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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 10, 1998
RIVIERA TOOL COMPANY
MICHIGAN 38-2828870
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
COMMISSION FILE NUMBER - 001-12673
5460 EXECUTIVE PARKWAY SE
GRAND RAPIDS, MI 49512
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(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (616) 698-2100
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RIVIERA TOOL COMPANY
A Michigan Corporation
Commission File Number 001-12673
I.R.S. Employer Identification Number 38-2828870
5460 Executive Parkeway SE
Grand Rapids, Michigan 49512
Telephone (616) 698-2100
ITEM 5. OTHER EVENTS - See Exhibit 5.1 - Fifth paragraph of Company Press
Release regarding prior period adjustment. This information should be
considered when reviewing any filing by the Company, including Forms 10-K and
10-Q, until they have been formally amended by the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Riviera Tool Company
Dated: November 10, 1998 By: /s/ Peter C. Canepa
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Peter C. Canepa
Principal Financial and
Accounting Officer
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INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
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Exhibit 5.1 Company Press Release dated November 2, 1998 disclosing
annual financial results and prior period adjustment to
August 31, 1995 financial statements.
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EXHIBIT 5.1
FOR IMMEDIATE RELEASE
MONDAY, NOVEMBER 2, 1998
CONTACT: KENNETH K. RIETH, CHIEF EXECUTIVE OFFICER
PETER C. CANEPA, CHIEF FINANCIAL OFFICER
RIVIERA TOOL COMPANY ANNOUNCES RECORD FOURTH QUARTER,
RECORD ANNUAL RESULTS AND DECLARES A FIVE PERCENT STOCK DIVIDEND
November 2, 1998
Grand Rapids, Michigan, October 27, 1997 -- Grand Rapids, Michigan-based Riviera
Tool Company (AMEX: RTC) today reported record operating results for the fourth
quarter and year ended August 31, 1998 and the declaration of a five percent
stock dividend.
The Grand Rapids, Michigan-based designer and manufacturer of stamping die
systems reported net income for the year ended August 31, 1998 of $2,405,105, or
79 cents per diluted share, on sales of $22,581,188, versus net income of
$1,184,781, or 48 cents per diluted share, on sales of $21,960,174 for fiscal
1997. For the fourth quarter, Riviera reported net income of $749,898, or 25
cents per diluted share, on sales of $4,163,048 compared with net income of
$603,869, or 24 cents per diluted share, on sales of $6,074,011 for the same
period in fiscal 1997. The aforementioned per share amounts are presented with
an additional 580,499 shares outstanding in fiscal 1998, as compared to fiscal
1997.
The Company today also declared a five percent stock dividend. The stock
dividend is payable December 18 to shareholders of record on November 17, 1998.
"We are very pleased with our 1998 earnings performance," President Kenneth K.
Rieth said, adding, "The Company continues to position itself to increase
revenues while maintaining margins and earnings per share. Although we did not
achieve 1998 sales growth as we anticipated, we are pleased that we achieved our
earnings goal and increased earnings per diluted share by 64.5%."
IN COMPLETING THE 1998 YEAR-END FINANCIAL STATEMENTS IT WAS DETERMINED THAT THE
COMPANY HAD UNDERSTATED ITS ADVANCED BILLINGS LIABILITY AS OF AUGUST 31, 1995.
THE NET AFTER TAX EFFECT OF THE UNDERSTATEMENT WAS A REDUCTION OF NET WORTH OF
$2.1 MILLION AS OF AUGUST 31, 1995. THE RESTATEMENT HAD NO EFFECT ON THE
COMPANY'S NET INCOME FOR THE YEARS ENDED AUGUST 31, 1996, 1997 AND 1998.
NOTWITHSTANDING SUCH ADJUSTMENT, THE COMPANY'S AUDIT COMMITTEE HAS INITIATED
FURTHER INVESTIGATION OF THIS MATTER.
This release contains forward-looking statements relating to future financial
and other results. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance and
underlying assumptions and other statements that are other than statements of
historical facts. Such forward-looking statements may be identified by the use
of the words "anticipates," "expects," "plans," "predicts," "projects," and
similar expressions. These cautionary statements and any other cautionary
statements that may accompany the forward-looking statements expressly qualify
all such statements. Forward-looking statements involve risk and uncertainities
that could cause actual results or outcomes to differ materially from those
expresses in the forward-looking statements.
Riviera designs, develops and manufactures custom large scale metal stamping die
systems used in the high speed production of sheet metal stamped parts and
assemblies for the automobile industry. Riviera's common stock trades on the
American Stock Exchange under the symbol "RTC".
