Reko Announces Second Quarter Results For Fiscal 2003.Business Editors WINDSOR Windsor, British royal family Windsor (wĭn`zər), family name of the royal house of Great Britain. The name Wettin, family name of Albert of Saxe-Coburg-Gotha, consort of Queen Victoria, was changed to Windsor by George V in 1917. , Ontario--(BUSINESS WIRE)--March 4, 2003 Reko International Group Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :REK REK Remote Equipment Kit ) announced today the financial results for the three months ended January January: see month. 31, 2003. Sales for the three months ended January 31, 2003 were $21.8 million representing a 12.2% increase over last year's sales of $19.4 million. Gross margins for the quarter were 27.3% of sales, or $6.0 million, compared to 21.6% of sales, or $4.3 million, for the same period last year. Net income for the three months ended January 31, 2003 was $1.7 million, or $0.21 per share, up from $1.1 million, or $0.13 per share, last year. Net income for the six months ended January 31, 2003 was $3.2 million, or $0.41 per share, compared to $1.6 million, or $0.20 per share, for the same period last year. During the past three months, the Company continued to make solid progress in enhancing its competitive position for engineered products and services. Reko Chairman, Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Reko, stated, "We are pleased with the success of the Reko TOOL BOX of services in broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad the Company's business mix. Our continued profitability in extremely competitive times is indicative indicative: see mood. of our emphasis on lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. processes and the commitment of our employees to our customers' success." The Company has acquired a 49% interest in The Mold Company, which is certified See certification. as a minority-owned mold manufacturer in the U.S. The Mold Company intends to apply Reko's successful lean techniques to its operations. The other two announced acquisitions, Superior Plastics Inc. and Novi Novi is the name of:
Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Steve Reko, indicated, "The acquisitions of The Mold Company, Novi Laser and Superior Plastics allow Reko to utilize our strong marketing organization while supporting the needs of our Tier-1 and Tier-2 customers with the full offerings of our TOOL BOX. We have already been contacted by several of our Tier-2 customers in order to support their injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. outsource outsource verb To assign specific work to a 3rd party for a specific length of time at an set price and service level Managed care To use outside labor to perform functions–billing and collections, accounting, janitorial services, ER requirements." Gordon Young Born October 15, 1919, in McPherson, Kansas, Gordon Young was recognized as one of the most brilliant organists in the United States. He was also a prolific and talented composer of both organ and choral works. , Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "In the short time since we introduced the concept of the Reko TOOL BOX in November November: see month. 2002, our management team has been able to observe TO OBSERVE, civil law. To perform that which has been prescribed by some law or usage. Dig., 1, 3, 32. its positive impact. It has allowed Reko to both reach new customers and broaden the product offering to existing clients. We are confident about such new management initiatives enhancing our ability to improve our profitability and achieve long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth." Founded in 1976, Reko International Group (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :REK) is a highly integrated, technology driven engineering and manufacturing firm providing engineered solutions for the plastic and metal forming Metal forming Manufacturing processes by which parts or components are fabricated from metal stock. In the specific technical sense, metal forming involves changing the shape of a piece of metal. segment of the automotive, aerospace and consumer product markets. In its twelve production facilities in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. and Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , Reko designs and manufactures precision moulds, dies, metal stampings and other related industrial tooling, in addition to its own proprietary line of CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication machining centres.
