Smith & Associates Announces New Credit Facility
(HOUSTON, TEXAS) - March 3, 2010 - Electronics distributor Smith & Associates today announced the successful completion of a new revolving credit facility providing up to $70 million and expandable to $90 million.
Along with cash flow from operations and its own retained capital, Smith's new credit facility will give it the working capital needed to support its customers, which include many of the world's largest electronics manufacturers. It will also enable Smith to expand its business to offer additional services.
Matt Hartzell, Chief Operating Officer at Smith states: "We are enthusiastic about the outlook for our business in 2010. We had a great year in 2009 with strong sales in very rough economic conditions and, with this new credit facility in place, we believe that we can surpass that success this year."
Smith's new credit facility is in place for three years, and was accomplished despite the current lending climate. Michael Rutledge, Smith Chief Financial Officer, notes: "The credit markets haven't yet returned to business as usual - credit is still tight. The successful completion of this facility by Smith shows the confidence our banks have in our business."
Smith’s new credit facility is in place for three years.
About Smith & Associates - Founded in Houston in 1984, Smith & Associates (www.smithweb.com) is a leader in the independent distribution of semiconductors and electronic components to electronics and high-tech manufacturers. Smith offers shortage sourcing for commodity and obsolete parts, innovative purchasing and inventory management solutions, redistribution of excess inventory, and component stocking for warranty and repair programs.
A privately held company, Smith & Associates employs more than 250 people worldwide, with annual revenue in excess of US$300 million. Smith’s regional hubs in Houston, Hong Kong and Amsterdam are ISO certified and IDEA compliant. In addition, sales and purchasing offices are located in Silicon Valley, Barcelona, Guadalajara, New York,Shanghai, Shenzhen, and Seoul. For more information or to reach a Smith representative 24 hours a day, please call: 1.800.HOUSTON or +1 713.430.3000
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For more information, contact:
Smith & Associates
V.P. of Marketing (713) 430-3000