Probe Manufacturing Provides Shareholder Update
August 19 2014 - 7:00AM
Business Wire
Probe Manufacturing, Inc., (OTC QB: PMFI) (“Probe” or
“the Company”), a global electronics design & manufacturing
services company, today is providing shareholders with an update on
its operations to date and financial results for the three and six
month period ending June 30, 2014.
Kam Mahdi, CEO of Probe manufacturing, commented, “During the
2014 second quarter we were successful in increasing revenue as
compared to the same period the prior year and sequentially with
limited resources and working capital. Additionally, we were
pleased to report gross profit margins above 29% and net income.
Our ability to grow revenue directly relates to resources, our
ability to increase sales through existing customers and attracting
new customers. We still believe firmly that the U.S. is reclaiming
its role as the center of manufacturing for American
innovation.”
Operational Highlights to Date:
- Closed on $1.1 million long term
agreement with leading provider of product solutions for the
aerospace industry. The effective date of the agreement continues
through December 31, 2019 under which both parties have committed
to purchase a minimum of 500 ship sets.
- Order backlog has increased to $3
million.
- Completed the acquisition of Trident
Manufacturing who generated revenues of approximately $3 million in
2012 and has been servicing the industrial, aerospace, military,
instrumentation and medical markets since 2005.
- Selected by Muni-Fed Energy to build
proprietary energy saving devices for industrial lights including
LiteOwl, an award-winning product designed to save energy for
existing streetlights and the E-Series, a series of best-of-breed
energy reduction products for industrial lights.
- Added six new customers to further
diversify the Company’s customer base.
- Invested in new manufacturing equipment
to expand and streamline manufacturing capabilities.
- Launched manufacturing certification
programs for AS9100 and ISO13485 certifications in the aerospace
and medical industries, respectively.
- Added talented management personnel in
the engineering and program management departments.
Financial Highlights for the Three and Six Month Periods
Ending June 30, 2014:
- 2014 Second quarter and six month
revenue totaled $1 million and $1.9 million, an increase
year-over-year of 1% and 11% respectively.
- 2014 Second quarter and six month gross
profit margin was 29.2% and 28.4% respectively.
- 2014 Second quarter net income totaled
$16,314. The 2014 first six month net loss totaled $58,808.
For full financial results please visit www.sec.gov.
About Probe Manufacturing
Probe Manufacturing is a Global Electronics Design &
Manufacturing Services Company providing Original Equipment
Manufacturers with electronics manufacturing services through its
domestic factories in the United States. Headquartered in Irvine,
California, Probe has been serving industrial, instrumentation,
medical, aerospace, defense, alternative energy, and
telecommunication industries since 1994. Probe’s common stock is
traded on the OTC Market QB under the symbol PMFI. Further
information is available on Probe’s website:
www.probeglobal.com.
This release contains certain forward-looking statements (under
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) with
respect to whether PMI’s positive financial outlook; it can
maintain the increased bookings; whether PMI will be able to
successfully integrate Trident Manufacturing’s operations, realize
cost savings from the joint operations and capture increased
revenue from Trident’s customer base and whether PMI’s net
operating loss will continue and have a significant impact on PMI’s
financial performance going forward. Because such statements
include risks, uncertainties and contingencies, actual results may
differ materially from those expressed or implied by such
forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to, the following:
uncertainties relating to changes in general economic and market
conditions; uncertainties regarding changes in the EMS industry;
the uncertainties relating to the implementation of PMI’s business
strategy and adherence to its business model; and other risk
factors as outlined in the company’s periodic reports, as filed
with the U.S. Securities and Exchange Commission. Forward-looking
statements in this document speak only as of the date on which such
statements were made, and we undertake no obligation to update any
such statements that may become untrue because of subsequent
events. We claim the safe harbor protection for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
Probe Manufacturing, Inc.Kam Mahdi, 949-273-4990
X814Chairman and CEOkmahdi@probeglobal.comorJohn Bennett,
949-273-4990
X807CFOjbennett@probeglobal.comorInvestors:Capital Markets
Group, LLCValter Pinto, 914-669-0222 or
212-398-3486valter@capmarketsgroup.com
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