Federal reports record quarterly sales
Federal Corp. today reported sales for the first quarter of 2003 increased 16.3% to $26.4 million compared to sales of $22.7 million for the first quarter of 2002.
The company's overall sales in March also hit a single month record high of $10.7 million compared to last year's $8.6 million, of which the overseas sales took up 70%.
These gains were attributed to "the exceptional performance for overseas and domestic sales, both marking record highs in the company's sales history," the company says.
"We are pleased to report another record results, particularly given the very challenging environment in 2003," says Jamie Ma, president of Federal Corp. "We are confident that Federal is very well-positioned to again deliver strong results. We will continue to introduce new products for the market and we have no doubt that year 2003 will be another year of growth for Federal."
Since the first record high in March last year, Federal has continued to increase its monthly sales. These gains were augmented by strong market acceptance of its SS-595 ultra-high performance tire, the company says, as well as its new high performance touring radial tire, the Formoza FD1, which was released in November 2002.
The company also reports its new manufacturing facility in the province of Jiang-Xi, China, began production of HERO and Maxon brand tires.
"With the market demand on the rise over the years, Federal plans to make incremental investments to expand its production capacity to meet the booming demand in China and elsewhere," the company adds.