NORTH WILKESBORO, NC -- Issung a wide range of news reports, cabinetry firm Expo Holdings says it continues work on a 20,000 unit order for Lowes Home Improvement Inc. and is ramping up production of its CIMA cabinetry line, launched this year.
Expo Holdings operates under the CIMA as well as the D&D Displays brand, a wholly owned subsidiary it acquired in 2006, that specializes in custom cabinetry and high end store fixtures for retail vendors such as Newell-Rubbermaid, Inc., Bosch Tool Corporation, and Lowe's Companies. D&D Displays has been in operation since 2000 and joined Expo Holdings in 2006.
Expo Holdings reports that it also received its first shipment of etc. brand packaging, specifically intended for retail related etc. brand vanities. Raw materials for the first retail shipments of etc. brand products have arrived. Expo Holdings also says it began work with a Fortune 100 customer, who’s brand is considered a household name.
Expo Holdings says it is proceeding with it's production of Cima brand high-end custom cabinetry. The company is producing, shipping, and billing just in excess of $4,000 per day worth of this product. Last month Expo Holding added additional equipment, including a heavy planer, a heavy belt/drum sander, and a dedicated rip/table saw. The delivery of the extra equipment, and added employees are allowing it to ramp up production of Cima products by 25%, with expectations volume will double by this month. Expo Holdings said in August it had more than a 90 day backlog of orders for Cima brand products.
In August Expo Holdings said it paid off two large equipment related debts, one with BB&T and one with TCF Equipment finance. The company says it anticipates continued debt reduction in anticipation of a stronger balance sheet at the end of 2010.
“It is vital to the company to have an attractive balance sheet by January 1, 2011,” says a spokesperson. Late last month Expo Holdings said it filed with Pink OTC Markets Inc. to begin releasing its financial reports in a timely manner.
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