Action Products renews credit line
By Staff -- Playthings, 6/23/2003
ORLANDO, Fla. — Toy manufacturer Action Products International Inc. said today it has renewed its working capital line of credit with the Mercantile Bank.The $2 million traditional credit line, secured by inventory and accounts receivable, was renewed for a two-year term at an interest rate of 0.5 percent over Prime.
"We are pleased to continue our banking relationship," said Rob Burrows, Action Products CFO. "No doubt that the insiders-added equity funding in December of 2002, and the fact that we are returning to operational profits, were factors in [Mercantile Bank's] decision."
Action Products expects to report its first quarterly profit in late July after 10 quarters of losses. Based on pre-bookings, the company anticipates rising sales in the third quarter compared to last year's results.
Mercantile Bank is part of The Southern Financial Group.
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