Riviera Tool Reports Second Quarter Results GRAND RAPIDS, Mich.,
April 15 /PRNewswire-FirstCall/ -- Riviera Tool Co. (AMEX:RTC)
today announced results for the second quarter ended February 28,
2005. The Grand Rapids, Michigan-based designer and manufacturer of
stamping die systems reported a net loss of $427,836 or $0.11 per
diluted share, on net sales of $5.0 million for the second quarter
of fiscal 2005, compared with net income of $212,083, or $0.06 per
diluted share, on net sales of $8.3 million for the same period of
fiscal 2004. For the six months ended February 28, 2005, Riviera
reported net sales of $9.5 million as compared to last year's net
sales of $16.6 million. The Company posted a net loss of $892,477,
or $0.24 per diluted share, for the first six months of fiscal
2005, versus net income of $450,012, or $0.13 per diluted share,
for the same period last year. The Company's gross margin increased
in the second quarter of 2005 to 16.6% as compared to 10.1% for the
second quarter of 2004. However, as a result of an increase in
Selling, General and Administrative expenses during the second
quarter of 2005, the Company reported a loss from operations of
$38,368 as compared to an operating profit of $334,784 for the
second quarter of 2004. The increase in Selling, General and
Administrative expense was a result of increases in professional
services as a result of the Company's primary lender requiring the
Company to retain the services of a consulting company and the
lender's legal counsel at the Company's expense. The total of such
expenses during the second quarter of 2005 was $303,000. The
Company's gross margin increased for the six months ended February
28, 2005 to 14.1% as compared to 10.2% for the same period in 2004.
However, as a result of an increase in Selling, General and
Administrative expenses during the six months of 2005, the Company
reported a loss from operations of $103,618 as compared to an
operating profit of $781,240 for the same period in 2004. As
mentioned above, increases in professional services expenses during
the six months of 2005 of $353,000. "Our margins were impacted
positively as a result of the product mix during the second
quarter," said Kenneth K. Rieth, president and chief executive
officer of Riviera Tool. "However, the increase in required
professional fees negatively impacted our operating margins for the
quarter. Since the end of the first quarter, we have received
excess of $10 million in new orders, which increased our backlog by
approximately 120%. Based on current trends, we remain optimistic
that the increase in revenue over the next several months will
result in progress toward operational profitability. Since the end
of the quarter, we have received new orders in excess of $1.3
million, which will factor into net sales over the next two years.
Based on current trends, we are optimistic we will continue to add
to our contract backlog." From a cash flow perspective, the Company
has continued to reduce its debt from $14.8 million at the end of
the first quarter of 2005 to $8.2 million as of the end of the
second quarter of 2005, a reduction of 55%. As compared to fiscal
year ended August 31, 2004, the Company has experienced a reduction
of 48%, from $15.8 million to $8.2 million. 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 Mercedes-Benz, BMW, Nissan, 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
factors. RIVIERA TOOL COMPANY FINANCIAL STATEMENTS BALANCE SHEETS
ASSETS February 28, August 31, 2005 2004 CURRENT ASSETS Note
(unaudited) (audited) Cash $209,202 $1,200 Accounts receivable
2,928,288 13,075,285 Costs in excess of billings on contracts in
process 2 2,571,817 669,143 Inventories 238,301 238,301 Prepaid
expenses and other current assets 273,688 235,203 Total current
assets 6,221,296 14,219,132 PROPERTY, PLANT AND EQUIPMENT, NET 3
11,720,433 12,328,746 PERISHABLE TOOLING 757,744 726,704 OTHER
