SVB Renews DecisionPoint Credit Line
DecisionPoint Systems renewed its $10 million line of credit with Silicon Valley Bank.
The renewal extends the existing $10 million line of credit through February 2017, keeps the current reduced interest rate in place, and provides for a further reduction in the rate if the company achieves certain performance milestones.
“The renewal agreement with Silicon Valley Bank reflects a strong improvement during 2014 in our operating performance,” said CFO Michael Roe. “Our nine-month sales were higher year-over-year, term debt was down, cash flow from operations was up and Adjusted EBITDA was up. The reduction in our interest rate from the Bank in 2014 was a result of our continuing operating improvement, as well as our streamlined expenses and overhead costs.”
Roe said that the company intends to publish its fourth quarter and full-year 2014 earnings in mid- to late March. An announcement will be made at the appropriate time.
DecisionPoint System delivers improved productivity and operational advantages to its clients through enterprise software utilizing the latest wireless, mobility and RFID technologies.