contract-for-major-property-management-group-in-sacramento-area-2010-05-24?reflink=MW_news_stmp

SACRAMENTO, Calif., May 24, 2010 (BUSINESS WIRE) -- Pro-Tech Industries /quotes/comstock/11k!ptck (PTCK 0.52, 0.00, 0.00%) , a leader in design-build infrastructure services, has announced that Pro-Tech Fire Protection Systems Corp a division of Pro-Tech Industries, has been awarded the renewal for Inspections and Service for the fire protection systems for a major property management group in the Sacramento area.

Don Gordon, CEO of Pro-Tech Industries, stated, "This client has been a good customer for several years. Through the hard work of Pro-Tech and our employees, the management group has decided to keep Pro-Tech as their fire protection service provider. In 2009 as a result of the current inspection and maintenance, Pro-Tech performed over $300,000 in additional work for this property management group. We expect that we will receive the same amount of additional work or more in 2010."

[conix]

PTCK looks dead in the water. Anyone want too be moderator?

[conix]

No Volume and No News equals No interest

[Trading_UP]

Yes.

[e-mail]

Send me your contact info.

TV

[conix]

Looking for more news to generate more attention, Trading_Up

[Trading_UP]

Look this stock could trade up.
Snapshot - "PTCK is a company that began to gain a noticeable amount of momentum late in 2009. PTCK announced contract news both in November and December. In November, PTCK announced receiving approximately $1.6 million in additional new contracts for their fire protection, electrical and flooring business units. In December, PTCK announced receiving additional new contracts totaling approximately $1.1 million for their fire protection and flooring business units. This is great contract business for PTCK into 2010! It shows PTCK can generate major business! On 12/14, PTCK opened at $0.90 and within three trading days reached $1.28, a 42% move! We believe PTCK is ready to move again as we started to see PTCK begin to reverse in its last trading session!"

PTCK operates through their two wholly owned subsidiaries, (1) Pro-Tech Fire Protection Systems Corp. and (2) Conesco, Inc.

PTCK provides design-build services in the infrastructure segments of Fire Protection, Alarm and Detection, Telecommunications, Network Services, Flooring and Electrical Contracting. These services are provided to the Commercial/Industrial Sector, Fortune 1000 companies, and Federal, State, and Local government.

PTCK announced on November 19th, that Pro-Tech Fire Protection Systems Corp. and Conesco, Inc., wholly owned subsidiaries of Pro-Tech Industries, Inc. have received additional new contracts totaling an aggregate of approximately $1.6 million for their fire protection, electrical and flooring business units.

PTCK also announced that backlog grew to approximately $10 million!

The CEO of PTCK's Pro-Tech Fire Protection Systems Corp. subsidiary, remarked that “as we continue to execute our business plan, we are being rewarded with opportunities that will sustain our growth in future fiscal periods. We are building off the strong foundation laid with the contracts won in the last few months, giving the company a backlog of approximately $10 million, and we expect to continue to increase that backlog throughout 2010.”

The new projects are located in Sacramento, San Diego, Las Vegas, NV offices as well as Cannon Air Force Base in New Mexico. Management anticipates, but cannot provide assurances, that revenues from these projects will be realized commencing in the 4th quarter 2009 and will be primarily realized by the end of the second quarter of 2010.

On December 17th, PTCK announced receiving approximately $1.1 million in additional contracts for 2010 for their fire protection and flooring business units as well as a 1 year contract with UC Davis.

PTCK's Telecommunications division announced that it has received an award to provide "Professional Network and/or Telecommunication Installation, Integration and Repair Support" to the University of California Davis.

The initial contract award is for 1 year with renewal options up to 4 additional one-year periods. The base contract term began November 1st, 2009 through October 30th, 2010.

The new projects from these additional contracts are located in Sacramento and San Diego, CA offices. Management anticipates, but cannot provide assurances, that revenues from these projects will be realized commencing in the 1st quarter 2010 and will be primarily realized by the end of the fourth quarter of 2010.

PTCK is on a roll as we start into 2010! Right now, PTCK is at what we believe to be a great entry level. PTCK traded as high as $3.50+ in June of last year.

We believe PTCK has big upside potential early in 2010!

PTCK is trading at less than a $20 million market cap with

Keep up to date on PTCK within our Stock Hub and our Stock Newsletter!

Take the time to check out PTCK's Web site at www.pro-techind.com for more information!

[conix]

SpeculatingStocks.com's Stock of the Week

New Stock of the Week - PTCK

Our highest rated stock for this week - Pro-Tech Industries, Inc. (PTCK)

PTCK posted as our Stock of the Week on Sunday (1.03.09) at $0.91



PTCK has big momentum as we start into 2010! PTCK announced recieving additional new contracts both in November and December of 2009. The additional new contracts announced in November and December, totaled approximately $2.7 million!

The company also announced that their backlog grew to approximately, a whopping $10 million! PTCK is now trading at a market cap of less than $20 million!

