R&B Sales & Profit Grow

Jason Sandefur

R&B Inc. reported sales for the third quarter of 2003 increased 8% to $58.2 million, while net income rose 42% to $3.7 million.
For the first nine months of 2003, sales increased 4% to $166.5 million, and net income improved 6.7% to $9.5 million. CEO Richard Berman said sales volume increased as a result of several successful new product introductions and shipments to new customers for R&B�s Allparts brake and Pik-A-Nut home hardware businesses.
Net debt was reduced by $8.5 million to $28 million during Q3 as a result of strong operating cash flow. R&B announced 80,000 sq ft expansion plans for its Warsaw, KY, distribution center.
Q3 capital expenditures declined 25% to $1.04 million, but nine-month investments rose 33% to $3.3 million. Web: rbinc.com �2003 FastenerNews.com