Bonal International, Inc. Sales Decrease 21 Percent at 2008 Year to Date
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ROYAL OAK, Mich., November 12, 2008: Bonal International, Inc. (OTC:BONL) today announced 2008 six month and second quarter ending Sept. 30, 2008 unaudited results.
Bonal's six month year-to-date revenue is down 21%. Second quarter sales are down 37% over last year to $353,191 and profit was effectively a break even at $764.00, which is down from $110,864 last year. During the quarter, Bonal International paid out $174,792 in dividends and cash on hand is still up from last year. Bonal's per share net income is $0.00 compared to $0.06 last year. Earnings per share for the six month period went from $0.17 last year to $0.04 per share on Sept. 30, 2008.
"Equipment sales are down due to the nervousness in the industry because of the financial crises," said A. George Hebel, III, chairman of Bonal International. "Despite the economic conditions, the metalworking industry continues to use our technology. Companies are holding back on purchases, but are now renting instead, providing a big boost to Bonal's sales from rentals. To respond, Bonal has added some units to its rental fleet."