Riviera Expects Continued Growth
In comparison, net income was $231,348, or 7 cents per diluted share, on net sales of $8.3 million for the same period of fiscal 2003.
For the six months ended Feb. 29, Riviera posted net sales of $16.6 million, a nearly 34 percent increase over last year’s net sales of $12.6 million.
Riviera posted earnings of $450,120, or 13 cents per share, for the first six months of this year, vs. $42,434, or 1 cent per share, for the first six months of 2003.
The company attributed the year-to-date sales and earnings to tooling programs for the Mercedes Benz M Class sports utility vehicle and a new crossover vehicle that were secured during last year, along with related engineering and die management services.
On Feb. 29, Riviera’s contract backlog was $16.6 million, which includes $3.6 million in new orders secured in the first and second quarters.
“The contracts we secured last year continue to yield strong revenues and a solid backlog,” said President and CEO Kenneth Rieth.
Though there is still some softness in the overall domestic tooling industry, he said, based on positive reports from the spring auto shows and the current quoting activities Riviera anticipated the market should significantly improve during the latter half of this year.