18 May 2001
18 May 2001
Reinhold Industries reported first quarter 2001 revenues of $12.2 million, up 27% from $9.6 million for the first quarter 2000. The acquisition of Samuel Bingham Company on March 9, 2000 accounted for a first quarter 2001 sales increase of $3.9 million. Sales of commercial aircraft seatbacks decreased by $0.3 million (14%) due to continuing commercial difficulties at B/E Aerospace. Sales in the NP Aerospace business unit decreased by $1.4 million (36%) due to lower revenues in all product segments. Sales in all other business units were flat.
""Our focus for the balance of 2001 will be on NP Aerospace and Samuel Bingham Company,"" said Michael T. Furry, president and CEO of Reinhold. ""There is a significant volume of new business which must be booked and shipped in order for NP Aerospace to achieve its financial goals for 2001. At Samuel Bingham Company, we will continue to take actions to significantly reduce manufacturing and selling costs. The Aerospace, CompositAir and Commercial business units should generate comparable financial results to 2000. Our recent acquisition of Edler Industries, Inc., renamed the 'Thermal Insulation' business unit, should contribute positively to shareholder value in 2001.
Reinhold Industries, Inc. is a manufacturer of advanced custom composite components, sheet molding compounds, and graphic arts and industrial rollers for a variety of applications in the United States and Europe.
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