POWIN FIRST QUARTER REVENUES UP 11 PERCENT
Powin Corporation First Quarter Revenues Up 11 Percent to $10.95 Million
Gross Profit Up 11.9 Percent --
TIGARD, Ore., May 13, 2011 /PRNewswire via COMTEX/ -- Powin Corporation (OTCBB: PWON), an Oregon-based OEM and direct manufacturer of outdoor cookware products, gun safes, fitness and recreational equipment, truck parts, plastic products, renewable energy products and furniture for some of America's most well known retailers, today 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 in 2010. Powin Corporation posted net income of $31,331 in the first quarter of 2011.
The Company also announced gross profits in the first quarter of 2011 totaled $1.54 million, up almost 12 percent from gross profits of $1.18 million in the comparable period in 2010. The gross profits equal 14 percent of the Company's net revenues.
"Sales are continuing to rebound after several difficult years during a deep, worldwide recession," said Ronald Horne, Chief Financial Officer of Powin. "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 Corporation also announced that in February 2011 the Company opened a metal manufacturing plant in Mexico and in March 2011 the Company received its registration to open a branch office in the Republic of South Africa. The entire Form-!0Q filing is available at www.sec.gov.
About Powin Corporation
Powin Corporation was founded in Tigard, Oregon in 1990 by Joseph Lu, a Chinese-American, and has grown into a large international distributor of more than 2,000 original equipment manufacturer products annually as well as being a direct manufacturer. It leases two plants in Oregon and contracts with six in Mainland China and two in Taiwan. For more information please visit: www.Powin.com.
Contact:Powin CorporationRonald Horne, CFO, 503.598.6659 x 19ronaldh@powin.com
Paul KnopickE & E Communicationspknopick@eandecommunications.com949.707.5365
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
SOURCE Powin Corporation
