The Company is a full-service, commercial printer offering offset and digital printing, finishing and bindery, and warehousing services.
Historically, the Company provides services to customers across a broad industry base, including financial services, retail, consumer products, manufacturing and medical.
Historically, the Company had been profitable, generating revenue in excess of $24 million.
Revenue decline in combination with an over-leveraged balances sheet caused a significant decline in cash flows which resulted in a significant over-advance situation with its senior lender.
Through aggressive actions, FDP reversed a net loss of $470 thousand in 2016. Actions include:
–Pricing increasing resulting in nearly $100 thousand of profit improvement.
–Production cost reductions saving $238 thousand in expenses.
–Overhead cost reductions saving $346 thousand in expenses.
Company re-engaged FDP in 2019 after switching senior lenders. Company reverted to net losses in 2018 and 2019.
With the onset of COVID-19, FDP assisted the Company’s owners with a successful sale of the Company to a local competitor, preserving jobs and customers, as well as providing sufficient anticipated proceeds to completely repay the senior debtholders.
FDP led a successful financial turnaround, returning the Company to profitability in 2017.
In addition, the over-advance with the senior lender was corrected with sufficient availability provided to operate the Company.
FDP led a successful sale of the Company to a local competitor in 2020.