ASSETS 544,181 623,635 Total assets $19,243,654 $27,898,217
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current
portion of long-term debt 4 $8,201,391 $15,742,669 Accounts payable
4,485,557 4,908,893 Accrued liabilities 756,979 521,193 Total
current liabilities 13,443,927 21,172,755 LONG-TERM DEBT 4 8,834
12,703 ACCRUED LEASE EXPENSE 787,478 740,894 DEFERRED COMPENSATION
- 166,474 DEFERRED INTEREST 4 116,000 25,500 Total liabilities
14,356,239 22,118,326 PREFERRED STOCK - no par value, $100
mandatory redemption value: Authorized - 5,000 shares Issued and
outstanding - no shares - - STOCKHOLDERS' EQUITY: Preferred stock -
no par value, Authorized - 200,000 shares Issued and outstanding -
no shares - - Common stock - No par value: Authorized - 9,785,575
shares Issued and outstanding - 3,774,346 shares As of February 28,
2005 and August 31, 2004 16,426,378 16,426,378 Retained deficit
(11,538,963) (10,646,487) Total stockholders' equity 4,887,415
5,779,891 Total liabilities and stockholders' equity $19,243,654
$27,898,217 RIVIERA TOOL COMPANY STATEMENTS OF OPERATIONS
(UNAUDITED) For The Three Months For The Six Months Ended Ended
Feb. 28, Feb. 29, Feb. 28, Feb. 29, 2005 2004 2005 2004 SALES
$4,981,009 $8,292,900 $9,533,560 $16,603,660 COST OF SALES
4,151,887 7,452,464 8,190,347 14,913,281 GROSS PROFIT 829,122
840,436 1,343,213 1,690,379 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 867,490 505,652 1,446,831 909,139 INCOME/(LOSS) FROM
OPERATIONS (38,368) 334,784 (103,618) 781,240 TOTAL INTEREST
EXPENSE 389,468 122,701 788,859 331,228 INCOME/(LOSS) BEFORE INCOME
TAXES (427,836) 212,083 (892,477) 450,012 INCOME TAXES - - - - NET
INCOME/(LOSS) AVAILABLE FOR COMMON SHARES $(427,836) $212,083
$(892,477) $450,012 BASIC AND DILUTED INCOME/(LOSS) PER COMMON
SHARE $(.11) $.06 $(.24) $.13 BASIC AND DILUTED COMMON SHARES
OUTSTANDING 3,774,346 3,379,609 3,774,346 3,379,609 RIVIERA TOOL
COMPANY STATEMENT OF CASH FLOWS (UNAUDITED) For the Three Months
For the Six Months Ended Ended Feb. 28, Feb. 29, Feb. 28, Feb. 29,
2005 2004 2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES Net
income/(loss) $(427,836) $212,083 $(892,477) $450,012 Adjustments
to reconcile net income/(loss) to net cash from operating
activities: Depreciation and amortization 427,701 421,599 855,402
843,198 (Increase) decrease in assets: Accounts receivable
6,429,427 (1,444,542) 10,146,997 2,119,551 Costs in excess of
billings on contracts in process (1,096,106) (180,343) (1,902,674)
718,655 Perishable tooling 23,110 560 (31,040) (5,374) Prepaid
expenses and other current assets (66,222) (236,959) (38,485)
(213,563) Increase (decrease) in liabilities: Accounts payable
569,558 1,209,148 (423,336) (538,943) Accrued outsourced contracts
payable - (182,025) - 644,386 Accrued lease expense 23,292 25,050
46,584 50,100 Accrued liabilities 116,523 86,476 235,786 318,686
Deferred compensation (166,474) - (166,474) - Net cash provided
by/(used in) operating activities $5,832,973 $(88,953) $7,830,283
$4,386,708 CASH FLOWS FROM INVESTING ACTIVITIES Decrease/(increase)
in other assets 100,000 - 79,454 (22,462) Additions to property,
plant and equipment (16,806) (166,429) (247,089) (291,223) Net cash
provided by/(used in) investing activities $83,194 $(166,429)
$(167,635) $(313,685) CASH FLOWS FROM FINANCING ACTIVITIES Net
borrowings (repayments) on revolving credit line (6,505,958)
380,876 (7,253,654) (3,789,177) Deferred interest 44,588 - 90,500 -
Principal payments on notes payable to bank (129,024) (125,494)
(291,492) (282,646) Net cash provided by/(used in) financing
activities $(6,590,394) 255,382 $(7,454,646) $(4,071,823) NET
INCREASE/(DECREASE) IN CASH $(674,227) - $208,002 $1,200 CASH -
Beginning of Period 883,429 1,200 1,200 - CASH - End of Period
$209,202 1,200 $209,202 $1,200 DATASOURCE: Riviera Tool Company
CONTACT: Kenneth K. Rieth, CEO, or Peter 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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