Financial Highlights (complete statements follow):
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Period Ended January 31, Three Months Six Months
(in $,000 except per share (unaudited) (unaudited)
amounts) -----------------------------------------
Fiscal Fiscal Fiscal Fiscal
2003 2002 2003 2002
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Sales $21,763 $19,392 $44,922 $36,460
Net Income 1,670 1,058 3,240 1,592
EPS (basic) 0.21 0.13 0.41 0.20
Cash Flow from Operations
before Working Capital
Adjustment 3,457 2,308 6,725 4,957
Shareholders' Equity 60,103 55,726
Shareholders' Equity per
Share 7.68 7.12
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REKO INTERNATIONAL GROUP INC. Second Quarter Report
CONSOLIDATED BALANCE SHEETS
As at January 31, 2003 with
comparative figures for
July 31, 2002 (in 000's)
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January 31, July 31,
(unaudited) (audited)
2003 2002
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ASSETS
Current
Accounts receivable - trade $ 22,127 $ 20,968
- sundry 776 811
Income taxes receivable 355 --
Work-in-progress 30,341 21,289
Prepaid expenses and deposits 950 767
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54,549 43,835
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Capital Assets 55,243 56,910
Industrial Revenue Bond Proceeds -
restricted for capital expenditures 3,540 3,718
Goodwill (Note 2) -- 1,595
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$ 113,332 $ 106,058
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LIABILITIES
Current
Bank indebtedness $ 5,615 $ 551
Accounts payable and
accrued liabilities 7,008 6,363
Income taxes payable -- 691
Future income taxes 3,948 2,449
Current portion of long-term debt 3,781 2,879
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20,352 12,933
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Long-term debt 25,546 26,280
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Future income taxes 5,620 6,215
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Non-controlling interest 1,711 1,891
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SHAREHOLDERS' EQUITY
Share capital 22,883 22,883
Contributed surplus 325 325
Retained earnings 36,514 34,869
Cumulative translation adjustment 381 662
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60,103 58,739
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$ 113,332 $ 106,058
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CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
Six Months ended January 31, 2003 with comparative figures for 2002
(in 000's except per share data)
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For the three months For the six months
Ended January 31, Ended January 31,
(unaudited) (unaudited)
2003 2002 2003 2002
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Sales $ 21,763 $ 19,392 $ 44,922 $ 36,460
Costs and Expenses
Cost of sales 14,488 13,652 30,982 25,809
Selling and
administrative 2,977 2,463 5,771 4,655
Depreciation and
amortization 1,323 1,482 2,571 2,952
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18,788 17,597 39,324 33,416
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Income from operations
before the following 2,975 1,795 5,598 3,044
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Interest
Long-term debt 416 286 811 665
Other - net 40 21 77 21
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456 307 888 686
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Income before income taxes and
non-controlling interest 2,519 1,488 4,710 2,358
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Income taxes
Current 385 662 556 353
Future 456 (111) 1,024 537
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841 551 1,580 890
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Income before non-controlling
interest 1,678 937 3,130 1,468
Non-controlling interest (8) 121 110 124
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Net income for the period 1,670 1,058 3,240 1,592
Retained earnings,
beginning of period
As previously reported 34,844 30,769 34,869 30,235
Adoption of new accounting
standard (Note 2) -- -- (1,595) --
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As restated 34,844 30,769 33,274 30,235
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Retained earnings, end
of period $ 36,514 $ 31,827 $ 36,514 $ 31,827
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Basic income per
common share $ 0.21 $ 0.13 $ 0.41 $ 0.20
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Fully diluted income
per common chare $ 0.21 $ 0.13 $ 0.41 $ 0.20
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REKO INTERNATIONAL GROUP INC. Second Quarter Report
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended January 31, 2003 with comparative figures for 2002
(in 000's)
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For the three For the six
months ended months ended
January 31, January 31,
(unaudited) (unaudited)
2003 2002 2003 2002
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OPERATING ACTIVITIES
Net income for the period $ 1,670 $ 1,058 $ 3,240 $ 1,592
Add non-cash items:
Depreciation and amortization 1,323 1,482 2,571 2,952
Future income taxes 456 (111) 1,024 537
Non-controlling interest 8 (121) (110) (124)
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3,457 2,308 6,725 4,957
Net change in non-cash working
capital (5,241) (4,268) (10,981) (5,621)
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Cash (used) - operating
activities (1,784) (1,960) (4,256) (664)
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FINANCING ACTIVITIES
Net proceeds on bank
indebtedness 3,491 1,645 5,065 1,517
Net proceeds/(payments) on
long-term debt (1,271) (700) (115) (400)
Cost of repurchase of shares -- (295) -- (295)
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Cash provided - financing
activities 2,220 650 4,950 822
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INVESTING ACTIVITIES
Investment in capital assets (471) (183) (803) (306)
Proceeds on sale of capital
assets -- 116 -- 116
Unused proceeds from bond
issue - restricted
for capital expenditures (12) (15) 33 (43)
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Cash (used) - investing
activities (483) (82) (770) (233)
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Effect of foreign exchange
rate changes on cash
and cash equivalents 47 3 76 75
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Net change in cash and cash
equivalents during the period -- (1,389) -- --
Cash and cash equivalents,
beginning of period -- 1,389 -- --
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Cash and cash equivalents,
end of period $ -- $ -- $ -- $ --
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Notes to Consolidated Financial Statements
for the Six Months Ended January 31, 2003 with comparative
figures for 2002 (in 000's) (Unaudited)
