Riviera Tool Reports First Quarter Results
15 1월 2005 - 7:00AM
PR Newswire (US)
Riviera Tool Reports First Quarter Results GRAND RAPIDS, Mich.,
Jan. 14 /PRNewswire-FirstCall/ -- Riviera Tool Co. (AMEX:RTC) today
announced results for the first quarter ended November 30, 2004.
The Grand Rapids, Michigan-based designer and manufacturer of
stamping die systems reported a net loss of $464,640 or $0.12 per
diluted share, on net sales of $4.6 million for the first quarter
of fiscal 2005, compared with net income of $237,929, or $0.07 per
diluted share, on net sales of $8.3 million for the same period of
fiscal 2004. The Company's gross margin increased in the first
quarter of 2005 to 11.3% as compared to 10.2% for the first quarter
of 2004. However, as a result of the decrease in sales during the
first quarter of 2005, the Company reported a loss from operations
of $65,250 as compared to an operating profit of $446,457 for the
first quarter of 2004. The decrease in sales was due to the
conclusion of two significant tooling programs for a European
automaker. The Company said they continue to realize sales related
to service, repairs and engineering changes on these programs in
addition to strong new orders that were received subsequent to
November 30, 2004. "Our sales were impacted negatively as we
transitioned from these large contracts to other smaller orders,"
said Kenneth K. Rieth, president and chief executive officer of
Riviera Tool. "However, we continue to see robust quoting activity
for new models and believe there is pent-up demand. Since the end
of the quarter, we have received strong new orders, which will
factor into net sales over the next two years. Based on current
trends, we are optimistic we will add revenue over the next several
months and also expect to make measurable progress toward
profitability." Riviera also announced today the extension of its
financing with its primary lender. Since November 30, 2004, the
Company has reduced its revolving line of credit debt by
approximately $4.0 million. The Company is actively exploring
additional financing opportunities to add further capacity for
growth. 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.
DATASOURCE: Riviera Tool Co. CONTACT: Kenneth K. Rieth, CEO 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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