Cherokee International Announces Repayment of $1.3 Million Revolving Line of Credit
03 Abril 2008 - 2:25PM
Business Wire
Cherokee International Corporation (NASDAQ: CHRK), a leading
designer and manufacturer of power supplies, today announced that
as of March 30, 2008, Cherokee China has repaid, in full, the $1.3
million it borrowed against a working capital line of credit. In
January 2007, Cherokee China entered into a loan contract with
Industrial and Commercial Bank of China�Ltd. (�ICBC�) for a working
capital line of credit. The line of credit is collateralized by the
Company�s building in Shanghai, China. During the second quarter of
2007, Cherokee China drew $1.3 million on their $3.4 million line
of credit. The $1.3�million has been paid in cash from Cherokee
China�s operations and is in compliance with all covenants. �Our
China facility continues to increase production levels and this has
contributed to improved margins for the Company,� said Linster W.
Fox, Cherokee�s EVP, CFO and Secretary. �While we remain focused on
improving liquidity and reducing debt, we expect China to be a
catalyst for a strong 2008 for Cherokee.� About Cherokee
International Cherokee International designs, manufactures and
markets high-reliability custom and standard switch-mode power
supplies for datacom, telecom, medical and process-control
applications. With advanced manufacturing facilities and
engineering expertise located worldwide, Cherokee applies a
customer-focused approach to provide high-reliability power
products to manufacturers, reducing time to market. As the leading
provider of custom-designed power sources, Cherokee also delivers a
complete range of standard and modified-standard AC/DC power
supplies, AC/DC rectifiers and power shelves, and DC/DC converters.
Cherokee International headquarters are at 2841 Dow Ave, Tustin,
California 92780 and can be reached at 714 544 6665. European
operations are at Boulevard de l�Europe 131, 1301 Wavre, Belgium
and can be reached at +32 10 438 510. Cherokee International
(China) Power Supply Ltd. is located at 1353 Chenqiao Road,
Shanghia Fengpu Industrial Park Shanghai, 201401 China and can be
reached at 021 6710 8910. Additional information about the Company
and its products is available at http://www.cherokeepwr.com. Safe
Harbor Statement Certain statements contained in this press release
are forward-looking statements. These forward-looking statements
are based upon our current expectations about future events. When
used in this press release, the words "believe," "anticipate,"
"intend," "estimate," "expect" and similar expressions, or the
negative of such words and expressions, are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. These forward-looking
statements generally relate to our plans, objectives and
expectations for future operations and include our statement in
this press release that we believe our China facility�s ability to
increase production levels will serve as a catalyst for a strong
and profitable 2008. However, these statements are subject to a
number of risks and uncertainties affecting our business. You
should read this press release completely and with the
understanding that actual future results may be materially
different from what we expect as a result of these risks and
uncertainties and other factors, which include, but are not limited
to: (1) changes in general economic and business conditions,
domestically and internationally, (2) reductions in sales to, or
the loss of, any of the Company's significant customers or in
customer capacity generally, (3) changes in the Company's sales mix
to lower margin products, (4) increased competition in the
Company's industry, (5) disruptions of the Company's established
supply channels, (6) the Company's level of debt and restrictions
imposed by its debt agreements and the Company�s ability to repay
this debt, and (7) the additional risk factors identified in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 10-K. Except as required by
law, the Company undertakes no obligation to update any
forward-looking statements, even though the Company's situation may
change in the future.
Cherokee (NASDAQ:CHRK)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Cherokee (NASDAQ:CHRK)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024