Annual Statements Open main menu

CHICAGO RIVET & MACHINE CO - Quarter Report: 2008 September (Form 10-Q)

e10vq
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
(Mark One)
     
þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2008
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 0-1227
CHICAGO RIVET & MACHINE CO.
(Exact Name of Registrant as Specified in Its Charter)
     
Illinois   36-0904920
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)
     
901 Frontenac Road, Naperville, Illinois   60563
(Address of Principal Executive Offices)   (Zip Code)
Registrant’s Telephone Number, Including Area Code (630) 357-8500
     Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ     No o
      Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
             
Large accelerated filer o    Accelerated filer o    Non-accelerated filer   o
(Do not check if a smaller reporting company)
  Smaller Reporting Company þ 
     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o      No þ
As of September 30, 2008, 966,132 shares of the registrant’s common stock were outstanding.
 
 

 


 

CHICAGO RIVET & MACHINE CO.
INDEX
         
    Page
PART I. FINANCIAL INFORMATION (Unaudited)
       
 
       
    2-3  
 
       
    4  
 
       
    5  
 
       
    6  
 
       
    7-9  
 
       
    10-11  
 
       
    12  
 
       
    13-19  
 EX-31.1
 EX-31.2
 EX-32.1
 EX-32.2

1


Table of Contents

Item 1. Financial Statements.
CHICAGO RIVET & MACHINE CO.
Condensed Consolidated Balance Sheets
September 30, 2008 and December 31, 2007
                 
    September 30,     December 31,  
    2008     2007  
    (Unaudited)          
Assets
               
Current Assets:
               
Cash and cash equivalents
  $ 1,582,189     $ 665,072  
Certificates of deposit
    5,799,000       6,880,000  
Accounts receivable, net of allowance of $103,000 and $95,000, respectively
    4,525,798       5,329,413  
Inventories
    5,574,925       4,975,833  
Deferred income taxes
    464,191       451,191  
Prepaid income taxes
    58,481       211,025  
Other current assets
    373,560       287,542  
 
           
 
               
Total current assets
    18,378,144       18,800,076  
 
           
 
               
Property, Plant and Equipment:
               
Land and improvements
    1,029,035       1,029,035  
Buildings and improvements
    6,391,952       6,385,831  
Production equipment, leased machines and other
    28,182,062       28,124,007  
 
           
 
    35,603,049       35,538,873  
Less accumulated depreciation
    26,989,924       26,431,936  
 
           
Net property, plant and equipment
    8,613,125       9,106,937  
 
           
 
               
Total assets
  $ 26,991,269     $ 27,907,013  
 
           
See Notes to the Condensed Consolidated Financial Statements

2


Table of Contents

CHICAGO RIVET & MACHINE CO.
Condensed Consolidated Balance Sheets
September 30, 2008 and December 31, 2007
                 
    September 30,     December 31,  
    2008     2007  
    (Unaudited)          
Liabilities and Shareholders’ Equity
               
 
               
Current Liabilities:
               
Accounts payable
  $ 1,059,990     $ 1,147,014  
Accrued wages and salaries
    749,933       679,233  
Accrued profit sharing plan contribution
    80,000       201,000  
Other accrued expenses
    486,235       319,866  
 
           
Total current liabilities
    2,376,158       2,347,113  
 
               
Deferred income taxes
    894,275       985,275  
 
           
 
               
Total liabilities
    3,270,433       3,332,388  
 
           
 
               
Commitments and contingencies (Note 4)
           
 
               
Shareholders’ Equity:
               
Preferred stock, no par value, 500,000 shares authorized: none outstanding
           
Common stock, $1.00 par value, 4,000,000 shares authorized: 1,138,096 shares issued
    1,138,096       1,138,096  
Additional paid-in capital
    447,134       447,134  
Retained earnings
    26,057,704       26,911,493  
Treasury stock, 171,964 shares at cost
    (3,922,098 )     (3,922,098 )
 
           
Total shareholders’ equity
    23,720,836       24,574,625  
 
           
 
Total liabilities and shareholders’ equity
  $ 26,991,269     $ 27,907,013  
 
           
See Notes to the Condensed Consolidated Financial Statements

3


Table of Contents

CHICAGO RIVET & MACHINE CO.
Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2008 and 2007
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2008     2007     2008     2007  
Net sales
  $ 6,641,826     $ 9,020,453     $ 23,058,976     $ 29,051,926  
Lease revenue
    20,195       23,150       64,383       69,573  
 
                       
 
    6,662,021       9,043,603       23,123,359       29,121,499  
Cost of goods sold and costs related to lease revenue
    5,759,070       7,172,837       19,674,065       23,166,992  
 
                       
 
