ROYAL OAK, Mich., May 30 /PRNewswire-FirstCall/ -- Bonal International, Inc. today announced consolidated financial results for the fiscal year ended March 31, 2008 with strong momentum for the fourth consecutive year, posting its strongest results in the 24-year history of the company. In 2008, Bonal reached an all time high in net sales, which were up 25 percent from last year. In addition, Bonal increased its gross profit, operating income and net income significantly more than its increase in sales.
In the year ended March 31, 2008, Bonal International, Inc. again posted a strong set of results, with net sales up by 25 percent to $2,545,923 and before tax income at a strong $783,168, compared to a before tax profit of $490,653 last year. Bonal's healthy profit has increased stockholder equity by 38 percent, the highest it has been at $1,468,464 or $0.88 per share. Assets increased 36 percent to $1,849,550 or $1.11 per share. Working capital increased 38 percent.
Net income after tax is $523,168 or $0.31 per share compared to a net income of $340,653 or $0.21 per share last year, a per share increase of 47.6 percent.
Fourth quarter revenue for Bonal International increased 23 percent from $607,925 at March 31, 2007 to $747,917 at March 31, 2008. Bonal's fourth quarter net income is $134,976 up 107% from $65,304 last year. Bonal's per share net income for the quarter is $0.06 compared to $0.02 last year. Earnings per share for the year went from $0.21 last year to $0.31 per share.
4th Quarter ending March 31, 2008
2008 2007
Revenue $747,917 $607,925
Net income 134,976 65,304
Earnings per share $0.08 $0.04
Fiscal Year ending March 31, 2008
2008 2007
Revenue $2,545,923 $2,031,598
Net income 523,168 340,653
Earnings per share $0.31 $0.21
"We are pleased to see our profit continue to increase as it has over the past four years," said A. George Hebel, III, chairman and president of Bonal International. "It is Bonal's goal to help our customers become more "green" or environmentally friendly and lower their carbon footprint while continuing to increase our shareholder value. Bonal's patented technology and its product lines Meta-Lax(R) Stress Relief, Pulse Puddle Arc Welding(R) (PPAW(R)) and Black Magic(R) can help to reduce energy consumption by 98 percent compared to natural-gas-fired heat treatments as shown by research conducted by the U.S. Department of Energy."
As the world's leading provider of sub-harmonic vibration technology for metal improvement solutions, Bonal's goal is to help companies keep competitive by reducing operating and energy costs. Bonal's technology helps a variety of industries including aerospace, armament, automotive die casting, engine building, machine tool, mining, petroleum, plastic molding, racing, ship building and welding.
2008 Key Accomplishments
Bonal increased total unit sales by 17 percent and has seen strong repeat customers to the tune of 25 percent from companies including General Motors, Baker Oil Tools, Lockheed Martin, Siemens Power, Baykal Makina (Turkey), CB Carbide (ROC), General Dynamics, Andritz, Cerrejon Mining (Columbia), Boeing, U.S. Navy, among others. USA sales were 67.6 percent and foreign sales were 32.4 percent. Bonal had dollar sales in 41 states and 23 foreign countries. Nearly 95 percent of sales were sold by the in-house sales department.
Bonal International Inc. will hold its annual meeting on Wed., August 6, 2008 for shareholders of record on July 3, 2008 at Bonal's corporate offices in Royal Oak, Mich.
Bonal International Inc. through its wholly owned subsidiary, Bonal Technologies, Inc., is the world's leading provider of sub-harmonic technology for metal improvement solutions with more than 35 years of expertise. Bonal's patented technology is an environmentally friendly, "green technology" that replaces some heat treating processes and reduces energy consumption by 98 percent. Bonal's patented technology and its three product lines: Meta-Lax(R) Stress Relief, Pulse Puddle Arc Welding(R) (PPAW(R)) and Black Magic(R) for distortion control, are sold in the US and in more than 49 countries. Headquartered in Royal Oak, Mich., Bonal provides a variety of services including consulting, training, program design and metal stress relief services for customers. More information on Bonal can be found at www.bonal.com or by calling 800-Metal-29.