GRAND RAPIDS, Mich., Jan. 17 /PRNewswire-FirstCall/ -- Riviera Tool
Co. (AMEX:RTC) today reported financial results for the first
quarter ended November 30, 2005. The Grand Rapids, Mich. designer
and manufacturer of stamping die systems reported net sales of $6.1
million for the first quarter of 2006, compared with net sales of
$4.6 million for first quarter of 2005, an increase of 33%. This
increase was a result of the Company having higher levels of
contract backlog at the end of fiscal 2005 as compared to fiscal
2004. The Company's backlog as of August 31, 2005 was $13.7 million
as compared to $2.5 million in 2004 and $12.9 million as of
November 30, 2005 as compared to $4.6 million as of November 30,
2004, an increase of 180%. Riviera reported a net loss of $441,000,
or $0.11 per diluted share, for first quarter 2006, as compared to
a loss of $465,000, or $.12 per share, for the same period in
fiscal 2005. For the first quarter of 2006 the Company reported
operating income of $30,000 as compared to an operating loss of
$65,000 for the first quarter of 2005. In addition, the Company
reported that it was awarded several substantial new contracts
throughout the first quarter and the month of December totaling
approximately $8.4 million. "The first quarter appears to be a
watershed reporting period for the Company," said Kenneth K. Rieth,
president and chief executive officer of Riviera Tool. "We entered
fiscal year 2006 with a stronger backlog than the previous year and
a significant number of these new programs were released for
production toward the end of the quarter. As such, contribution
margins will increase significantly in the next several quarters."
Responding to increased production requirements, Riviera further
reported hiring 10 additional people since the beginning of the
first quarter. According to Peter Canepa, the Company's chief
financial officer, "We are pleased with the progress being made
related to the direct cost of production which has improved
approximately 30% over the past 18 months. During this period, 95%
of our contracts completed contributed positively to profit
margins. However, as a result of our low contract backlog level
entering into fiscal 2005 it was difficult to produce the sales
volumes necessary to achieve year-end profitability." He further
indicated, "We remain extremely focused on increasing revenue and
lowering costs to produce a foundation for sustainable long-term
profitability." 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 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. RIVIERA TOOL COMPANY FINANCIAL STATEMENTS
BALANCE SHEETS ASSETS November 30, August 31, 2005 2005 CURRENT
ASSETS (unaudited) Cash $277,685 $239,475 Accounts receivable, net
7,631,090 5,232,138 Costs in excess of billings on contracts in
process 1,715,883 2,844,444 Inventories 236,437 236,437 Prepaid
expenses and other current assets 382,183 453,597 Total current
assets 10,243,278 9,006,091 PROPERTY, PLANT AND EQUIPMENT, NET
10,533,810 10,902,845 PERISHABLE TOOLING 703,519 708,319 OTHER
ASSETS 563,327 599,344 Total assets $22,043,934 $21,216,599
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current
portion of long-term debt $3,206,186 $3,287,510 Accounts payable
3,932,334 3,517,578 Accrued liabilities 670,069 661,833 Total
current liabilities 7,808,589 7,466,921 LONG-TERM AND SUBORDINATED
DEBT, NET OF UNAMORTIZED DISCOUNT 9,784,549 8,870,045 ACCRUED LEASE
EXPENSE 910,398 897,885 Total liabilities 18,503,536 17,234,851
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 - 3,984,874 shares as of November 30 and August 31,
2005 17,130,483 17,130,483 Retained deficit (13,590,085)
(13,148,735) Total stockholders' equity 3,540,398 3,981,748 Total
liabilities and stockholders' equity $22,043,934 $21,216,599
RIVIERA TOOL COMPANY STATEMENTS OF OPERATIONS (UNAUDITED) For The
Three Months Ended November 30 2005 2004 SALES $6,063,185
$4,552,551 COST OF SALES 5,467,385 4,038,460 GROSS PROFIT 595,800
514,091 SELLING AND ADMINISTRATIVE EXPENSES 565,577 579,341 PROFIT
(LOSS) FROM OPERATIONS 30,223 (65,250) OTHER EXPENSE Interest
expense 464,918 393,163 Other expense 6,655 6,227 TOTAL OTHER
EXPENSE 471,573 399,390 LOSS BEFORE INCOME TAX EXPENSE (441,350)
(464,640) INCOME TAX EXPENSE - - NET LOSS AVAILABLE FOR COMMON
SHARES $(441,350) $(464,640) BASIC AND DILUTED INCOME/(LOSS) PER
COMMON SHARE $(.11) $(.12) WEIGHTED-AVERAGE BASIC AND DILUTED
COMMON SHARES OUTSTANDING 3,984,874 3,774,346 RIVIERA TOOL COMPANY
STATEMENT OF CASH FLOWS (UNAUDITED) For the Three Months Ended
November 30, 2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES Net
loss $(441,350) $(464,640) Adjustments to reconcile net loss to net
cash from operating activities: Depreciation and amortization
419,890 427,701 (Increase) decrease in assets: Accounts receivable
(2,398,952) 3,717,570 Costs in excess of billings on contracts in
process 1,128,561 (806,568) Perishable tooling 4,800 (54,150)
Prepaid expenses and other current assets 71,414 27,737 Increase
(decrease) in liabilities: Accounts payable 414,756 (992,895)
Accrued lease expense 12,513 23,292 Accrued liabilities 8,236
119,263 Net cash (used in) provided by operating activities
$(780,132) $1,997,310 CASH FLOWS FROM INVESTING ACTIVITIES Increase
(decrease) in other assets 36,017 (20,546) Additions to property,
plant and equipment (28,105) (230,283) Net cash provided by (used
in) investing activities $7,912 $(250,829) CASH FLOWS FROM
FINANCING ACTIVITIES Net borrowings (repayments) on revolving
credit line 1,103,256 (747,696) Principal payments on notes payable
to bank and non-revolving equipment line of credit (292,826)
(162,468) Deferred interest - 45,912 Net cash provided by (used in)
financing activities $810,430 $(864,252) NET INCREASE IN CASH
$38,210 $882,229 CASH - Beginning of Period 239,475 1,200 CASH -
End of Period $277,685 $883,429 First Call Analyst: FCMN Contact:
DATASOURCE: Riviera Tool Co. CONTACT: Kenneth K. Rieth, CEO, or
Peter C. Canepa, CFO, of Riviera Tool Company, +1-616-698-2100 Web
site: http://www.rivieratool.com/
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