The Royal Oak metalworking technology developer Bonal International Inc. New (OTC: BONL) Wednesday announced 2011 fiscal year end revenue of $2,560,569, the highest in corporate history, a 42 percent increase over fiscal 2010.
"Fiscal year 2011 was an exciting year," interim president Thomas E. Hebel said. "Even with business confidence indicators still near historic lows, Bonal responded to these challenges with success, posting its seventh consecutive profitable year in an impressive way."
Net income of $510,590 was the company's second best in history, a big increase from net income of $3,978 in 2010. Earnings per share jumped from break-even to 29 cents.
"We were able to offset the slow economy by changing our focus at Bonal," Hebel said. "New corporate policies, a new state-of-the-art product, greater emphasis on international sales, and a unified team effort all combined to produce record results. In 2011, changes were made in every department that improved efficiency and communication resulting in a 21 percent increase in sales volume and 42 percent jump in revenue."
Hebel noted that it was Bonal's first full year promoting its Model 2400, featuring touch-screen controls and semi-automatic functions, and introduced a new Model 2000.
"This year we saw both models become not only a reality, but two of our highest demanded products," Hebel said. "The Model 2400 accounted for 40 percent of unit sales and has now become our 'standard' system."
Other factors contributed to Bonal's success in 2011. Foreign sales increased 76 percent and accounted for 40 percent of corporate sales by volume. Repeat customers accounted for 41 percent of sales by volume through new purchases and referrals.
"Our focus on international sales and increased customer interaction has created many new opportunities," said Hebel. "In fiscal year 2011, Bonal sold equipment in 17 different countries, including first time sales in Russia, Portugal, Romania, and Trinidad. Meanwhile, several of our current customers expanded their operations by ordering additional units to meet their demands."
The fourth quarter of 2011 achieved more corporate records. Record revenue for a fourth quarter was posted at $868,397, a 135 percent increase over the $369,385 fourth quarter in 2010. The fourth quarter of 2011 also posted a record high net income at $165,917, a huge increase over the loss in 2010's fourth quarter. Earnings per share were 9 cents in the fourth quarter. The fourth quarter also included record revenue for a single month (March) at $407,028.
Bonal International Inc., through its wholly owned subsidiary, Bonal Technologies Inc., provides 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 54 countries worldwide. Bonal serves the aerospace, armament, automotive, petroleum, die casting, mining, racing, machine tool building, plastic molding, ship building, and welding industries. Bonal's Meta-Lax technology is used to eliminate thermal stress in metal parts, preventing warping and cracking, at a fraction of the energy and fiscal cost of competing technologies.
More at www.Bonal.com.
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