Tornos Group Has Good Third Quarter

Tornos Group booked US$41 million (51 million CHF) in new orders during the third quarter of 2006, up from $39.5 million (49.2 million CHF) in 2005. Total orders so far this year are $155 million (193 million CHF), 14.6 percent higher than last year’s total through the third quarter of $135.3 million (168.4 million CHF).
Gross sales for the third quarter were $48.3 million (60.1 million CHF) compared to $42.9 million in 2005 (53.4 million CHF) and bringing year-to-date sales to $140.6 million (175 million CHF), up 3.6 percent on 2005’s sales of $135.7 million (168.9 million CHF).
Net profit for the first nine months of 2006 are $8.5 million (10.6 million CHF), down 18.6 percent from last year’s nine month total of $10.45 million (13 million CHF). Tornos attributes this decline to a weak first quarter of 2006 (US$1.7 million – 2.1 million CHF) that resulted from the general economic downturn in the second half of 2005.
As of September 30, 2006, Tornos’ net debt was $9.7 million (12.1 million CHF) while equity of $89.4 million (111.3 million CHF) amounted to 60.3 percent of the balance sheet total of $148.3 million (184.6 million CHF).
Tornos says gross sales for the year are on track with original predictions and that they still expect gross sales for the year to be US$193 million to $201 million (240 million to 250 million CHF) with an EBIT margin of 6 percent to 7 percent.