The Company manufactures printed circuit board assemblies (PCB), motors, and other rapid PCB prototype assemblies.

The Company had approximately $115M in revenue and sold into material handling, telecommunication, and military end markets.

The Company produces products at plants located in the Midwest, the West Coast, and a maquiladora.

Due to supply chain disruptions and labor challenges, the Company had underperformed relative to Management's prior budget, resulting in loan covenant violations.

FDP was retained by the Company to prepare and review the 13-week cash flow and annual financial forecast and make general recommendations to improve cash flow and profitability.

During the process, a significant customer also decreased its orders due to anticipated reductions in demand.

With the assistance of FDP, management identified and took corrective actions by implementing substantial price increases and reducing its operating expenses.  Expenses were reduced through a reduction-in-force (RIF) in its design department and selective cuts in its manufacturing plants.

FDP assisted with bank negotiations and helped expand the borrowing base, as part of the process.

The Company was able to secure a loan extension and forbearance until it was back in good standing with its lender.  The credit moved from the special assets department back to the commercial bank.