Riviera Set Big Sales Record
The company attributed the increase to strong orders for European and domestic vehicles, including more than $6 million in new contracts booked during the just-completed quarter.
Net income for the quarter was $446,517, or 14 cents per diluted share, compared with a loss of $1 million, or 31 cents per share, for the year-ago period.
Riviera officials credited new contracts and the company’s new approach to stamping die management for boosting profitability in the fourth quarter.
Net sales for the year were a record $34.1 million, an increase of 142 percent over fiscal 2002 net sales of $14.1 million.
According to the company, new orders secured during fiscal 2003 reflect a significant expansion in Riviera’s customer base to include more work for European automakers, such as Mercedes Benz and BMW and their Tier I suppliers.
The “new North American OEMs,” said Riviera Tool president and CEO Kenneth K. Rieth, have made significant inroads with American consumers and are looking to increase their market penetration.
The company ended the year with a backlog of $27 million, representing a 28.6 percent increase over last year.