17) TY again ROCKMAN! Precision began business in 1976. As a small machine tool shop specializing in aerospace parts for the interior of aircraft, it was, at that time, a family run business that operated out of 14,000 square feet in Santa Ana California. 1n 1991 the Company began doing business with Panasonic, building TV arms to be installed in business, first class and crew seats on aircraft. This relationship grew over the years and at one point Panasonic was almost 80% of Precision’s total business. Currently Panasonic is still Precision’s largest customer but now accounts for less than 50% of total revenues as business from other customers has increased. The company maintains considerable inventory, a high percentage to meet Panasonic’s order requirements.
In 2003, Precision was purchased by M Line Holdings, Inc., (formerly Gateway International Holdings, Inc.), its current owner. The Company continued to operate from its Santa Ana facility but soon outgrew the facility as reveues increased. In 2006 Precision moved to its current location at 2672 Dow Avenue, Tustin, CA 92780. The current location boasts 50,000 square feet that includes 8,000 square feet of offices.
In 2008 the aerospace manufacturing business was severely affected by the downturn in the economy. Many small to mid size machine tool shops closed. Since the 2009 fiscal year Precision has increased revenues every year due to the global demand for air travel and the demand for fuel efficient aircraft.
Precision now expects continued growth over the next five to ten years.
