IRVINE, Calif. -- Probe Manufacturing, Inc., (PMFI.PK), a global electronics design & manufacturing services company, today reported results for its fiscal first quarter of 2011, which ended on March 31st, 2011. The company reported 86% revenue growth of $906,313 and net quarterly profit of $24,729 compared to revenue of $487,506 and net profit of $16,157 in the comparative quarter of 2010. Probe’s customer base has increased from 8 to 21 accounts since fourth quarter of 2009. Net cash provided from operations was $228,535 compared to $71,042 from the prior year’s first quarter.
“We’re very excited about the performance of our business; our company is firing on all cylinders and the development of our customer base continues to fuel our growth at a remarkable, yet manageable rate,” said Kam Mahdi, PMI’s CEO. “Our low cost, flexible and high quality model has become a successful formula for our customers and our stakeholders. We’ve been growing at an accelerated rate while maintaining a low overhead and profitability. Our business model is allowing our customers to take advantage of lower manufacturing cost through our strategic partnerships overseas, while keeping the bulk of their manufacturing in our California factory and supporting our local economy as our employee base continues to grow.”
“We have also been assisting several innovative start-ups over the last year. As a result, we have helped to develop leading edge technologies by providing engineering and new product introduction services. Our customer centric management team is sourcing and qualifying lower cost and higher volume capacity competences through factories here and worldwide. This is a win-win situation for everyone and we will be making announcements about these exciting technologies soon,” said Kam Mahdi, PMI’s CEO.
“We’re looking forward to the second fiscal quarter of 2011, as we expect revenue to continue to increase due to the addition of new customers,” said John Bennett, PMI’s CFO.