Despite Sales Hike, Probe Feels Losses PDF Print E-mail
Written by Mike Buetow   
Friday, 19 April 2013 07:51

IRVINE, CA -- Probe Manufacturing reported revenue grew 9% year-over-year in 2012 to $4.96 million.

The net loss at the contract electronics manufacturing services provider was $116,373 on higher interest expenses, increased reserves and bad debt. Operating income was $71,500, and EBITDA of $114,726. The gross margin was flat at 28%.

Chief financial officer John Bennett said, “PMI’s organic growth and expansion of its customer base in 2012 continues to fuel financial growth. While the company experienced a net loss of $116,373, it was due to interest expenses associated with our line of credit of approximately $190,000, which was an increase of $51,000 over the previous year and increased inventory reserves and allowances for doubtful accounts of approximately $75,000. Therefore, we remain optimistic and encouraged by PMI’s financial performance.”

In March Probe acquired Trident Manufacturing in Salt Lake City, Utah.

“Our recent acquisition of Trident Manufacturing and future acquisitions like this will provide PMI with an expanded presence in lower cost regions of the US which will help strengthen PMI’s supply chain performance while increasing service levels and profitability,” said Kam Mahdi, CEO.

 

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