1. Significant accounting policies These interim financial statements have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), using the same accounting policies as Note 1 of the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financials statements for the year ended July July: see month. 31, 2002, except as disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in Note 2. 2. New accounting pronouncements i) Goodwill amortization During fiscal 2003, the Company adopted the new recommendations of the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. regarding the amortization of goodwill. It states that goodwill not be amortized but be reviewed annually for recording of an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss if required. Effective August 1, 2002, the Company is following the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. with respect to the adoption of the recommendations prospectively. Goodwill was not amortized in the period. Although the prior year has not been restated, net income and earnings per share in the prior period quarter would have been higher by $22 with no effect on earnings per share and for the year ended July 31, 2002 would have been higher by $88 and $0.01 respectively had the change in accounting policy been applied retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin . ii) Goodwill impairment tests Effective August 1, 2002, the Company has evaluated goodwill on a Company basis. The impairment test used the fair market value of the publicly traded stock as compared to the book value of the stock and concluded that an impairment loss be recorded in the amount of $1,595 to opening retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. . iii) Stock-Based Compensation Effective August 1, 2002, the Company has adopted the recommendations of the Canadian Institute of Chartered Accountants on accounting for stock-based compensation. The standard requires that a fair-value-based method of accounting be applied to all stock-based payments to employees. However, the new standard permits the Company to continue its existing policy of recording no compensation cost on the granting of stock options to employees. Consideration paid by employees on the exercise of stock options is recorded as share capital. No restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of prior periods was required as a result of the adoption of the new standard. 3. Stock-Based Compensation The Company has established a stock option plan for directors, officers, and key employees. The terms of the plan state that the aggregate number of shares, which may be issued and sold, will not exceed 10% of the issued and outstanding common shares of the Company on a non-diluted basis. The issue price of the shares shall be determined at the time of grant based on the closing market price of the shares on the specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. date of issue. Options shall be granted for a period of five years with equal cumulative vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: over that period and 20% being exercisable immediately upon issue. Options given to outside directors vest immediately and can be exercised immediately. Effective September September: see month. 24, 2002, amendments to the plan include a vesting progression progression, in mathematics, sequence of quantities, called terms, in which the relationship between consecutive terms is the same. An arithmetic progression is a sequence in which each term is derived from the preceding one by adding a given number, d, of 30% in the year of grant, 30% in the second year, and 40% in the third year with the term still being 5 years. 13,000 options have been issued under this new plan. As at January 31, 2003, the following options and warrants were outstanding:
Number of Options Exercise Price Expiry
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210,400 4.50 2004
20,000 2.40 2005
60,000 2.84 2006
7,809 1.94 2005
10,000 1.90 2006
85,000 2.82 2007
2,000 4.10 2007
110,000 4.40 2007
10,000 4.00 2007
3,000 4.20 2007
The weighted average of the options is as follows:
Number of Weighted Average
Options Exercise Price
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Outstanding at the beginning of the
period 510,209 $ 4.30
Granted during the period 123,000 $ 4.40
Cancelled during the period (5,000) $4.50
Expired during the period (110,000) $ 6.60
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Outstanding at the end
of the period January
31, 2003 518,209 $ 3.83
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Exercisable at the end of
the period 309,465 $ 3.87
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The description of the method and significant assumptions used during the period to estimate the fair values of options, including the weighted average information, is as follows: i) Expected life of five years; ii) Expected dividends - nil; iii) Expected volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of 54%; iv) Total compensation cost recognized in income for the stock-based employee compensation awards - nil; v) Amounts charged or credited to contributed surplus in respect of stock based employee compensation awards - nil; vi) Amounts credited to share capital in respect of stock-based employee compensation awards - nil. During the period, the Company granted 123,000 stock options to various employees. The Company does not record a charge for compensation costs upon granting of stock options. Had compensation cost for the stock-based plan been determined based on the fair value at the grant dates for awards under the stock option plan consistent with the fair value based method of accounting for stock-based compensation, the Company's net income and income per share would have been reduced to the pro-forma amounts indicated below:
January 31, 2003
$000's (except earnings per share)
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Net income As reported $3,240
Pro forma 3,187
Basic earnings per share As reported $0.41
Pro forma $0.41
The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma amounts presented exclude the effects of awards granted prior to the adoption of the new accounting standards on stock-based compensation on prior periods, in accordance with the recommendations of CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Section 3870. 4. Subsequent Events On February February: see month. 7, 2003, the Company announced that it had concluded an agreement, effective February 1, 2003, to purchase a 49% interest in The Mold Company, a recognized minority source supplier. The transaction was a purchase of assets at a total consideration of $38 (U.S. $25). The results of operations will be included in the consolidated statement of earnings from the date of acquisition. On February 28, 2003, the Company concluded the following acquisitions: a) Effective February 1, 2003, the Company acquired the remaining 20% of the outstanding common shares of Proto-Techniques, Inc. for an aggregate consideration of $1,690 (U.S. $1,111). The acquisition will be accounted for under the purchase method. The purchase price was at book value and allocated as follows:
Net assets acquired $1,690
Purchase price $1,690.
