J.M. Dutton & Associates Announces Investment Opinion: Maintaining Riviera Tool Rating at Buy by Dutton & Associates

EL DORADO HILLS, Calif.--May 1, 20048, 2004--J.M. Dutton & Associates updates its coverage of Riviera Tool Company (AMEX:RTC), maintaining a Buy rating with a $4.70 price target. The 8-page update report by J.M. Dutton senior analyst Paul Resnik, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, and other leading financial portals.

Riviera Tool reported flat sales of $8.29 million in the second (February) quarter of its 2004 fiscal year while for the first six months, sales were up 31% to $16.60 million. Our downwardly revised estimate for full 2004 fiscal year sales of $34.2 million is substantially unchanged from the 2003 level. Although lower revenue projection requires that we lower our August 2004 fiscal year EPS estimate from $0.55 to $0.33, we believe improving industry conditions and the potential for significant contract wins in the near term justify optimism regarding the fiscal 2005 outlook. Our preliminary fiscal 2005 EPS estimate is $0.47. We continue to believe that the basis of investing in these shares has little to do with quarter to quarter earnings fluctuations. We believe that sustainable appreciation for these shares will begin with the announcement of additional contracts from other auto manufacturers, expected shortly, that confirm that their approach is taking hold.

About Dutton & Associates

Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 24 senior analysts are primarily CFAs, and have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 70 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $28,000 prepaid before commencement of our research activities. We received $47,000 from the Company for 8 quarterly Research Reports with coverage commencing on 9/5/2002. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.