Our fiscal year ends in June, and this year was a highly profitable one. Thanks to this success and a continued positive forecast, we have obtained financing to enable a new line of Ultra High Definition audio/visual (AV) products.
The profitability is expected to continue. This is in part due to our pivot from an engineering services company to a B2B AV product company. As a product company, we are leveraging our deep engineering experience to create a suite of AV boards that enable turnkey off-the-shelf products and enhancing our software product portfolio.
Our profitability and positive forecast are reflected in increased funding. Fulton Bank granted the company an additional line of credit, increasing our debt facility. The increased facility will let us obtain financing for international receivables, an area of the business that is increasing significantly.
This funding will go directly to support our development of Ultra High Definition (UHD) products. As AV equipment increasingly incorporates UHD and 4K technology, the specialized markets we serve will need to adopt UHD in order to keep up. At the same time, more UHD content is being produced to serve those markets, further driving demand. With our expertise in Blu-ray and AV streaming, we’re positioned to be a market leader in UHD Blu-ray solutions, and to continue creating UHD solutions across our new product lines.
We are developing UHD products for IFE and AV applications that consist of Ultra High Definition encoders and decoders and Ultra High Definition Blu-ray players and software. With the increased funding from Fulton Bank, we can broaden our presence in these areas.
The increased funding will help Videon stay on top of trending items in the market as UHD technologies rapidly develop, allowing us to help our customers with their make vs. buy decisions.