Cleaning & Restoration Breaking News

Minuteman International announces record sales

February 23, 2001
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Operating results for the recent year were the best in Minuteman International Inc.’s 20-year history, the company announced. The year’s net income rose 13.0% on a 9.7% increase in sales. Much of the revenue gain was accounted for by strong demands from dealers and distributors across the United States – to $85,195,000 from $77,682,000. Yet, international sales in approximately 40 countries rose as well by 9.4% in spite of adversative effects of a strong dollar, principally in Europe.

According to Gregory J. Rau, Minuteman’s current president and CEO, the company’s financial condition moving forward, is more than enough to fund business or liquidity needs as they arise.

Rau sees great potential for the year ahead given that several large expenditures were made in 2000, such as plant improvements and computer software, that will not need to be repeated again in the near future. He also referred to the investment the company has made in rotational molding equipment, previously outsourced, which has been budgeted to produce savings in the area of 30-35% annually with complete payback in the next 12-18 months. In addition, a new Mitsubishi laser cutter reduces costs and increases productivity as well as quality and safety, the company stated.

Rau acknowledged that the outlook for the economy in general is somewhat cautious and the relationship of foreign currencies to the dollar in the future is uncertain, he believes the general expansion of the sanitary services industry, the boost received from new products, and Minuteman’s reputation worldwide will award the company with another favorable year.

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