ROYAL OAK — Bonal International, Inc. (OTC: BONL) announced a record third quarter revenue of $620,577, up 53 percent over last year’s third quarter of $405,533. The revenue is the highest achieved for any third quarter for the company.
Net income for the third fiscal quarter, ended Dec. 31, was $74,833, up from last year’s $8,043. This is the 11th consecutive profitable quarter for the company. Earnings per share increased to 4 cents a share from .05 cents a quarter a year earlier.
For the nine months, revenue was $1.79 million, up 9 percent from $1.65 million a year earlier. Net income increased 14 percent to $311,985 from last year’s nine month net income of $273,197. Likewise, earnings per share increased to 18 cents a share, up from 16 cents last year.
During the quarter the board of directors issued its second and third 10 cents per share dividends of the fiscal year.
“Our current customers set the pace this quarter by accounting for 61 percent of the sales by volume by ordering additional equipment and referring their suppliers to us,” said Thomas E. Hebel, president. “This speaks volumes about the confidence our customers place on Bonal’s patented Meta-Lax stress relief technology and the quality and value of our equipment.”
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 50 countries worldwide. Bonal serves the aerospace, armament, automotive, petroleum, die casting, mining, racing, machine tool building, mold making, ship building, and welding industries. Bonal’s patented Meta-Lax® technology is used for eliminating thermal stress in metal parts, thereby preventing warping and cracking, at a fraction of the time, energy, and monetary costs of competing technologies.
The company’s board 10 days ago announced it would accept a buyout offer of 86 cents a share, plus an unspecified future special dividend of 20 to 30 cents a share, from Royal Oak-based DePierre Management & Manufacturing LLC. The company said at the time that a shareholder vote would probably be held on the proposal sometime in March. The company’s stock closed Friday at $1.30 a share, after trading as high as $10.01 a share last June, according to CBS MoneyWatch.com. The company has 1.66 million shares of stock outstanding.
More at www.Bonal.com.