GRAND RAPIDS, Mich., Jan. 23 /PRNewswire-FirstCall/ -- Riviera Tool
Co. (AMEX:RTC) today reported financial results for the first
quarter ended Nov. 30, 2006. The Grand Rapids, Mich.-based designer
and manufacturer of stamping die systems reported net sales of $4.3
million for the first quarter of fiscal 2007, compared with net
sales of $6.1 million for the first quarter of fiscal 2006. Riviera
reported a net loss of $363,000, or $0.09 per diluted share, for
the first quarter of fiscal 2007, as compared to a net loss of
$441,000, or $0.11 per share, for the same period in fiscal 2006.
Operating income increased 143 percent to $73,000 in the first
quarter of fiscal 2007, as compared to operating income of $30,000
for the same period of last year. Riviera reported the 29 percent
decrease in net sales in fiscal first quarter of 2007 was a result
of having lower levels of contract backlog at the end of fiscal
2006 compared to the prior fiscal year. Riviera's backlog was $3.9
million as of Nov. 30, 2006, as compared to $12.9 million for the
same period of 2005, a decrease of 70 percent. The Company's
backlog as of August 31, 2006 was $5.8 million as compared to $13.7
million in 2005. "During the first quarter we saw an overall
improvement in contract margins, though due to the lower sales
volumes, these margins were negatively affected by the fixed costs
of our operations," said Kenneth K. Rieth, president and chief
executive officer of Riviera Tool. "Although we entered fiscal year
2007 with a lower backlog than the previous year, we have seen a
recent increase in quoting activity, which typically indicates that
potential orders will have a positive affect on our future
backlog." 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 November 30, August 31, ASSETS 2006 2006
CURRENT ASSETS Note (unaudited) (audited) Cash $509,551 $161,179
Accounts receivable, net 9,086,783 10,488,082 Costs in excess of
billings/(billings in 2006 excess of costs) on contracts in process
2 224,222 (105,711) Inventories 249,962 249,962 Prepaid expenses
and other current assets 319,583 330,361 Total Current Assets
10,390,101 11,123,873 Property, Plant and Equipment, net 3
9,072,246 9,438,948 Perishable Tooling 542,431 610,048 Other Assets
379,029 370,052 Total Assets $20,383,807 $21,542,921 LIABILITIES
AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of
long-term debt 4 $2,884,038 $1,757,631 Accounts payable 3,801,526
4,745,328 Accrued liabilities 697,850 533,929 Total Current
Liabilities 7,383,414 7,036,088 Long-Term and Subordinated Debt,
net of Unamortized Discount 4 9,791,088 11,002,033 Accrued Lease
Expense 1,013,216 995,084 Other Long-Term Liabilities 16,386 16,386
Total Liabilities 18,204,104 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 - 9,785,575 shares Issued and
outstanding - 4,400,458 and 4,257,601 shares as of November 30 and
August 31, 2006, respectively 17,330,483 17,280,483 Retained
deficit (15,150,780) (14,787,953) Total Stockholders' Equity
2,179,703 2,492,350 Total Liabilities and Stockholders' Equity
$20,383,807 $21,542,921 See notes to financial statements RIVIERA
TOOL COMPANY STATEMENTS OF OPERATIONS (UNAUDITED) For The Three
Months Ended November 30 2006 2005 SALES $4,307,796 $6,063,185 COST
OF SALES 3,641,172 5,467,385 GROSS PROFIT 666,624 595,800 SELLING
AND ADMINISTRATIVE EXPENSES 593,180 565,577 INCOME FROM OPERATIONS
73,444 30,223 OTHER EXPENSE Interest expense 436,368 464,918 Other
(income) expense (97) 6,655 TOTAL OTHER EXPENSE 436,271 471,573
LOSS BEFORE income TAXES (362,827) (441,350) INCOME TAXES - - NET
LOSS AVAILABLE FOR COMMON SHARES $(362,827) $(441,350) BASIC AND
DILUTED LOSS PER COMMON SHARE $(.09) $(.11) WEIGHTED-AVERAGE BASIC
AND DILUTED COMMON SHARES OUTSTANDING 4,292,826 3,984,874 See notes
to financial statements RIVIERA TOOL COMPANY STATEMENT OF CASH
FLOWS (UNAUDITED) For the Three Months Ended November 30, 2006 2005
OPERATING ACTIVITIES Net loss $(362,827) $(441,350) Adjustments to
reconcile net loss to net cash from/(used in) operating activities:
Depreciation and amortization 395,634 419,890 Debt discount
amortization 58,500 22,750 (Increase) decrease in assets: Accounts
receivable 1,401,299 (2,398,952) Costs in excess of billings on
contracts in process (329,933) 1,128,561 Perishable tooling 67,617
4,800 Prepaid expenses and other current assets 10,778 71,414
Increase (decrease) in liabilities: Accounts payable (943,802)
414,756 Accrued lease expense 18,132 12,513 Accrued liabilities
163,921 8,236 Net cash provided by (used in) operating activities
$479,319 $(757,382) INVESTING ACTIVITIES Increase (decrease) in
other assets (8,977) 36,017 Purchases of property, plant and
equipment (28,932) (28,105) Net cash (used in) provided by
investing activities $(37,909) $ 7,912 FINANCING ACTIVITIES Net
borrowings (repayments) on revolving credit line (920,053)
1,103,256 Net borrowings (repayments) on overformula 1,000,000 -
Principal payments on secured convertible term note and note
payable to bank (195,728) (313,659) Payments on capital lease
(2,048) (1,917) Proceeds from other financing 24,791 - Net cash
(used in) provided by financing activities $(93,038) $787,680 NET
INCREASE IN CASH $348,372 $38,210 CASH - Beginning of Period
161,179 239,475 CASH - End of Period $509,551 $277,685 See notes to
financial statements 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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