IRVINE, Calif.--()--Probe Manufacturing, Inc. (“PMI”), (OTC QB : PMFI), a global electronics design & manufacturing services company reports 57% revenue growth for its fourth quarter 2011 and 62% revenue growth for the year ended December 31, 2011, compared to the fiscal year 2010.
“PMI is among a select few companies in both its industry and the over-the-counter trading market, that continues to experience above-industry gross margins and profitable operations, which we believe will ultimately translate to intrinsic shareholder value for our stockholders”
Fiscal year 2011 Highlights:
- Revenue of $4.6 million, up 62% year-over-year;
- Operating income increased to $229,000, from $68,000 in fiscal year end 2010, up 237% year-over-year;
- Gross profit margin increased from 28% to 31%;
- Addition of eight new customers contributing to 33% of our revenue growth in 2011;
- Launch of Manufacturing Foundry Platform for innovative start-ups and technology driven companies;
- Further diversified client base across the medical, industrial, aerospace/defense, semi-conductor and alternative fuel/green technology industries; and
- Expanded our services along the supply chain line to support organic growth by cross selling and identifying new opportunities with prospective customers.
Summary Financial Statements:
|Probe Manufacturing, Inc.|
|Statement of Operations|
|for the years ended December 31,|
|Cost of Goods Sold||3,146,478||69||%||2,004,278||72||%|
|General And Administrative||1,133,836||25||%||701,144||25||%|
|Share Based Expense||40,764||1||%||26,694||1||%|
|Net Profit / (Loss) From Operations||228,720||5||%||67,819||2||%|
|Other Income / (Expenses)||13,755||0||%||190,890||7||%|
|Net Profit / (Loss) Before Income Taxes||105,578||2||%||243,368||9||%|
|Income Tax Expense||14,638||0||%||-|
|Net Profit / (Loss)||$||90,940||2||%||$||243,368||9||%|
|Probe Manufacturing, Inc.|
|as of December 31,|
|Long term Debt||-||5,932|
Net profit increased approximately 73% in 2011, excluding the one-time gain from debt settlement that occurred in 2010. Revenue was $4,549,798 for the year ended 2011 compared to $2,799,935 for the same period in 2010, due to increased orders within existing accounts and the addition of 8 new customers in 2011. Our cost of goods sold was 69% in 2011 compared to 72% for the same period in 2010, mainly due to the decrease in direct labor as a percent of sales. The Company’s gross margin was 31% compared to 28% for the same period in 2010. Stockholder’s equity increased by $154,871, resulting in shareholder surplus of $338,046 as of December 31, 2011. In addition, we had a working capital surplus of $170,245, compared to working capital surplus of $44,385 as of December 31, 2010, an increase of $125,860.
Our Chief Financial Officer, John Bennett, stated “PMI’s organic growth and expansion of its customer base in 2011 continues to fuel the Company’s impressive financial growth.
Mr. Bennett also commented “PMI experienced a positive increase in virtually all of its financial metrics, which gives the Company a balanced financial foothold as it continues to experience rapid growth.”
“As demonstrated by our strong financial results and continued profitability in 2011, PMI’s ability to provide a U.S. based manufacturing solution with a competitive cost structure for our customers continues to drive our growth and sustain our profitable business model. Furthermore, the financial results reflect the breadth of our end-to-end services in creating meaningful organic growth and validate our strategy of building a scalable domestic operation with global resources to support the growing demand of our current and prospective customer base,” said Kam Madhi, CEO of PMI.
“PMI is among a select few companies in both its industry and the over-the-counter trading market, that continues to experience above-industry gross margins and profitable operations, which we believe will ultimately translate to intrinsic shareholder value for our stockholders,” stated Mr. Mahdi.
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 can maintain the financial growth and profitability it experienced in 2011; whether its balanced financial foothold can be maintained as the company continues to experience growth and whether PMI can continue to deliver above average gross margins and profitable operations, which will create intrinsic shareholder value. 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.