Riviera Tool Reports New Orders and Debt Reduction
01 3월 2005 - 4:20AM
PR Newswire (US)
Riviera Tool Reports New Orders and Debt Reduction GRAND RAPIDS,
Mich., Feb. 28 /PRNewswire-FirstCall/ -- Riviera Tool Company
(AMEX:RTC) today reported it secured approximately $10.8 million of
new orders during the second quarter of fiscal 2005, bringing its
total new orders as of the six months ended February 28, 2005 to
$16.8 million. Riviera Tool also said it reduced its institutional
debt by 45 percent to $8.2 million since the end of the fiscal 2005
first quarter. The Company said the largest reduction came from its
Revolving Working Capital Credit Line, which was reduced 71 percent
to $2.6 million. "We're very pleased with our new orders during the
first six months of fiscal 2005," said Kenneth K. Rieth, president
and chief executive officer of Riviera Tool. "At the same time,
reducing our debt should provide us opportunities to finance this
new work, as well as finance additional future contracts." The
Company also reported today it has secured a financing arrangement
with a large Asian automaker to provide financing for
subcontracting work to low-cost Asian die manufacturers. Riviera
said this agreement will assist the Company in being cost
competitive by utilizing global sources, in addition to its
domestic partners, for tooling contracts. "Quoting activity remains
strong as we begin the third quarter of fiscal 2005," said Rieth.
"We remain optimistic about future orders during the latter half of
calendar year 2005." About Riviera Tool: Riviera Tool Co.
(http://www.rivieratool.com/ ) designs, develops and manufactures
large-scale, custom metal stamping die systems used in the high-
speed production of sheet metal parts and assemblies for the global
automotive industry. A majority of Riviera's sales are to
DaimlerChrysler, General Motors Corp., Ford Motor Co. and their
Tier One suppliers. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained
in this news release include certain predictions and projections
that may be considered forward-looking statements under securities
laws. These statements involve a number of important risks and
uncertainties that could cause actual results to differ materially,
including but not limited to economic, competitive, governmental
and technological. DATASOURCE: Riviera Tool Company CONTACT:
Kenneth K. Rieth, CEO or Peter C. Canepa, CFO of Riviera Tool
Company, +1-616-698-2100; or Investor inquiries: Jeff Lambert,
+1-616-233-0500, for Riviera Tool Company Web site:
http://www.rivieratool.com/
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Riviera Tool (AMEX:RTC)
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Riviera Tool (AMEX:RTC)
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