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Probe Manufacturing Reports Stellar Annual 2010 Financial Results

^{Published on 2011-04-11 08:40:21 - Market Wire}
 

IRVINE, Calif.--([ BUSINESS WIRE ])--Probe Manufacturing, Inc., (Pink Sheets: [ PMFI ]) (the aCompanya), a global electronics design and manufacturing services company, reported that for the year ended December 31, 2010 the Company had a net profit of $243,368 and a working capital surplus of $64,442. The Companya™s total stockholder's equity increased by $270,062, resulting in a shareholder surplus of $183,175, as of December 31, 2010.

"We believe that our acquisition of new customers in 2010, the expansion of our services combined with our manufacturing foundry platform aimed at supporting start ups and technological innovators will position us for continued revenue and profitability growth in 2011."

For the year ended December 31, 2010, the Company had a net profit of $243,368, compared to a net profit of $27,499 for the same period in 2009. For the year ended December 31, 2010, the Companya™s revenue was $2,799,935 compared to $2,153,141 for the same period in 2009.

Kam Mahdi, Chief Executive Officer, said, aIn 4th quarter of 2009 we initiated a turn around plan and we are pleased to report that it had positive results on the Companya™s operations for 2010. We closed out 2010 after achieving several financial milestones, including 30% revenue growth, 68% and 785% increase in gross profits and net profits, respectively, and our net worth increased from a $(86,887) deficit as of December 31, 2009 to $183,175 positive as of December 31, 2010.

aIn 2010, we refocused on our core electronics manufacturing business, expanded our facility, added global sourcing with scalability to achieve a lower cost structure and we significantly reduced our operating expenses, which resulted in both revenue and earnings growth.

aWe believe that our acquisition of new customers in 2010, the expansion of our services combined with our manufacturing foundry platform aimed at supporting start ups and technological innovators will position us for continued revenue and profitability growth in 2011.

aIn addition, we believe that the significant operational improvements we have been implementing for the last year and a half have had a direct impact on our financial growth, which will now allow us to continue our growth both organically and through the strategic acquisition of companies with production capacity and strong customer bases. We believe that the initiation of our acquisition strategy in 2011 is not only necessary, but timely.a

About Probe Manufacturing, Inc.

Probe Manufacturing is a global electronics design & manufacturing services company providing technological 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, and automotive industries since 1994. Probea™s common stock is traded on the OTCQB under the symbol PMFI.PK. Further information is available on Probea™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 Probea™s business strategy to become a global EMS provider will be financially beneficial to the Company, whether it can maintain its revenue growth experienced in 2010 and whether the Companya™s manufacturing foundry for start-ups and acquisition strategy will financially benefit the Company.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 our global business strategy; uncertainties related to acquisitions; and other risk factors as outlined in the Companya™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.