Mattman Specialty Vehicles has established a sales dealership in China with Tanjin of China Wuzhao Motor Trade Company.
An aggressive marketing and sales program has already been outlined starting with a large state of the art exhibit at the Asia Pacific China Police Expo put on by the Ministry of Public Security in Beijing on May 24-27. The emphasis of the show is Olympic Security and terrorism with attendees from law enforcement agencies world wide.
MMSV designs and manufactures vehicles for a broad array of clientele including federal and municipal law enforcement agencies, fire departments, medical establishments, Fortune 500 corporations, airports and others. Mattman custom engineers modifications to production vehicles based on its client's specific need for interoperability, weapons access, protection level and aesthetic appeal. Mattman has established an enviable reputation in the industry by providing the finest quality specialty vehicles for over a decade.
"To truly penetrate the Chinese market, you need a strong, experienced and respected local presence. This move puts us in this position. Recognizing the enormous potential, Tanjin has already ordered a US$650,000, very large Mobile Command Center to be used as a demonstration unit, which will debut at the Police Expo," states John Mattman, Chairman of the Board. "With this global expansion and having recently entered the public marketplace, MMSV is even better positioned to serve both our customers and shareholders."
Mattman has experienced strong growth in recent years with a current growth rate of in excess of 40%. Sales for fiscal year 2005 totaled $9.9 million. Mattman's current backlog is in excess of US$14.0 million.
Mattman projects 2006 end-of-year sales to be approximately $14 million with gross margins remaining in excess of 20%. Earnings before interest, taxes, depreciation and amortization for fiscal 2005 was approximately US$550,000 and is expected to double in 2006 to approximately US$1 million.