New Century Companies, Inc. announced today their guidance for the years-end of 2007. The company is projecting revenue of $10,000,000 for its calendar year ending 12/31/2007, which is a 22% increase over the previous year’s revenue for 2006. Six month revenues increased 45% to approximately $5.8 million; gross profit for the first six months increased 58% to $1.9 million; and 2007 year end revenues exceeded $11.6 million, an increase of 40%.
David Duquette, President & CEO of New Century, commented, “We are pleased with our continued revenue growth and that the company will show improved year-over-year EBITDA. We are also excited about President Bush’s new economic stimulus package that offers a 50% bonus depreciation (tax write off) for machine tools. Our quotation request and phone activity has picked up substantially. We expect revenues to grow significantly in 2008 because the bonus depreciation is only good until the end of 2008.”
New Century Companies, Inc. is a leading company in U.S.-based maker of machine tools, subsequently focusing on vertical boring mills and large lathes such as vertical turning centers (VTC’s). They specialize in re-manufacturing existing major castings and fitting them with advanced and innovative computer controlled equipment. The company’s machines are used to manufacture components of jet engines, airplane landing gear, power generation equipment, oil and gas components for production, and construction materials. Their clients include; General Electric Co., General Dynamics Corp., Siemens A&G, and Gardner Denver.
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