IRVINE, Calif.--(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.
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
Added six new customers to further diversify the Company’s customer
Invested in new manufacturing equipment to expand and streamline
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
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
Operational Highlights to Date:
Financial Highlights for the Three and Six Month Periods Ending June
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
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
Probe Manufacturing, Inc.
Kam Mahdi, 949-273-4990 X814
Bennett, 949-273-4990 X807
Markets Group, LLC
Valter Pinto, 914-669-0222 or 212-398-3486
Source: Probe Manufacturing, Inc.