2008-03-28 22:19:03 -
- Probe Manufacturing, Inc. (OTC:PMFI), an Electronics Manufacturing Services (EMS) company, today announced it filed with the Securities and Exchange Commission its Form 10-K and reported financial results for the fiscal year ending December 31, 2007.
"We are excited about our results for the year. In 2007, Probe demonstrated a remarkable resiliency in generating profits even during periods of
transition, and of lower revenues. 2007 was a transitional year for us, as we diversified our customer base and refocused our sales to more stable markets such as medical device, aerospace, and renewable energy industries. As a company, we have a strong commitment to profitability which is the cornerstone of our continual process improvement across the company. Optimization and process improvements are even more critical, as we move more of our assets toward developing proprietary technologies in renewable energy that must be cost sensitive for commercialization," said Probe CEO Reza Zarif. "We are pleased with the success and execution of our business strategy as we continue to achieve further diversification of our customer base; and focus more resources to developing proprietary technologies."
2007 Fiscal Year Financial Results
The company reported sales of $6.9 million for the fiscal year 2007 compared to $9.3 million in the same period in 2006. Lower revenue was due to refocusing our sales, and converting our customer base to more stable markets such as medical device, aerospace, and alternative energy industries that are committed to long term partnerships.
Five top customers accounted for approximately 64% of sales for the fiscal year 2007 compared to 86% for the same period in 2006. In addition, 60% of our revenue came from medical device manufacturers, aero space, and alternative energy business compared to only 34% during the same period in 2006.
The company reported a net profit of $374,896 or $.036 per share in the fiscal year 2007 compared with $150,894 or $.024 per share, in the same period in 2006.
The company generated $668,293 in cash flow from operations for the fiscal year 2007 compared to $608,028 for the same period in 2006.
The company reduced its total debt by $874,077 for the fiscal year 2007 compared to $351,423 for the same period in 2006.
Business Outlook
In 2008, Probe expects revenue growth as the company becomes fully engaged with its new customer base, and continues on its process improvement initiatives. While maintaining profitability, to ensure long term growth and sustainability, the Company is leveraging more of its assets in research and development of renewable energy products.
About Probe Manufacturing, Inc.
Probe Manufacturing, Inc. was founded in 1995 and is one of Southern California's highest quality, Electronics Manufacturing Services (EMS) companies. Probe manufacturing Inc. provides a full range of electronics manufacturing and supply chain management services to some of the world's leading aerospace, industrial, automotive, alternate energy, hybrid, and medical device manufacturing firms. The Company provides OEMs with low cost of ownership, flexibility, and quality that improves their competitive advantage. Probe's service offerings include new product introduction, collaborative design, materials management, product manufacturing, product warranty repair, and end-of-life support. The Company is also in the process of developing renewable energy technologies, and will leverage its manufacturing competencies to commercialize them. Probe Manufacturing's headquarters are located in Lake Forest, California.
To find out more about Probe Manufacturing, Inc. (OTCBB: PMFI), visit our website at www.probemi.com.
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
The Company's public financial information and filings can be viewed at www.sec.gov.
For Media contact and investor relation contact:
Probe Manufacturing, Inc.
Reza Zarif, 949-206-6868
investorrelations@probemi.com 
