Riviera Tool Company (RTC) - 500 Beiträge pro Seite

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Profile:Riviera Tool Company engages in the design, development, and manufacture of custom and complex large scale metal stamping die systems for the automotive industry. Its products include dies that are used in the production of sheet metal stamped parts and assemblies; tool designs; and prototype tooling and parts. The company’s stamping die systems are used in the production of automobile and truck body parts, such as roofs, hoods, fenders, doors, door frames, structural components, and bumpers. It serves original equipment manufactures directly, or manufacturers of products under contract with such original equipment manufactures. The company was incorporated in 1967 and is based in Grand Rapids, Michigan.

http://www.rivieratool.com/

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Riviera Tool Reports Second Quarter Results
Monday April 17, 8:38 am ET


GRAND RAPIDS, Mich., April 17 /PRNewswire-FirstCall/ -- Riviera Tool Co. (Amex: RTC - News) today reported financial results for the second quarter ended February 28, 2006.
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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






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Source: Riviera Tool Co.