Phoenix International Ventures, Inc., based in Carson City, NV, announced this morning that their 2009 year end results showed revenues up 67% from the previous year to an all-time high of nearly $3.7 million. Phoenix also announced that their backlog grew to $8.3 million, which is an increase of 45% over the year ending Dec 31, 2008. Other areas of financial growth for Phoenix were reflected in overall gross profit, which grew 12.9%, up $125,589 from the previous year, and a decrease in net loss.
Ahir Teja, President and CEO of Phoenix, was quoted as saying: “In 2009, we continued our growth momentum with record-breaking revenue and backlog… and continued the process to become a leader in the engine trailers market. We have finished the design phase of the U.S. Air Force contract to design and manufacture the new age of aircraft engine trailers. Being the original equipment manufacturer of this major ground support equipment is expected to lead to significant future orders worth tens of millions of dollars.”
Through its subsidiary, Phoenix Aerospace, Inc, Phoenix International primarily does business with the U.S. Air Force, Navy and the United States defense aerospace industry. They manufacture, upgrade, and remanufacture electrical, hydraulic, and mechanical support equipment for their customers.
More information on Phoenix International can be obtained through the 10-K filing that they submitted to the SEC yesterday, March 31, 2010.
PIVN is an extremely low float stock play with just over 1 million shares in the float and only 8 million shares issued and outstanding. PIVN is trading at $1.00 today with only 100 shares traded as of 10:45AM EST.