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Riviera Tool Notes Stronger Sales,
Picks Up Auto Contracts

Riviera Tool Notes Stronger Sales,
Picks Up Auto Contracts

Monday, April 22, 2002
 
Riviera Tool Co., Grand Rapids, MI, reported net sales of $3.5 million in the second quarter of fiscal 2002, an increase of almost 45 percent over the same period last year. Officials of the company, a designer and manufacturer of stamping die systems, attribute higher sales to increased shipments and completed die-system contracts. In the same quarter, the company narrowed its net loss to $687,990 as compared to a net loss of $1.9 million in the same period last year. Also, the company announced $21 million in purchase orders and letters of intent related to new-model production by Mercedes-Benz, BMW and Nissan Motors. These represent Riviera’s largest contract to date and result from the company’s recent investment in technology and expanded capabilities. “While the past 18 months have been extremely difficult for our industry, we have finally begun to turn the corner,” said Riviera CEO Kenneth K. Rieth. “We are encouraged to see automakers and their Tier One suppliers begin to release contracts for new programs, and expect a progressive increase in the flow of new orders for the remainder of this calendar year.”

 

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