Bonal International, Inc. Net Income Increases 23 Percent at Year to Date
Shareholder Equity Increases 29 Percent
Royal Oak, Mich., Nov. 1, 2007 - Bonal International, Inc. (OTC: BONL) today announced six month and second quarter ending Sept. 30, 2007 unaudited results.
Year to date, shareholder equity is up 29% from last year and six month revenue increased 20%. Net income increased by 23% at the six month.
Net quarterly revenue for Bonal International decreased 2% from $568,816 at Sept. 30, 2006 to $558,316 at Sept. 30, 2007. Bonal's net income is $110,864 down 34% from $168,270 last year. Bonal's per share net income for the quarter is $0.06 compared to $0.10 last year. Earnings per share year to date went from $0.14 last year to $0.17 per share on Sept. 30, 2007.
Although the quarterly numbers are down, Bonal had $90,000 in open orders at the end of September 2007, compared to no open orders at the end of September 2006. Bonal received a large order for a defense application on the last day of the month.
2nd Quarter ending Sept 30,
2007
Revenue $558,316
Net income 110,864
Earnings per share 0.06
2006
Revenue $568,816
Net income 168,270
Earnings per share 0.10
Six Months ending Sept. 30,
2007
Revenue $1,203,089
Net income 290,723
Earnings per share 0.17
2006
Revenue $1,002,334
Net income 237,225
Earnings per share 0.14
"We are pleased to see our profit continue to increase as it has over the past three years," said A. George Hebel, III, chairman and president of Bonal International. "It is our goal to add value for our customers and to continue increasing shareholder equity."
In other news, the Bonal International Board of Directors recently informed its president that his employment agreement will not be renewed effective May 1, 2008. The agreement originally negotiated in 1985 and many of its terms were no longer applicable or in the best interest of Bonal. The agreement was terminated in accordance with its terms and there were no material early termination penalties incurred by Bonal International, Inc. Negotiations are currently ongoing for a new agreement which should be in place before May 1.
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 and its three product lines: Meta-Lax? Stress Relief, Pulse Puddle Arc Welding? (PPAW?) and Black Magic? 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 in the aerospace, armament, die casting, engine building, machine tool, mining, petroleum, plastic molding, racing, automotive, shipbuilding and welding industries. More information on Bonal can be found at www.bonal.com.
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