Under the current conditions, I feel it is important to communicate more rather than less, so I thought I would provide a status on where PlastiCert is sitting under the current fog.
First and foremost, our coworker teams are all well and everyone is reporting in for work. Our shift mitigation efforts seem to be successful. The 3 day a week 12 hour shifts were mostly well received, and has gained some additional proponents as they acclimated to the change.
We continue to run ahead of schedule on production with no supply chain issues. We tried to get as far ahead as we could to allow us to continue to meet customer delivery dates in the event of a shut-down and clean event.
Through the end of April, we are within a tenth of a percent of our forecasted revenues (pre-virus forecast).
Things are taking a downturn in orders and forecast going forward, but with one third of the year on the books, our 2020 outlook is not as bad as we were anticipating when the virus news first broke.
The virus downturn has halted our capital equipment improvement campaign, as we felt it best to manage our cash reserves and available line-of-credit. We are leaving it for pertinent needs should things remain suppressed for an elongated period of time. We do have a decent balance sheet, and are prepared for whatever issues arise going forward, whether financial or operational.
On some up notes:
- We have recently landed new mold business for our inside mold design and build group. We also have a couple of new molds looking like they might release in the near term as well. The recent supply chain hiccups experienced by some US OEMs have China mold sourcing decisions being rethought.
- Our OTD sits at 98+%
- We are looking to engage some interns for the summer. We typically get some interesting analysis and assessment from them on the projects we assign them.
- The plant and grounds are getting a little bit of a facelift in light of some of the free time we will have for the summer.
As always, if you have inquiries or as idea you would like to bounce off of us, feel free to contact us.
Here’s hoping you and all those around you are safe and faring well!