4/3/2012 12:01:00 AM
NEWS BRIEFS
Chicago Rivet Reports Revenue & Income Gains
Chicago Rivet reported net sales rose 8.4% to $30.92 million in 2011.
“Results for 2011 reflect considerable improvement over 2010, as the domestic automotive market continued to improve from the steep decline experienced from 2007 to 2009, during the worst of the global economic downturn,” the company stated.
Overall income before taxes more than doubled to $1.86 million, while net income jumped 107% to $1.25 million.
During the year the company increased its workforce by 6.2% to 221 workers.
Fastener segment results increased 10.2% to $27.83 million during the year. “For each quarter of 2011, sales exceeded the year earlier quarter, with the fourth quarter marking the ninth consecutive quarter to do so.”
Offsetting those results were higher raw material, fuel and plating costs.
“However, the increase in production activity we experienced allowed for more optimal utilization of plant resources, resulting in an increase in fastener segment gross margins of $1,153,969 during 2011,” the company stated.
Total capital expenditures in 2011 more than doubled to $1,611,789, which included fastener segment additions accounting for $1,510,036 of the total, including $838,000 for cold heading and screw machine equipment and $110,000 for secondary processing equipment.
“While current forecasts call for modest economic growth overall in 2012, various projections have suggested domestic automotive sales may increase as much as 10%,” the company stated.
“These conditions would be similar to what was experienced in 2011 and would be favorable to our fastener segment.” ©2012 GlobalFastenerNews.com
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