ROYAL OAK, Mich., Aug. 16, 2018 (GLOBE NEWSWIRE) — Bonal International, Inc. announced that fiscal year 2019 started off slowly in comparison with last year’s strong start. Revenue was $412,281, down 33.0 percent in the first quarter compared to $615,798 from last year’s first quarter. Net income for the quarter was essentially breakeven at $102 compared to last year’s $109,163 for the same quarter. Earnings per share were $0.00 compared to $0.06 in last year’s first quarter.
“The first quarter was marked by economic uncertainty due to tariff discussion affecting various industries that work directly with the American steel industry,” said Thomas E. Hebel, President and CEO of Bonal International, Inc. While this situation hindered our pattern of growth in this quarter, Bonal remains optimistic. The economy is continuing to grow, our current customers continue to show tremendous support for our patented Meta-Lax process, and we will have greater opportunities to capitalize on our efforts as the economic situation normalizes.”
| First Quarter Ending June 30 | ||
| 2018 | 2017 | |
| Revenue | $412,281 | $615,798 |
| Net Income | $102 | $109,163 |
| Net Earnings Per Share | $0.00 | $0.06 |
In the first quarter of fiscal year 2019, customer reorders and referrals remained very high at 60 percent sales by volume, approximately 15 percent higher than our historical average. This quarter also featured 33 percent of sales by volume to foreign countries, including South Korea, Brazil, and Australia. Among the companies that ordered equipment from Bonal this quarter were two very popular companies – Honeywell and Komatsu.
Bonal International, Inc., through its wholly owned subsidiary, Bonal Technologies, Inc., is the patent holder and world’s leading provider of sub-harmonic vibratory stress relief and weld conditioning technology. Bonal provides three lines of equipment – Meta-Lax® Stress Relief and Weld Conditioning, Pulse Puddle Arc Welding®, and Black Magic® Distortion Control, which are sold in the United States and more than 61 countries worldwide. Headquartered in Royal Oak, Mich., Bonal serves the aerospace, armament, automotive, petroleum, die-casting, mining, racing, machine tool building, plastic molding, shipbuilding, and welding industries. Bonal’s Meta-Lax technology is used to eliminate thermal stress in metal parts, thereby preventing warping and cracking, at a fraction of the energy and monetary costs of competing technologies. More information can be found at www.Bonal.com or by calling 1-800-META-LAX.
| Contact: | Thomas E. Hebel | |||
| Toll Free: | 800.638.2529 ext.236 | |||
| International: | 248.582.0900 ext.236 | |||
| Email: | [email protected] |