Long Beach, Calif., Aug. 8, 2012 14:50 Pacific Standard time – Rouchon Industries, Inc. dba Swiftech® (OTC Pink Current: RCHN) ("RCHN" or the "Company"), reported financial results for the second quarter ended June 30, 2012. The Company specializes in manufacturing advanced air, liquid, and thermoelectric cooling devices for personal computers and microprocessors, providing thermal management solutions for consumers, OEM’s and industrial customers.

 

 

Sales increased 55% from $602,000 to $935,000 for the three month period ended June 30, 2012, and 2011, respectively, and rose 39% from $1,206,000 to $1,679,000 for the six month period ended June 30, 2012 and 2011, respectively. Growth was primarily fueled by a 300% increase in the industrial sales sector.

 

Gross profits rose 48% from $237,000 to $352,000 for the three month period ended June 30, 2012, and 2011, respectively, and 60% from $422,000 to $673,000 for the six month period ended June 30, 2012 and 2011, respectively, reflecting a 15% increase in gross profit margins.

 

Operating expenses declined 5% from  $259,000 to $247,000 for the three month period ended June 30, 2012 and 2011, respectively, and rose 7% from $488,000 to $521,000 for the six month period ended June 30, 2012 and 2011, respectively. Overall, items registering substantial increases included Salaries and Employee Benefit programs resulting from workforce augmentation, and items recording substantial decreases included Legal & Professional Services and Interest Expenses resulting from more affordable credit lines.

 

Net profits increased 590% from a net loss of  $22,000 to a net income (before provision for income tax) of $106,000 for the three month period ended June 30, 2012, and 2011, respectively, and rose 330% from a net loss of $66,000 to a net income of $152,000 for the six month period ended June 30, 2012 and 2011, respectively. 

 

 

Gabriel Rouchon, Swiftech’s Chairman and CEO, stated, "Our entire organization is delivering on the company's goals and producing results that are exceeding expectations. In addition to a portfolio of existing purchase orders in the industrial sector spanning deliveries until the end of 2012,  as well as an unprecedented number of new products released in the first 6 months of 2012 that are meeting with considerable success, we also have several major product developments projects on the verge of completion that we plan on unveiling well before year end.  We expect these new product lines to further reinforce Swiftech’s position as a leading solution provider in its industry, and accordingly anticipate even stronger results in the next 2 quarters and beyond.  Our company has made unprecedented progress in the last 12 months and it continues to see sustained demand across all major product lines. The ramp up of our China division to begin sales in the China market is nearly complete and we should begin to see results in our third quarter which should further add to the bottom line.  I would like to take this opportunity to thank our loyal and talented employees for their hard work, as well as our shareholders for their trust and unwavering support.”

This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the OTC Markets and available on the OTC Markets website (http://www.otcmarkets.com/stock/RCHN/financials). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.

 

Contact:
Investor Relations
info@swiftech.com
Source: Rouchon Industries, Inc., dba Swiftech®