TIGARD, Ore., March 21, 2011 /PRNewswire/ -- Powin Corporation (OTC Bulletin Board: 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 fiscal year ended December 31, 2010 totaled $48.4 million, up 31.2 percent or $11.5 million compared to 2009 sales of $36.9 million.
The Company also announced gross profits in 2010 of $5.98 million, compared to $4.58 million in 2009 and net income in 2010 of $1.04 million or $0.01 per basic and diluted share. The entire 10K filing is available at www.sec.gov.
Powin also announced a positive cash flow from operations of approximately $3 million in 2010 compared to $635 thousand in 2009. "We are especially pleased that fourth quarter sales were up $1.4 million, or 18.2 percent, compared to 2009. This shows that sales are continuing to rebound from some very difficult economic times and customers are focused on replenishing their inventories," said Ronald Horne, CFO of Powin.
The Company said that it expects significant progress in 2011 from three new, wholly owned subsidiaries developed in 2010. The first, its Channel Partner Program, allows U.S. manufacturers to introduce and distribute their products into China's vast and fast-growing consumer marketplace. The second subsidiary supplies products in the green renewable energy market, including a complete turnkey line of renewable energy products such as LED lighting and fixtures, wind turbines, solar panels and lithium batteries for storage and backup. Finally, the Company is manufacturing its own line of fitness equipment including weight benches, treadmills and exercise bikes under the name Gladiator Fitness.
"We are very pleased by the results that we filed today with the U.S. Securities & Exchange Commission and optimistic that the worst of the worldwide recession is behind us and that we will continue to show progress for our investors in 2011," Mr. Horne said.
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. It is in the process of registering a branch office in the Republic of South Africa. For more information please visit: www.Powin.com.
"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