Barclays Provides Expanded Facility for ProPhotonix
ProPhotonix entered into an expanded credit facility with Barclays Bank for a two-year term, furthering the seven-year relationship. The facility was increased from $1.06 million to $2.28 million secured by accounts receivable.
Tim Losik, president and CEO, stated, “I am pleased with the revenue growth in 2013, which is driven by improving orders from existing customers and the addition of new customers. Bookings through November 30 were $16.5 million versus $13.1 million for the comparable period of 2012, a 25.5% increase. We continue to nurture our existing client relationships and are active in finding new customers for our existing product ranges. We also remain active in developing new products for demanding LED and laser opportunities. Our opportunity pipeline continues to grow as does our optimism. Looking to the future, we are focused on achieving sustained positive EBITDA during 2014 and subsequently sufficient positive EBITDA to support the total cash requirement of ProPhotonix. Our continuing financial improvement is enhanced by the increased facility provided by Barclays Bank, which extends a seven-year credit relationship.”
Salem,NH-headquartered ProPhotonix is an independent designer and manufacturer of diode-based laser modules and LED systems for industry- leading OEMs and medical equipment companies.