Reinhold Industries reported record first quarter 2002 revenues of $13.9 million, up 14% from $12.2 million for the first quarter 2001. Sales in the Aerospace business unit were $3.4 million, up significantly from 2001.
Sales by the NP Aerospace business unit increased $0.5 million due primarily to increased sales of personal protection products. Sales by the Thermal Insulation business unit were $0.3 million for the first quarter 2002. The Thermal Insulation business unit was acquired on April 20, 2001. Sales by the Bingham business unit decreased to $4.9 million due to a continuing general downturn in the printing industry. Sales by the Commercial business unit decreased to $0.7 million due mainly to soft market conditions and lower sales of production tooling. Sales by the CompositAir business unit were flat at $1.7 million.
Operating results in the first quarter were mixed”” said Michael T. Furry, President and CEO of Reinhold. “”The Aerospace business unit achieved higher profitability due to increased sales of Minuteman III PRP components. At NP Aerospace, the headcount reductions implemented in the fourth quarter 2001 contributed to the highest quarterly pre-tax profit in over a year. However, due to the transfer of manufacturing operations to our new Santa Fe Springs, California facility and the resulting labor inefficiencies from an inexperienced work force, CompositAir did not meet our profit objectives. “”Bingham’s financial performance is improving. Although sales during the first quarter 2002 were lower than sales in the first quarter 2001, pre-tax profit increased slightly. Additional cost reduction efforts are continuing which should contribute positively to 2002 results.””
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