Irvine, California, (August 19, 2014) Probe Manufacturing, Inc., (OTC QB: CETY) (“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 CETY. Further information is available on Probe’s website: www.ceti.io.
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, Chairman and CEO
John Bennett, CFO
Capital Markets Group, LLC
(914) 669-0222 or (212) 398-3486