Chicago Rivet & Machine Co. Announces Third Quarter Results of Operations

Rhea-AI Summary

Chicago Rivet & Machine Co. (CVR) reported its third-quarter results for 2020, noting net sales of $7.65 million, a decline from $8.19 million in Q3 2019. The company saw an income before taxes of $414,135 compared to $414,797 the previous year. Net income was $309,135 against $315,797 in 2019, with earnings per share remaining stable at $0.32. For the first nine months, net sales totaled $19.33 million, down from $25.69 million in the same period last year, with a net loss of $413,813.

Positive

• Stable earnings per share at $0.32 for Q3 2020.
• Income before taxes remained positive at $414,135.

Negative

• Net sales dropped by 6.6% in Q3 2020 compared to Q3 2019.
• Significant decline in net sales for the first nine months, down 24.8% year-over-year.
• Net loss of $413,813 for the first nine months contrasted with a profit in the previous year.

NAPERVILLE, Ill., Nov. 6, 2020 /PRNewswire/ -- Chicago Rivet & Machine Co. (NYSE American: CVR) today announced results for the third quarter of 2020 as summarized below:

CHICAGO RIVET & MACHINE CO. Summary of Consolidated Results of Operations For the Three and Nine Months Ended September 30
	Third Quarter		First Nine Months
	2020	2019	2020	2019
Net sales	$7,645,259	$8,188,905	$19,325,234	$25,686,034
Income (loss) before income taxes	414,135	414,797	(614,813)	1,073,198
Net income (loss)	309,135	315,797	(413,813)	832,198
Net income (loss) per common share	.32	.32	(.43)	.86
Average common shares outstanding	966,132	966,132	966,132	966,132

(All figures subject to year-end audit)

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SOURCE Chicago Rivet & Machine Co.

FAQ

What were the Q3 2020 results for Chicago Rivet (CVR)?

Chicago Rivet reported Q3 2020 net sales of $7.65 million, an income before taxes of $414,135, and net income of $309,135.

How did net sales for the first nine months of 2020 compare to 2019 for CVR?

For the first nine months of 2020, CVR's net sales were $19.33 million, down from $25.69 million in the same period of 2019.

What is the net loss reported by Chicago Rivet for the first nine months of 2020?

Chicago Rivet reported a net loss of $413,813 for the first nine months of 2020.

What are the earnings per share for CVR in Q3 2020?

Earnings per share for Chicago Rivet in Q3 2020 remained stable at $0.32.