Alliance posts Q1 gains
Alliance Tire Co. achieved a net profit of $2.3 million during the first quarter of 2004, "a significant step up from (the company's) $5.5 million net loss for the first quarter of 2003," according to Alliance officials.
Alliance's Q1 2004 revenues grew 36.1% over the same period last year, totaling $32.1 million. Export sales -- which represent nearly 78% of Alliance's total sales -- increased 50% in 2004 to $25.1 million.
The Hadera, Israel-based company's sales in the United States and Canada jumped 25.7%, according to Alliance Tire President Yossi Anglister.
"Positive results were gained due to efficiency and increased worldwide sales, influenced by a demand from the agricultural sector, penetrating new markets and increasing sales to existing customers with aggressive marketing activity."
In total, Alliance's gross profit grew 94.6% over the first quarter of 2003 to $8.5 million.
Israel Tchetchik, chairman of Alliance's board of directors, says the specialty tiremaker will continue to adhere to its strategic plan, which includes continued investment in research and development in flotation and radial farm tire technology.