Probe Manufacturing Reports Second Quarter Financial Results & Third Quarter Guidance
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Probe Manufacturing, Inc. (QB) (USOTC:PMFI)
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Today : Thursday 5 September 2013
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Probe Manufacturing, Inc. (“PMI”), (OTCQB: PMFI), a global electronics design & manufacturing services company reports sales of approximately $1,023,338 and $1,735,995 for the three and six months ended June 30, 2013, respectively.
Second Quarter 2013 Highlights:
Revenue increased by 43% from first quarter of 2013;
Gross profit increased to 32% for the 6 months ended June 30, 2013 compared to 29% for the same period in 2012;
Raised $650,000 of equity capital with an additional $100,000 in commitments; and
Increased sales driven by new customer introduction and organic growth.
While the Company experienced a net operating loss of approximately $85,076, it was comprised mostly of interest expenses associated with our line of credit of approximately $72,000.
“We are very encouraged by our quarterly results as sales increased by 43% and our gross profit margin increased to 32%," said Kam Mahdi, CEO of PMI. “We are keenly focused on driving new and organic sales, realizing cost-saving synergies through the full integration of our recent acquisition, Trident Manufacturing, and advancement of our operational efficiencies as we continue to expand our end-to-end manufacturing services and acquisitions.”
Guidance for Fiscal 2013 Third Quarter:
Revenue between $1.1 Million and $1.3 Million;
Gross margin between 30% and 32%; and
Customer backlog of approximately $1.9 Million
About Probe Manufacturing, Inc.
Probe Manufacturing is a global electronics design & manufacturing services company providing innovators with business services through our factory in California as well as factories Worldwide. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, automotive and renewable energy industries since 1994. Probe’s common stock is traded on the OTC QB Market 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 as experienced in the first half of 2013; 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, whether PMI’s net operating loss will continue and have a significant impact on PMI’s financial performance going forward and whether or not PMI will be able to achieve the results outlined in its fiscal 2013 third quarter guidance. 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.
