Royal Oak-based Bonal International Inc. (OTC: BONL) announced significant increases in profits and sales for its third fiscal quarter ending Dec. 31.
Net income for the third quarter was $109,855, an huge increase over last year's essially break-even net income of $4,954. Earnings per share reached 6 cents.
Third quarter revenue was up dramatically at $619,500, up 17.5 percent from $527,310 a year earlier.
The nine months year-to-date numbers were also impressive with net income of $344,673 or 20 cents a share, up from net income of $31,152 or 2 cents a share in the first nine months of the prior fiscal year.
Revenue for the nine months was $1,692,172, up 17.9 percent from $1,434,749 a year earlier.
"In this quarter we saw foreign sales nearly match domestic sales activity," said Thomas E. Hebel, interim president and CEO of Bonal Technologies, Inc. "Foreign sales accounted for 48 percent of our sales volume, up from 28 percent in the first six months. The value of the U.S. dollar has steadily decreased since June 2010, making buying our products easier for foreign customers, especially in this quarter."
"We saw the sales for all three of Bonal's product lines increase compared with last year," Hebel said.
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. The equipment is sold in more than 50 countries worldwide to 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 for eliminating thermal stress in metal parts, thereby preventing warping and cracking, at a fraction of the energy and monetary costs of competing technologies such as heat treating. More information can be found at www.Bonal.com.
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