Riviera Tool Sales Up 168 Percent
Net sales were $9.9 million for the just-passed quarter, compared to net sales of $3.7 million for last year’s third quarter.
Net income for the quarter was $391,099, or 12 cents per diluted share, compared with a net loss of $452,632, or 13 cents per share, for the third quarter of 2002.
Riviera also secured $5.6 million in new contracts during the quarter, which upped its contract backlog to $26.1 million, a 20 percent increase over the backlog it had at the same time last year.
The company also generated $2.7 million in cash flow form operating activities during the just-completed quarter, more than triple that of 2002’s third quarter.
According to the company, increased production on new contracts and improved efficiency boosted profitability by nearly $845,000 over the year-ago period.
For the first nine months, Riviera posted net sales of $22.6 million, reflecting an increase of 115 percent over the $10.5 million in net sales posted for the first nine months of fiscal 2002.
Net income for the first nine months was $433,533, or 13 cents per share, which reversed a net loss of $2 million, or 58 cents per share, for the first three quarters of the prior year.
A strong backlog, incoming new orders and continued quoting activity should allow Riviera to finish fiscal 2003 “on a strong note,” said President and CEO Kenneth K. Rieth.“Our business model, which relies on developing global partnerships to meet our customers’ demands, is allowing us to meet the challenges of our changing industry,” Rieth stated. “We are well positioned to take advantage of new automotive programs that are scheduled to be released in the coming months.”