GRAND RAPIDS, Mich., Dec. 1 /PRNewswire-FirstCall/ -- Riviera Tool
Co. (AMEX:RTC) today reported financial results for the fourth
quarter and fiscal year ended August 31, 2006. The Grand Rapids,
Mich.-based designer and manufacturer of stamping die systems
reported net sales of $24.0 million for fiscal 2006, compared with
net sales of $19.3 million for fiscal 2005, an increase of 24.4
percent. Driving this sales improvement was an increase in
short-term follow-on orders related to the company's current
backlog at the end of fiscal 2005. Riviera reported a net loss of
$1.6 million, or $0.39 per diluted share, for fiscal year ended
2006, as compared to a loss of $2.5 million, or $0.65 per share,
for fiscal 2005. The Company recorded income from operations in
fiscal 2006 of $278,000, as compared to a loss from operations of
$498,000 for fiscal 2005. "While we are pleased to have increased
revenues in fiscal 2006, global pricing pressures have had a
negative effect on overall margins in 2006 and will continue to
influence how we implement our business model going forward," said
Kenneth K. Rieth, president and chief executive officer of Riviera
Tool. "As we enter fiscal 2007, the Company will communicate and
execute a global strategy which encompasses North America, Asia and
China and Eastern Europe. "This strategy will provide Riviera with
the means and opportunity to mitigate the underlying cost issues
impacting the Company's ability to achieve sustainable
profitability and long-term return on invested capital.
Collectively, we expect these strategies will enable the Company to
become more competitive from a global perspective." For the fourth
quarter ended August 31, 2006, Riviera reported net sales of $4.9
million, as compared to $5.1 million in net sales for the same
period of last year. Riviera reported a net loss of $1.1 million,
or $0.25 per diluted share, for the fourth quarter of fiscal 2006,
as compared to a loss of $0.8 million, or $0.22 per share, for the
same period in fiscal 2005. During the fourth quarter of 2006, the
Company had certain contracts which increased its loss reserves by
approximately $578,000, which had a negative effect on the fourth
quarter margins. Such contracts were completed during the first
quarter of 2007, without incurring further losses than what was
recorded in the fourth quarter. "We made significant progress in
developing and initiating our new global strategy during 2006,
however, these initiatives have a rather long incubation period and
we look forward to seeing the benefits of this strategy in 2007,"
said 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 Balance Sheets August 31
ASSETS 2005 2006 Current Assets Cash $239,475 $161,179 Accounts
receivable, net 5,232,138 10,488,082 Costs in excess of
billings/(billings in excess of costs) on contracts in process
2,844,444 (105,711) Inventories 236,437 249,962 Prepaid expenses
and other current assets 453,597 330,361 Total current assets
9,006,094 11,123,873 Property, plant and equipment, net 10,902,845
9,438,948 Perishable tooling 708,319 610,048 Other assets 599,344
370,052 Total assets $21,216,599 $21,542,921 LIABILITIES AND
STOCKHOLDERS' EQUITY Current Liabilities Current portion of
long-term debt $3,287,510 $1,757,631 Accounts payable 3,517,578
4,745,328 Accrued liabilities 661,833 533,929 Total current
liabilities 7,466,921 7,036,088 Long-term and subordinated debt,
net of unamortized discount 8,870,045 11,002,033 Accrued lease
expense 897,885 995,084 Other long-term liabilities - 16,386 Total
liabilities 17,234,851 19,050,391 Preferred Stock Preferred stock -
no par value $100 mandatory redemption value: Authorized-5,000
shares, Issued and outstanding- no shares - - Preferred stock - no
par value, Authorized - 200,000 shares Issued and outstanding - no
shares - - Common Stockholders' Equity Common stock - no par value,
Authorized - 9,798,575 shares Issued and outstanding - 3,984,874
and 4,257,601 at August 31, 2005 and 2006, respectively 17,130,483
17,280,483 Retained deficit (13,148,735) (14,787,953) Total common
stockholders' equity 3,981,748 2,492,530 Total liabilities and
stockholders' equity $21,216,599 $21,542,921 Riviera Tool Company
Statements of Operations Year Ended August 31 2004 2005 2006 Sales
$24,689,221 $19,273,505 $24,041,337 Cost of sales 30,038,654
16,981,201 21,337,441 Gross profit (loss) (5,349,433) 2,292,304
2,703,896 Selling and administrative expenses 2,013,594 2,790,586
2,425,631 Income (loss) from operations (7,363,027) (498,282)
278,265 Other income (expense): Interest expense (871,900)
(1,643,299) (1,913,064) Other (6,551) (15,469) (4,418) Subordinated
debt financing costs - (345,198) - Total other expense, net
(878,451) (2,003,966) (1,917,483) Loss before income taxes
(8,241,478) (2,502,248) (1,639,218) Income taxes - - - Net loss
available for common shares $(8,241,478) $(2,502,248) $(1,639,218)
Basic and diluted loss per common share $(2.18) $(.65) $(.39)
Weighted-Average basic and diluted common shares outstanding
3,774,346 3,835,750 4,257,601 Riviera Tool Company Statements of
Cash Flows Year Ended August 31 2004 2005 2006 Operating Activities
Net loss $(8,241,478) $(2,502,248) $(1,639,218) Adjustments to
reconcile net loss to net cash from (used in) operating activities:
Depreciation and amortization 1,757,862 1,673,470 1,848,014 Debt
discount amortization - 104,000 198,250 Decrease (increase) in
operating assets: Accounts receivable (6,065,246) 7,843,147
(5,255,944) Costs in excess of billings on contracts in process
11,539,523 (2,175,301) 2,950,155 Inventories 10,258 1,864 (13,525)
Perishable tooling (108,982) 18,385 (159,184) Prepaid expenses and
other current assets 58,940 (218,394) 123,236 Increase (decrease)
in operating liabilities: Accounts payable (111,662) (1,391,315)
1,227,750 Accrued outsourced contracts payable (5,903,930) - -
Accrued lease expense 100,204 156,991 97,199 Accrued liabilities
85,297 140,690 (127,904) Deferred compensation 166,475 (166,474) -
Other long-term liabilities - - 16,386 Cash flows from (used in)
operating activities (6,712,739) 3,484,815 (734,785) Investing
Activities (Increase) decrease in other assets (298,437) 603,732
229,292 Purchases of property, plant and equipment (1,040,319)
(247,569) (126,662) Cash flows from (used) in investing activities
(1,338,756) 356,163 102,630 Financing Activities Proceeds from
issuance of convertible term debt - 3,200,000 - Proceeds from
issuance of convertible revolving note - 6,534,727 - Proceeds
from/(reduction in) overformula note - 2,000,000 (1,450,000) Debt
issue costs - (579,491) - Net borrowings (repayments) on revolving
credit line 3,867,172 (9,849,532) 3,262,511 Proceeds from issuance
of long-term debt 435,100 - - Principal payments on long-term debt
(606,059) (1,877,646) (1,250,783) Proceeds from/(repayment) of
subordinated debt 3,000,000 (3,000,000) - Increase/(decrease) of
capital lease 20,070 (7,366) (7,869) Deferred interest 25,500
(25,500) - Proceeds from sale of common stock 1,310,912 2,105 -
Cash flows from (used in) financing activities 8,052,695
(3,602,703) 553,859 Increase (decrease) in cash 1,200 238,275
(78,296) Cash - beginning of year - 1,200 239,475 Cash - end of
year $1,200 $239,475 $161,179 Interest paid $481,900 $1,414,728
$1,800,217 Conversion of term debt to common stock $ - $ - $150,000
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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