Financial results for the full year ended December 30, 2016:
- Organic growth with several key accounts and account wins
- Distribution revenue growth of 12% over last year.
- GM expansion of 7.5%pts or a 25% improvement versus 2015.
- All seven Business Units (BUs) achieved profitability.
- Generated positive operating cash flows in Q3 and Q4 2016
- Debt modification and conversion of $138.6M of debt to equity. Long-term debt reduced to $25.8M and interest expense to $2.5M/year.
- Focus on cost leadership and balance sheet management resulted in positive Net Income in Q3 and Q4 and positive Net Equity.
- R&D spend of 5% of revenue and Capex 4% of revenue.
- Emphasis on factory automation projects for improved quality and cost. >200 machines installed with headcount reduction of >1,000 FTEs.
“2016 was a strong year of progress for Pulse in which all seven of our business units achieved profitability and exceeded our plans for the year. The key drivers to reaching our improved performance was our focus on cost leadership, increased capital investment spending and expanding on R&D to deliver new and exciting products. The $138.6M debt conversion by Oaktree Capital Management will continue to strengthen our balance sheet, further reduce our interest expense and provide Pulse with additional financial and operating flexibility to serve our customers and extend our growth in 2017. With our strong finish in 2016, we head into the year with positive momentum and several new customer and project wins” said Renuka Ayer, Chief Financial Officer.
Contact: Renuka Ayer
Phone: +1 858 674-8100