PTCK is our first big stock play of 2010 and we believe we have discovered it at a great price! We believe PTCK has big upside potential early in 2010!

[conix]

PTCK news

Pro-Tech Industries Receives Approximately $1.1 Million Additional Contracts for 2010 as Well as 1 Year Contract with UC Davis

December 17, 2009, 6:00 am EST

SACRAMENTO, Calif.--(BUSINESS WIRE)--Pro-Tech Fire Protection Systems Corp. and Conesco, Inc., wholly owned subsidiaries of Pro-Tech Industries, Inc. (OTCBB:PTCK), have announced receiving additional new contracts totaling an aggregate of approximately $1.1 million for their fire protection and flooring business units. Also, its Telecommunications division is announcing it has received an award to provide "Professional Network and/or Telecommunication Installation, Integration and Repair Support" to the University of California Davis. The initial contract award is for 1 year with renewal options up to 4 additional one-year periods. The base contract term began November 1st, 2009 through October 30th, 2010.

Dave Baker, President of Conesco, Inc. commented that “We have long standing relationships with many of our customers. This has helped us to continue to be awarded projects in these difficult economic conditions. We look forward to working with these customers in the future.”

Don Gordon, CEO of Pro-Tech Industries remarked, “Our new lines of business continue to demonstrate opportunity and growth for our organization. With a complementary array of services we are able to offer a more complete and efficient package to both existing and new customers. We will continue to leverage these relationships as we continue to build our backlog for 2010 and beyond.”

The new projects are located in Sacramento and San Diego, CA offices. Management anticipates, but cannot provide assurances, that revenues from these projects will be realized commencing in the 1st quarter 2010 and will be primarily realized by the end of the fourth quarter of 2010.

About Pro-Tech Industries, Inc.:

Through its wholly owned subsidiaries, Pro-Tech Fire Protection Systems Corp. and Conesco, Inc., Pro-Tech Industries, Inc. provides design-build services in the following infrastructure segments: Fire Protection, Alarm and Detection, Telecommunications, Network Services, Flooring and Electrical Contracting. These services are provided to the Commercial/Industrial Sector, Fortune 1000 companies, and Federal, State, and Local government. For more information please visit http://www.pro-techind.com.

Forward Looking Statements

Statements about the company’s expectations, including revenue and earnings and all other statements in this press release, other than historical facts, are “forward looking” statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and are subject to change at any time. The company’s actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward looking statements.

Contact:

Pro-Tech Industries, Inc.
Michael P. Walsh, CFO, 916-388-0255
[e-mail]
or
Investor Relations:
Marmel Communications, LLC, 702-434-8692

[conix]

UGLY downside for only 27K shares traded.

[conix]

PTCK has $10 Million in backlog already. Nice to have a backlog in a recession.

[conix]

Pro-Tech Industries Receives Approximately $1.6 Million Additional Contracts for 2009 - 2010



SACRAMENTO, Calif.--(BUSINESS WIRE)--Pro-Tech Fire Protection Systems Corp. and Conesco, Inc., wholly owned subsidiaries of Pro-Tech Industries, Inc. (OTCBB: PTCK - News), have announced receiving additional new contracts totaling an aggregate of approximately $1.6 million for their fire protection, electrical and flooring business units.
Related Quotes
Symbol Price Change
PTCK.OB 1.20 -0.03
Chart for PRO-TECH INDUSTRIES
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Sean McGuire, President of Pro-Tech Fire Protection Systems Corp., commented that “we are continuing to build a strong backlog of work to carry into 2010.”

Don Gordon, their CEO, remarked that “as we continue to execute our business plan, we are being rewarded with opportunities that will sustain our growth in future fiscal periods. We are building off the strong foundation laid with the contracts won in the last few months, giving the company a backlog of approximately $10 million, and we expect to continue to increase that backlog throughout 2010.”

The new projects are located in Sacramento, San Diego, Las Vegas, NV offices as well as Cannon Air Force Base in New Mexico. Management anticipates, but cannot provide assurances, that revenues from these projects will be realized commencing in the 4th quarter 2009 and will be primarily realized by the end of the second quarter of 2010.

About Pro-Tech Industries, Inc.:

Through its wholly owned subsidiaries, Pro-Tech Fire Protection Systems Corp. and Conesco, Inc., Pro-Tech Industries, Inc. provides design-build services in the following infrastructure segments: Fire Protection, Alarm and Detection, Telecommunications, Network Services, Flooring and Electrical Contracting. These services are provided to the Commercial/Industrial Sector, Fortune 1000 companies, and Federal, State, and Local government. For more information please visit http://www.pro-techind.com.

[conix]

PTCK is a pretty interesting. Over $16 Million in revenue last year and profitable--but no volume to speak of.

These small companies that happen to be public sometimes need to be only a bit more active in doing PR, to get the thing going. I have this one on watch--but mgmt needs to do the labor on the news.