IRVINE, Calif.--(BUSINESS WIRE)--Probe Manufacturing, Inc. (“PMI”), (OTC QB : PMFI), a Product Development Accelerator providing engineering and manufacturing services to innovative technology companies reports sales of approximately $3,550,000 and gross profit margin of $920,000 for the year ended December 31, 2014.
While the Company experienced a net operating loss of approximately $850,000, it was comprised mostly of $150,000 for share-based compensation, inventory reserve increase of $100,000, $200,000 from Utah operation losses, $250,000 in line of credit interest expenses, which we are currently working on replacing with a bank loan. The Utah plant was consolidated and should save the company significant amount of operating capital in this year.
We are off to a great start in 2015, January was a profitable month and the company maintains a healthy $2,400,000 Million backlog. We are very encouraged by our new focus on our upcoming programs in our foundry innovation services sector offering product development acceleration to startups and venture capital backed companies. Our expertise in manufacturing, project management and distribution of the newly developed foundry/incubated opportunities with added emphasis in clean renewable energy will support a sustainable profitable growth moving forward.
We are also excited about our new board assisting the company with debt and equity financing as well as potential Merger and Acquisition opportunities.
We are confident that we have the right business and operating model to deliver revenue and earnings growth moving forward.
About Probe Manufacturing, Inc.
PMI is a product development accelerator supporting the technological innovators with engineering and manufacturing services through our operations in California, Utah as well as factories Worldwide. Our cross-market segment experience from medical, industrial, renewable energy to aerospace helps us bring effective solutions to tough technical product development problems. PMI’s common stock is traded on the OTC QB Market under the symbol PMFI. For more information visit us at 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). 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; 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.