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Raymor Industries Inc. (TSX Venture:RAR), a leading developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, today released its first quarter unaudited financial statements, along the company's Management Discussion and Analysis (MD&A) for the first quarter of 2007. Raymor, recognized as one of the NANOTECH 100, posted quarterly revenues of $546,932, a 36% increase compared to 2006 results for the same period. Revenues accounted in the first quarter of 2007 consolidated financial statements were generated from the company's subisidiairies. Raymor realized a gross margin of 41% as compared to 39% for the same period in 2006. This growth is related to the efficiencies gained by the Company through additional production capacities and number of employees during the first quarter of 2007. Salary, professional and administrative expenses increased by 69% as compared to the first quarter of 2006 due primarily to capacity increase in relation to this relocation and having new employees in place for the accreditation AS9100 obtained in April 2007. Raymor generated a net loss of $689,513 or $0.007 per share in its first quarter. The Company is proud of these results considering the fact that in January 2007, Raymor's operations were interrupted to complete the move and installation of its new facility. The Company doubled its equipment and production capacity and is now fully operating.
The Company had cash and cash equivalents of $2,193,230 as at March 31, 2007 as compared to $4,113,089 as at December 31, 2006. The variation in total assets is explained mainly by the used of cash and cash equivalents during the Company's relocation to its new facility and investments made in fixed assets, manufacturing equipment and deferred development costs for projects. Fixed assets amounted to $4,917,772 as at March 31, 2007 as compared to $4,633,339 as at December 31, 2006. This increase is related to the purchase of fixed assets and leasehold improvements necessary to complete the Company's relocation. Also, deferred development costs amounted to $4,691,385 as at March 31, 2007, compared to $4,185,832 at the end of December 31, 2006. This increase is strictly related to salaries, patent registration costs and development of new components incurred toward the Company's single-walled carbon nanotube project.
Other highlights from the first quarter of 2007 Financial Statements and MD&A includes the following:
In February 2007, the Company has completed on schedule the move of all of its current business activities and is now in production at its new facility. The existing production units have all been calibrated and commissioned, and have already begun producing for clients. Also, a major increase of its capacity was ongoing.
Also, in February 2007, the Company announced the creation of a new wholly-owned subsidiary, Raymor Aerospace Inc., to address the growing demand for HVOF (High Velocity Oxy Fuel) spray coating services on components for landing gears and other commercial and military aircraft applications.
In March 2007, the Company's wholly-owned subsidiary, AP&C Advanced Powders and Coatings received a new order of $520,000 for its titanium powder, to be delivered in the second quarter of 2007.
Also, in March 2007, the Company subsidiary Raymor Nanotech began to offer in the second quarter of 2007 various high purity grades of single-walled carbon nanotubes (C-SWNT) for emerging markets. To achieve this, the subsidiary established its own purification department in 2006. This department was formed to develop various grades of C-SWNT to rapidly penetrate new markets.
In April 2007, the Company subsidiary Raymor Aerospace received the AS 9100 certification for its thermal spray coating operations. The AS 9100 certification of the company's quality system, achieved after intense auditing, is a major milestone and a prerequisite in becoming an approved supplier to the major aerospace Original Equipment Manufacturers (OEMs).
Also, in April 2007, the Company's wholly-owned subsidiary, AP&C Advanced Powders and Coatings commenced operations on its 2nd metallic powder production unit and received a major contract of $1,230,000 for its titanium powder.
Finally, in April 15, 2007, the Company announced having completed a private placement for 2,000,000 units representing proceeds of $2,400,000.
On May 23, the Company entered into a financing agreement with a local financial institution that provided asset-based financing of $4,000,000 at an interest rate of 10 % for a term of up to 10 years. In addition, a line of credit in the amount of $950,000 was arranged with the same lender supporting the company's receivables and inventories.
Stephane Robert, President and CEO of Raymor Industries had the following to say:
"We are pleased with the first quarter results. With the move now behind us, with our expansion activities completed, with recent financing, with all qualified personnel and with our aggressive sales and marketing infrastructure now in place, 2007 should be an excellent growth year for Raymor. With the launch of our three new single-walled carbon nanotube grades announced this quarter, this will have a positive impact in the marketplace, particularly in the aerospace and defense sectors."
The complete 2007 first quarter results, along with the MD&A are available at http://www.sedar.com .
About Raymor Industries Inc.
RAYMOR INDUSTRIES INC. (TSX-V: RAR) has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for "the applications of tomorrow"; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephane Robert, President.
(VERSION FRANCAISE SERA DISPONIBLE SUR LE SITE WEB DE RAYMOR)
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