Procurri Corporation

Procurri Corp posts 75% higher 1Q earnings of $1.75 mil on higher revenue & margin

SINGAPORE (May 2): Procurri Corporation reported a 75% rise in 1Q19 earnings to $1.75 million from $1 million previously, due to higher revenue and gross profit margin.  

Revenue for the quarter grew 8.7% to $53.8 million from $49.5 million previously, with the Lifecycle Services segment booking a 16.8% increase to $18.1 million due to better performance from North and South America as well as European markets.

Revenue contribution from the IT Distribution business segment grew 5.1% to $35.7 million on the back of higher contributions from the Americas.

Procurri swings back to profitability in FY18 on stronger margins

SINGAPORE (Feb 26): Procurri Corporation, the global data centre services company, reported earnings of $5.3 million in FY18, reversing from a loss of $2.7 million in FY17.

See also: Procurri falls 9.7% to 28 cents as New State also withdraws acquisition offer

Earnings for 4Q18 came in at $1.7 million compared to a loss of $1.3 million a year ago. Revenue recorded was 7% higher at $52.1 million.

Second potential offeror rescinds expression of interest to acquire Procurri less than 24 hours later

SINGAPORE (Feb 8): Procurri Corporation says the second potential offeror to express interest in acquiring the company after New State Capital Partners LLC has now decided to terminate further discussions on the matter.

The update comes less than 24 hours after Procurri had received its second, unsolicited non-binding expression of interest (EoI) from an unnamed third party to acquire the company through a possible voluntary general offer.

Procurri up 6.5% after saying it received second unsolicited expression of interest to acquire company

SINGAPORE (Feb 7): Shares in Procurri Corporation, the Mainboard-listed enterprise hardware supplier, are up 2 cents or 6.2%.

This follows its Thursday morning announcement that it has received a second unsolicited, non-binding expression of interest from a third party to acquire the company through a possible voluntary general offer.

As at 11.07am, shares in Procurri are trading at 33 cents with 0.5 million units traded.

Procurri reveals PE firm New State Capital Partners as interested offeror

SINGAPORE (Feb 4): Procurri Corporation has received a non-binding letter of intent (LOI) from New State Capital Partners LLC for the proposed acquisition of all the shares of the company -- other than treasury shares and shares held by substantial shareholder Irrucorp -- via a scheme of arrangement.

However, Procurri said in a filing this morning has not accepted the LOI and therefore has not started exclusive discussions with New State in relation to the proposed acquisition.

Procurri says interested third party still mulling general offer for company

SINGAPORE (Jan 7): Procurri Corp said the interested third party who made an offer on Sept 7, 2018, to acquire the company through a possible voluntary general offer is still mulling the deal.

Procurri says due diligence by interested party ongoing

Procurri reports significantly higher 3Q earnings of $1.42 mil

SINGAPORE (Nov 9): Procurri Corporation, the provider of lifecycle services and data centre equipment, reported 3Q18 earnings ended Sept of $1.42 million, up significantly from $14,000 in 3Q17.

For the 9M18 ending Sept, earnings came in at $3.7 million versus a loss of $1.49 million in 9M17.

Revenue for the quarter was 8% higher at $55.4 million from $51.3 million a year ago.

This was mainly due to a 45.3% increase in the group’s lifecycle services revenue to $16.3 million, led by better performance in North and South America and Europe, Middle East and Africa.

Procurri says due diligence by interested party ongoing

SINGAPORE (Oct 8): Procurri Corporation, a 46.83% held portfolio company of DeClout, announced that due diligence by the interested third party is still ongoing.

in addition, no definitive agreements have been entered into and there is no certainty that the possible transaction will be consummated.

On Sept 7, Procurri announced that the company had received an unsolicited, non-binding indication of interest from the third party to acquire shares of the company by way of a possible voluntary general offer.

Procurri's 1Q earnings grow sixfold to $1 mil on higher segment margins

SINGAPORE (Apr 25): Procurri Corp saw its earnings for 1Q18 grow sixfold to $1 million from $164,000 a year ago on higher revenue which mainly resulted from its higher-margin lifecycle services business segment.

Group revenue grew 29.2% to $49.5 million from $38.3 million a year ago, as contributions from both its IT distribution and lifecycle services business segments grew by 10.6% and 105.4% to $34 million and $15.5 million, respectively.

DeClout in $10 mil loan agreement secured by 46.8% stake in Procurri

SINGAPORE (Apr 12): Mainboard technology company DeClout has entered into a $10 million loan agreement with six investors.

The loan are secured by DeClout's entire 46.8% stake or 132 million shares in subsidiary Procurri Corp.

DeClout says the loans would be used for business expansion of subsidiaries Beaqon and vCargo Cloud which are also acting as corporate guarantees for the loan.

The lenders were introduced to DeClout by Xander Capital, which will get 1% of $10 million once the loan has been drawn down.

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