b) Also effective February 1, 2003, the Company concluded an agreement to acquire all the common shares of Novi Laser Inc. The Company acquired equipment for $45 (U.S. $ 30) and entered into a five-year operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. for five laser-cutting machines from the previous owner. c) Effective March 1, 2003, the Company has signed an agreement to purchase 80% interest in Superior Plastic Inc. and Excel A full-featured spreadsheet for Windows and the Macintosh from Microsoft. It can link many spreadsheets for consolidation and provides a wide variety of business graphics and charts for creating presentation materials. Decorating & Finishing Inc. subject to closing, which is expected by March 15, 2003. The acquisition is an asset purchase. The purchase price is $5,936 (U.S. $4,000) and the cost of the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. consists of:
Equipment $4,600
Inventory 2,820
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7,420
Less Non-Controlling Interest 1,484
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$5,936
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The following is management's interim discussion and analysis of operations and financial position and should be used in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial included in the Company's 2002 Annual Report. Management's Discussion and Analysis Overview The market for engineered products and services continued to be relatively soft during the second quarter, but firming conditions in the prototype Prototype A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems. dies and metal stampings, which precede moulds, plastic parts and automation in our business cycle, reflects improving market conditions for our market as a whole. The Company's approach to offering its full "tool box" to its customers will also capture additional market share. Revenue Sales for the second quarter increased to $21.8 million from $19.4 million for the same period last year. Growing sales volume in prototype dies and metal parts, as well as automation, contributed to this growth. Plastic injection moulds continue to be steady. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. sales have increased to $44.9 million from $36.5 million last year representing a 23% increase. Gross Margin The gross margin for the quarter was $6.0 million, or 27.3% of sales, compared to $4.3 million, or 21.6%, of sales for last year. Higher sales volumes together with improving conditions in the metal product line contributed to this growth. Year-to-date gross margins were $11.4 million, or 25.3 % of sales, compared to $ 7.7 million, or 21.1% of sales, for last year. Selling and Administration Selling and administrative expenses for the quarter increased to $3.0 million from $2.5 million last year. As a percentage of sales these costs are 13.7 % compared to 12.7 % last year. During the quarter the Company continued to increase its sales and marketing efforts. These additional costs were required not only for our present sales growth but also for the additional requirements of the recently announced company acquisitions. Earnings Overview Net income for the quarter was $1.7 million, or $0.21 per share, compared to $1.1 million, or $0.13, last year. Year-to-date net income is $3.2 million, or $0.41 per share, compared to $1.6 million, or $0.20 per share, last year. Liquidity and Capital Resources Cash flow for the quarter before working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. was $3.5 million compared to $2.3 million last year. Year-to-date cash flow was $6.7 million up from $5.0 million last year. Management expects the Company's cash flow, together with its bank credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , will be sufficient to meet the Company's cash requirements. Normal Course Issuer Bid During the quarter the Company has not purchased any common shares under its Normal Course issuer bid. Information in the previous discussion relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc projected growth, changing market conditions, improvements in productivity and future results constitutes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties including, but not limited to, economic factors, industry cyclicality and the demand for the Company's technology, products and services. REKO INTERNATIONAL GROUP INC. 5390 Brendan Lane Oldcastle, Ontario NOR 1L0 www.rekointl.com SUBSIDIARIES: -- Reko Tool & Mould (1987) Inc. -- Reko Automation and Machine Tool Inc. -- Concorde Machine Tool Inc. -- Proto-Techniques, Inc. -- Custom Plastic Solutions Inc. |
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