GRAND RAPIDS, Mich., April 17 /PRNewswire-FirstCall/ -- Riviera
Tool Co. (AMEX:RTC) today reported financial results for the second
quarter ended February 28, 2006. The Grand Rapids, Mich. designer
and manufacturer of stamping die systems reported net sales
increased 38 percent to $6.9 million for the second quarter of
2006, compared with net sales of $5.0 million for the second
quarter of 2005. The Company attributed its increased sales to
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. During
the second quarter, the Company received $5.2 million in new
contracts bringing its contract backlog to $11.2 million as of
February 28, 2006 as compared to $10.1 million as of February 28,
2005, an increase of 11 percent. Subsequent to the second quarter,
the Company was awarded new contracts totaling $3.5 million.
Riviera reported a net loss of $134,804, or $0.03 per diluted
share, for the second quarter of 2006, as compared to a loss of
$427,836, or $0.11 per share, for the same period in fiscal 2005.
For the second quarter of 2006, the Company reported operating
income of $369,092 as compared to an operating loss of $38,368 for
the second quarter of 2005. For the six months ended February 28,
2006, Riviera reported net sales of $13.0 million as compared to
last year's net sales of $9.5 million, an increase of 37 percent.
The Company posted a net loss of $576,155, or $0.14 per diluted
share, for the first six months of fiscal 2006, versus net loss of
$892,477, or $0.24 per diluted share, for the same period last
year. "Our continuing efforts in reducing operating expenses had a
positive impact on operating margins during the past quarter, and
should have a positive impact in the future as well," said Kenneth
K. Rieth, president and chief executive officer of Riviera Tool.
"We have managed to lower selling and administrative expenses from
15.2 percent of sales for the first six months of 2005 to 8.9
percent for the same period in 2006. We remain extremely focused on
increasing revenue and lowering costs to produce a foundation for
sustainable long-term profitability." The Company also announced
today that on April 3, 2006 the American Stock Exchange (AMEX)
notified the Company of its acceptance of the Company's plan of
compliance and granted an extension of time to no later than August
9, 2007 to regain compliance with listing standards. "We are
pleased that the AMEX has confidence in our plan of compliance and
has granted us an extension until August of 2007," concluded Rieth.
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
February 28, August 31, 2006 2005 CURRENT ASSETS (unaudited)
(audited) Cash $394,227 $239,475 Accounts receivable, net 7,996,314
5,232,138 Costs in excess of billings on contracts in process
2,996,603 2,844,444 Inventories 236,437 236,437 Prepaid expenses
and other current assets 370,222 453,597 Total current assets
11,993,803 9,006,091 PROPERTY, PLANT AND EQUIPMENT, NET 10,164,567
10,902,845 PERISHABLE TOOLING 685,032 708,319 OTHER ASSETS 513,656
599,344 Total assets $23,357,058 $21,216,599 LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of
long-term debt $3,199,645 $3,287,510 Accounts payable 4,006,718
3,517,578 Accrued liabilities 820,700 661,833 Total current
liabilities 8,027,063 7,466,921 LONG-TERM AND SUBORDINATED DEBT,
NET OF UNAMORTIZED DISCOUNT 10,851,491 8,870,045 ACCRUED LEASE
EXPENSE 922,911 897,885 Total liabilities 19,801,465 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 - 4,257,601 shares and 3,984,874 shares as of February
28, 2006 and August 31, 2005, respectively 17,280,483 17,130,483
Retained deficit (13,724,890) (13,148,735) Total stockholders'
equity 3,555,593 3,981,748 Total liabilities and stockholders'
equity $23,357,058 $21,216,599 RIVIERA TOOL COMPANY STATEMENTS OF
OPERATIONS (UNAUDITED) For The Three Months For The Six Months
Ended Ended Feb. 28, Feb. 28, Feb. 28, Feb. 28, 2006 2005 2006 2005
SALES $6,952,599 $4,981,009 $13,015,784 $9,533,560 COST OF SALES
5,985,554 4,151,887 11,452,939 8,190,347 GROSS PROFIT 967,045
829,122 1,562,845 1,343,213 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 597,953 867,490 1,163,530 1,446,831 INCOME/(LOSS) FROM
OPERATIONS 369,092 (38,368) 399,315 (103,618) OTHER EXPENSE
Interest expense 447,633 383,538 889,802 776,701 Other expense
56,263 5,930 85,668 12,158 TOTAL OTHER EXPENSE 503,896 389,468
975,470 788,859 LOSS BEFORE INCOME TAXES (134,804) (427,836)
(576,155) (892,477) INCOME TAXES - - - - NET LOSS $(134,804)
$(427,836) $(576,155) $(892,477) BASIC AND DILUTED LOSS PER COMMON
SHARE $(.03) $(.11) $(.14) $(.24) BASIC AND DILUTED COMMON SHARES
OUTSTANDING 4,257,601 3,774,346 4,257,601 3,774,346 RIVIERA TOOL
COMPANY STATEMENTS OF CASH FLOWS (UNAUDITED) For the Three Months
For the Six Months Ended Ended Feb. 28, Feb. 28, Feb. 28, Feb. 28,
2006 2005 2006 2005 CASH FLOWS FROM OPERATING ACTIVITIES Net loss
$(134,804) $(427,836) $(576,155) $(892,477) Adjustments to
reconcile net loss to net cash from operating activities:
Depreciation and amortization 478,390 427,701 875,530 855,402
(Increase) decrease in assets: Accounts receivable (365,224)
6,429,427 (2,764,176) 10,146,997 Costs in excess of billings on
contracts in process (1,280,720) (1,096,106) (152,159) (1,902,674)
Perishable tooling 18,487 23,110 23,287 (31,040) Prepaid expenses
and other current assets 11,961 (66,222) 83,375 (38,485) Increase
(decrease) in liabilities: Accounts payable 74,384 569,558 489,140
(423,336) Accrued lease expense 12,513 23,292 25,026 46,584 Accrued
liabilities 150,631 116,523 158,867 235,786 Deferred compensation -
(166,474) - (166,474) Net cash provided by/ (used in) operating
activities $(1,034,382) $5,832,973 $(1,837,265) $7,830,283 CASH
FLOWS FROM INVESTING ACTIVITIES Decrease/(increase) in other assets
49,671 100,000 85,688 79,454 Additions to property, plant and
equipment (27,897) (16,806) (56,002) (247,089) Net cash provided
by/ (used in) investing activities $21,774 $83,194 $29,686
$(167,635) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings
(repayments) on revolving credit line 1,362,017 (6,505,958)
2,465,273 (7,253,654) Proceeds from sale of common stock 150,000 -
150,000 - Deferred interest - 44,588 - 90,500 Principal payments on
notes payable to bank (382,867) (129,024) (652,942) (291,492) Net
cash provided by/ (used in) financing activities $1,129,150
$(6,590,394) $1,962,331 $(7,454,646) NET INCREASE/(DECREASE) IN
CASH $116,542 $(674,227) $154,752 $208,002 CASH - Beginning of
Period 277,685 883,429 239,475 1,200 CASH - End of Period $394,227
$209,202 $394,227 $209,202 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/
Copyright
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