Probe Manufacturing Reports First Quarter Financial Results
Probe Manufacturing, Inc. (“PMI”), (OTC QB : CETY), a global electronics design & manufacturing services company reports sales of approximately $713,000 for the three months ended March 31, 2013.
First Quarter 2013 Highlights:
- New customer orders of approximately $1,000,000;
- Completion of the acquisition of Trident Manufacturing, Inc., (“Trident”) an EMS located in Salt Lake City, Utah
- Investment in new manufacturing equipment, infrastructure and personnel, including the addition of a new director of engineering;
- Launch of manufacturing certification of AS9100 in the defense and ISO13485 in the medical industries;
- Recapitalization of our capital structure; and
- Retention of Customer Base.
The Company believes that upon the completion of its acquisition integration activities, the potential savings achieved through reduced employee expenses, increased cost synergies and lower operating costs will yield improved bottom line and lead to increased revenue opportunities from Trident’s customer base through PMI’s enhanced end-to-end manufacturing solutions. While the Company experienced a net operating loss of approximately $(146,000) it was due to interest expenses associated with our line of credit of approximately $30,000 and lower than expected demands. Despite experiencing a reduction in current customer orders, PMI has retained all major customer accounts and believes that it will see an increase in revenue from these accounts as bookings have been increasing through the first half of 2013.
“We believe our end-markets have mostly stabilized and we are actively engaged in integrating Trident’s business onto our platform, restructuring our expenses to drive better margins and increased organic growth,” said Kambiz Mahdi, CEO of PMI. “Simultaneously, we are positioning our company for strong growth layered on top of our base business and powered by our increased bookings in the first half of Fiscal 2013.”
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 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 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 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.