Riordan Manufacturing Finance and Accounting Paper

Riordan Manufacturing

As an industry leader in the field of plastic injection molding, Riordan Manufacturing is a respected business with high standards. Not only does Riordan employ over 500 people worldwide, but the company also has projected annual earnings of more than $40 million. Riordan Manufacturing is owned by Riordan Industries, which is a Fortune 1000 enterprise and has revenues of over $1 billion.

Riordan Manufacturing has products that range from plastic beverage containers to plastic fan parts. Different parts are manufactured at their three different manufacturing locations. All of the research and development is then handled at the corporate office.

Company Assessment

The biggest challenge for Riordan Manufacturing is to stay competitive in a world that consists of a business environment that is constantly changing and evolving. In order to keep up, Riordan must stay current with the latest technological advancements and the newest industry developments. Riordan needs to update their information systems in order to support the company's recent and future growth.

Internet Site

The Riordan Manufacturing internet site offers detailed and accurate information about the company as a whole. Potential customers can read up on company standards and view a list of products that Riordan offers.

Mission Statement

It is important for Riordan Manufacturing to continue to be the industry leader in reasearch and developmental trends. The company also prides itself in exceeding ISO 9000 standards and using polymer materials to provide solutions to customers is how Riordan uses its abilities to maintain a healthy customer relationship and set an example for other businesses. The company takes pride in maintaining and innovative and tema oriented working environment. In order to continue to succeed, Riordan must be focused at maintaining reasonable profitability to ensure sustained growth.

Finance and Accounting

Riordan Manufacturing has four different facilities that are connect via their own private WAN (Wide Area Network). These facilities are located in Albany, Georgia, Pontiac, Michigan, Hang Zhou, China and the corporate headquarters in San Joes, California.

Since 2003, Riordan has seen its assets more than double (2006). This is a good sign for the company's future. After posting a total assets figure of $300,001 in 2003, the company improved to $599,999 in 2004 and $702,165 in 2005. However, the companies net profits did not increase as dramatically. The net profits for 2003 were $113,081, while the net profits in 2005 were $199,305, with falling right in the middle at $166,596. These figures show that the profits and company assets are going in the right direction