8/27/2012 1:11:00 AM
HEADLINES
Chicago Rivet Reports Strong First-Half Results
Second quarter profit dropped, but six-month results showed double-digit growth in all categories.
Chicago Rivet & Machine Co. reported second-quarter sales rose 3.6% to $8.43 million, with EBIT down 25% to $644,432. Net income declined 25% to $440,432, while net income per share slipped 24.5% to $0.46 for the quarter.
Fastener segment sales in Q2 gained 4.1% to $7.6 million, marking the eleventh consecutive quarter of increased sales for the fastener segment.
“With the majority of such revenues derived from the automotive industry, the segment has benefited from increased production and sales of domestic autos and trucks during the current year.”
Q2 fastener segment profit declined 7.5% to $882,371, while fastener capital expenditures fell 32% to $269,281 during the quarter.
“While recent increases in raw material prices eased somewhat in the second quarter, higher labor, supplies and repair expenses offset the increase in sales during the second quarter, resulting in a fastener segment gross margin of $1,576,126.”
Six-month fastener segment revenues grew 10.6% to $15.94 million, while segment profit jumped 27% to $1.93 million. Fastener capital expenditures during the first half of the year dropped 35% to $406,046.
Overall six-month sales grew 10.5% to $17.63 million, with EBIT gaining 32% to $1.38 million. Net income climbed 32% to $934,166 during the first half of 2012, while net income per share rose 33% to $0.97. ©2012 GlobalFastenerNews.com
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