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Reinhold Industries Inc – Second Quarter 2000

  • Friday, 18th August 2000
  • Reading time: about 2 minutes

Reinhold Industries, Inc. of Santa Fe Springs, California, announced results for the second quarter 2000. The company reported second quarter 2000 revenues of $13.9 million, up 45% from $9.6 million for the second quarter 1999. The acquisition of Samuel Bingham Company (“SBC”) on March 9, 2000 added $5.7 million to second quarter 2000 sales. Sales of commercial aircraft seatbacks decreased by $1.3 million (37%) due to ongoing commercial difficulties at B/E Aerospace. Sales in the Aerospace business unit increased by $1.0 million (94%) due mainly to higher sales of rocket nozzles. Sales at the NP Aerospace business unit decreased by $1.3 million (29%) due to lower sales of commercial aircraft seatbacks and light armored vehicles. For the first six months of 2000, revenues were $23.5 million, up 29% from $18.3 million for the first six months of 1999. SBC contributed $7.3 million of sales for the first six months of 2000. Excluding the impact of SBC, sales were lower due mainly to reduced shipments of composite aircraft seatbacks and light armored vehicles. Net income for the first six months of 2000 was $2.5 million (10.5% of sales), compared to a net income of $2.5 million (13.5% of sales), for the first six months of 1999. “We continue to expect mixed results in 2000,” said Michael T. Furry, president and CEO of Reinhold. “Samuel Bingham Company is not yet performing to our pre-acquisition expectations but should contribute positively to shareholder value in 2000. Our CompositAir business unit has not seen the increase in demand from B/E Aerospace that was expected to occur at the end of the first quarter. Sales at CompositAir are forecasted to be off 25% from 1999. NP Aerospace sold 40 armored vehicles during 1999 which represented approximately 20% of their total sales. The probability of this happening again in 2000 is unlikely. Our Aerospace business, however, is expected to substantially increase sales and profits due to our expanded marketing efforts and high quality manufacturing. Our Commercial business unit should exceed 1999 volumes and profitability. Our continuing expectation is that 2000 results will be better than 1999.” 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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