Kind of a "transition post" as we get used to having this new forum.
Haven't had time to DD it myself, but db has made some nice picks and interesting posts:
quote:Riviera Tool Reports First Quarter Results Tuesday January 17, 6:08 pm ET
GRAND RAPIDS, Mich., Jan. 17 /PRNewswire-FirstCall/ -- Riviera Tool Co. (Amex: RTC - News) today reported financial results for the first quarter ended November 30, 2005. ADVERTISEMENT
The Grand Rapids, Mich. designer and manufacturer of stamping die systems reported net sales of $6.1 million for the first quarter of 2006, compared with net sales of $4.6 million for first quarter of 2005, an increase of 33%. This increase was a result of the Company having 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 and $12.9 million as of November 30, 2005 as compared to $4.6 million as of November 30, 2004, an increase of 180%.
Riviera reported a net loss of $441,000, or $0.11 per diluted share, for first quarter 2006, as compared to a loss of $465,000, or $.12 per share, for the same period in fiscal 2005. For the first quarter of 2006 the Company reported operating income of $30,000 as compared to an operating loss of $65,000 for the first quarter of 2005.
In addition, the Company reported that it was awarded several substantial new contracts throughout the first quarter and the month of December totaling approximately $8.4 million. "The first quarter appears to be a watershed reporting period for the Company," said Kenneth K. Rieth, president and chief executive officer of Riviera Tool. "We entered fiscal year 2006 with a stronger backlog than the previous year and a significant number of these new programs were released for production toward the end of the quarter. As such, contribution margins will increase significantly in the next several quarters."
Responding to increased production requirements, Riviera further reported hiring 10 additional people since the beginning of the first quarter.
According to Peter Canepa, the Company's chief financial officer, "We are pleased with the progress being made related to the direct cost of production which has improved approximately 30% over the past 18 months. During this period, 95% of our contracts completed contributed positively to profit margins. However, as a result of our low contract backlog level entering into fiscal 2005 it was difficult to produce the sales volumes necessary to achieve year-end profitability." He further indicated, "We remain extremely focused on increasing revenue and lowering costs to produce a foundation for sustainable long-term profitability."
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 November 30, August 31, 2005 2005 CURRENT ASSETS (unaudited) Cash $277,685 $239,475 Accounts receivable, net 7,631,090 5,232,138 Costs in excess of billings on contracts in process 1,715,883 2,844,444 Inventories 236,437 236,437 Prepaid expenses and other current assets 382,183 453,597 Total current assets 10,243,278 9,006,091
PROPERTY, PLANT AND EQUIPMENT, NET 10,533,810 10,902,845 PERISHABLE TOOLING 703,519 708,319 OTHER ASSETS 563,327 599,344 Total assets $22,043,934 $21,216,599
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES Current portion of long-term debt $3,206,186 $3,287,510 Accounts payable 3,932,334 3,517,578 Accrued liabilities 670,069 661,833 Total current liabilities 7,808,589 7,466,921
LONG-TERM AND SUBORDINATED DEBT, NET OF UNAMORTIZED DISCOUNT 9,784,549 8,870,045 ACCRUED LEASE EXPENSE 910,398 897,885 Total liabilities 18,503,536 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 - 3,984,874 shares as of November 30 and August 31, 2005 17,130,483 17,130,483 Retained deficit (13,590,085) (13,148,735) Total stockholders' equity 3,540,398 3,981,748 Total liabilities and stockholders' equity $22,043,934 $21,216,599
RIVIERA TOOL COMPANY STATEMENTS OF OPERATIONS (UNAUDITED)
For The Three Months Ended November 30 2005 2004
SALES $6,063,185 $4,552,551 COST OF SALES 5,467,385 4,038,460
GROSS PROFIT 595,800 514,091
SELLING AND ADMINISTRATIVE EXPENSES 565,577 579,341
PROFIT (LOSS) FROM OPERATIONS 30,223 (65,250)
OTHER EXPENSE Interest expense 464,918 393,163 Other expense 6,655 6,227 TOTAL OTHER EXPENSE 471,573 399,390
LOSS BEFORE INCOME TAX EXPENSE (441,350) (464,640)
INCOME TAX EXPENSE - -
NET LOSS AVAILABLE FOR COMMON SHARES $(441,350) $(464,640)
BASIC AND DILUTED INCOME/(LOSS) PER COMMON SHARE $(.11) $(.12)
WEIGHTED-AVERAGE BASIC AND DILUTED COMMON SHARES OUTSTANDING 3,984,874 3,774,346
RIVIERA TOOL COMPANY STATEMENT OF CASH FLOWS (UNAUDITED)
For the Three Months Ended November 30, 2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(441,350) $(464,640) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 419,890 427,701 (Increase) decrease in assets: Accounts receivable (2,398,952) 3,717,570 Costs in excess of billings on contracts in process 1,128,561 (806,568) Perishable tooling 4,800 (54,150) Prepaid expenses and other current assets 71,414 27,737 Increase (decrease) in liabilities: Accounts payable 414,756 (992,895) Accrued lease expense 12,513 23,292 Accrued liabilities 8,236 119,263 Net cash (used in) provided by operating activities $(780,132) $1,997,310
CASH FLOWS FROM INVESTING ACTIVITIES Increase (decrease) in other assets 36,017 (20,546) Additions to property, plant and equipment (28,105) (230,283) Net cash provided by (used in) investing activities $7,912 $(250,829)
CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings (repayments) on revolving credit line 1,103,256 (747,696) Principal payments on notes payable to bank and non-revolving equipment line of credit (292,826) (162,468) Deferred interest - 45,912 Net cash provided by (used in) financing activities $810,430 $(864,252)
posted
"Focus on NASDAQ:" any big-boards, welcome, but, prolly AMEX will be the next in line. My take? If others (NYSE, etc) get enough traffic to need their own forum, we can ask when it's a problem...
till then, I think we can accommodate . . .
make sense? I'm open, for sure...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
IP: Logged |
I will need to refocus my mind. You know my habit is to look at potential growth and value growth with no attention given to which board listing.
There will be a need for me to go through my stock database and determine on which board my "watch list" stocks are listed.
I am glad AMEX is acceptable. There are times of interest when a company is making motions to be listed through AMEX. Usually this is good.
"The demutualization and sell-off of Nasdaq has effectively separated Nasdaq from the American Stock Exchange-except where we have business relationships where we choose to leverage each other," says a high-ranking official close to Nasdaq."
posted
Hello Guys and Girls. This is my first post here. Also I made My First Stock Purchace. I Got 250 Shares * 0.86. "01/23/06" First Day of Trading I would say was a Success 6.98% in gains.I also Watched the market all day cuz I was off of work.Today I worked 8-5 So I Missed all days action.I did login at work once to check the price it was up Yay.....But at market end No Gains today ....Tomarrow Another Day Off work to
I mainly wanted to get into stocks Because of penny stocks Ive been Researchin a few weeks on them. A Friend of mine sent me this site when I told him I was lookin into getting into stocks.I visit alot now Readin and researchin. I got an ameritrade account I had a few penny stocks in mind from readin on I was going to try but They were non margin security's. I have To wait 10 Days Till I can Trade Them according to ameritrade.Its that was Because the Banks Can Still Zip The money back Just as easy as it got there within 10 days of electronic withdraw. Wow its been a Learnin experience so far im eager to get further.