8/9/2010 12:10:00 PM
NEWS BRIEFS
Chicago Rivet Sees ‘Significant’ Improvement
Chicago Rivet & Machine Co. achieved “significant improvement” in sales and profit during the second quarter of 2010.
Fastener segment revenues improved 69% to $6.96 million, marking the fifth consecutive quarterly increase. Q2 fastener sales rose 15.3% from the first quarter of 2010, producing a profit of $846,861 compared with a $195,673 loss during the second quarter of 2009.
“The combination of higher sales, better utilization of resources brought about by improved customer demand, and an ongoing emphasis on efficiency, contributed to an increase in fastener segment gross margin in the second quarter of approximately $1.1 million and an increase of $2.16 million in the year to date amount.”
Six-month fastener revenues jumped 68% to $13 million, benefiting from “a strong rebound in domestic auto and truck production during the current year, as well as new customers and certain high-volume parts added in the last year.”
The company’s fastener payroll grew by $540,000 during 2010 to meet improved demand.
Capital expenditures in the fastener segment increased 29% to $151,000 during the first half of 2010.
Second-quarter assembly equipment revenue grew 69% to $971,651 in the second quarter of 2010, which included a 35% sequential improvement from the previous quarter. However, six-month assembly equipment revenue declined slightly to $1.69 million.
Overall first-half sales gained 55% to $14.7 million, while net income improved to $453,929, compared with a net loss of $1.06 million reported in the first six months of 2009. Web: chicagorivet.com ©2010 GlobalFastenerNews.com
Related Stories:
• Robust Vehicle Production Pushes TRW Sales Higher
• BMA Fasteners Recalls Workers As Owner Weighs Less Debt
• Stanley Black & Decker Upgraded to ‘Outperform’
Related Links:
Share: