Pulse Electronics Corporation Schedules Second Quarter Earnings Release And Conference Call
Pulse Electronics Corporation (NYSE: PULS), a leading provider of
electronic components, today announced that it plans to report financial
results for its second quarter on August 7, 2012 after the market
Pulse Electronics Corporation (NYSE: PULS), a leading provider of electronic components, today announced that it plans to report financial results for its second quarter on August 7, 2012 after the market closes. The company will host a conference call at 5 p.m. Eastern (2 p.m. Pacific) that day. The company also reported that the potential asset sales initiated as part of its strategy to delever its balance sheet remain on track. The company also reported that it is in advanced stages of negotiations on a definitive agreement with a lender for financing. The company has extended the timeframe for potentially closing the financing to coincide with the expected timing of the asset sales and the related retirement of its existing senior credit facility. All such transactions remain subject to the uncertainty inherent in such matters, as well as market and other conditions. “While I am disappointed we were unable to complete the transactions by June 28 and claw back all of the warrants vesting to our existing bank group,” said Pulse Chairman and Chief Executive Officer Ralph Faison, “I remain confident that we will complete asset sales, refinancing, and other actions sufficient to completely repay the existing $55 million credit facility and also provide additional liquidity. We are highly motivated to complete these transactions as expeditiously as we and our counterparts possibly can.” As part of the amendment to the credit facility completed in March 2012, the company issued to its existing bank group warrants to purchase approximately 2.6 million shares of common stock which represent 6.1% of all outstanding shares. Unless the outstanding borrowings under the credit facility are repaid by certain dates, the vesting of the warrants occurs in three stages over the course of the remainder of this calendar year. The company will not retire the facility in full by the first deadline of June 28, 2012 and approximately 0.8 million shares of common stock, or 1.8% of the outstanding shares, will vest on that date.