                               
Gross profit
    902,951       1,870,766       3,449,294       5,954,507  
Selling and administrative expenses
    1,250,338       1,373,104       3,923,055       4,300,613  
Plant closing expenses
          (459 )           20,337  
 
                       
 
                               
Operating profit (loss)
    (347,387 )     498,121       (473,761 )     1,633,557  
 
                               
Other income and expenses:
                               
Interest income
    48,378       77,380       178,225       224,837  
Other income
    3,600       3,600       11,378       11,378  
 
                       
 
                               
Income (loss) before income taxes
    (295,409 )     579,101       (284,158 )     1,869,772  
Provision (benefit) for income taxes
    (100,000 )     207,000       (97,000 )     664,000  
 
                       
 
Net income (loss)
  $ (195,409 )   $ 372,101     $ (187,158 )   $ 1,205,772  
 
                       
 
Average common shares outstanding
    966,132       966,132       966,132       966,132  
 
                       
 
                               
Per share data:
                               
Net income (loss) per share
  $ (0.20 )   $ 0.39     $ (0.19 )   $ 1.25  
 
                       
 
                               
Cash dividends declared per share
  $ 0.18     $ 0.18     $ 0.69     $ 0.54  
 
                       
See Notes to the Condensed Consolidated Financial Statements

4


Table of Contents

CHICAGO RIVET & MACHINE CO.
Condensed Consolidated Statements of Retained Earnings
For the Nine Months Ended September 30, 2008 and 2007
(Unaudited)
                 
    2008     2007  
Retained earnings at beginning of period
  $ 26,911,493     $ 26,340,036  
 
               
Net income (loss) for the nine months ended
    (187,158 )     1,205,772  
 
               
Cash dividends declared in the period, $.69 and $.54 per share in 2008 and 2007, respectively
    (666,631 )     (521,712 )
 
           
 
Retained earnings at end of period
  $ 26,057,704     $ 27,024,096  
 
           
See Notes to the Condensed Consolidated Financial Statements

5


Table of Contents

CHICAGO RIVET & MACHINE CO.
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2008 and 2007
(Unaudited)
                 
    2008     2007  
Cash flows from operating activities:
               
Net income (loss)
  $ (187,158 )   $ 1,205,772  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
               
Depreciation
    803,352       845,896  
Net gain on the sale of equipment
    (22,753 )     (25,022 )
Deferred income taxes
    (104,000 )     (86,000 )
Changes in operating assets and liabilities:
               
Accounts receivable, net
    803,615       (249,819 )
Inventories
    (599,092 )     (82,424 )
Other current assets
    66,526       34,416  
Accounts payable
    (93,598 )     4,426  
Accrued wages and salaries
    70,700       158,862  
Accrued profit sharing contribution
    (121,000 )     (30,000 )
Other accrued expenses
    166,369       (198,430 )
 
           
Net cash provided by operating activities
    782,961       1,577,677  
 
           
 
               
Cash flows from investing activities:
               
Capital expenditures
    (307,317 )     (340,937 )
Proceeds from the sale of equipment
    27,104       37,816  
Proceeds from certificates of deposit
    11,180,000       13,405,000  
Purchases of certificates of deposit
    (10,099,000 )     (12,880,000 )
 
           
Net cash provided by investing activities
    800,787       221,879  
 
           
 
               
Cash flows from financing activities:
               
Cash dividends paid
    (666,631 )     (521,712 )
 
           
Net cash used in financing activities
    (666,631 )     (521,712 )
 
           
Net increase in cash and cash equivalents
    917,117       1,277,844  
Cash and cash equivalents at beginning of period
    665,072       367,581  
 
           
Cash and cash equivalents at end of period
  $ 1,582,189     $ 1,645,425  
 
           
 
               
Supplemental schedule of non-cash investing activities:
               
Capital expenditures in accounts payable
  $ 6,574     $  
See Notes to the Condensed Consolidated Financial Statements

6


Table of Contents

CHICAGO RIVET & MACHINE CO.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of September 30, 2008 (unaudited) and December 31, 2007 (audited) and the results of operations and changes in cash flows for the indicated periods.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Certain items in 2007 have been reclassified to conform to the presentation in 2008. These changes have no effect on the results of operations or the financial position of the Company.
2. The results of operations for the three and nine-month period ending September 30, 2008 are not necessarily indicative of the results to be expected for the year.
3. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States.
4. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company’s financial position.
5. The Company’s federal income tax returns for the 2005, 2006 and 2007 tax years are subject to examination by the Internal Revenue Service (“IRS”). While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. The 2004 federal income tax return was examined by the IRS and no adjustments were made as a result of the examination.
No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2005, 2006 and 2007 federal income tax returns will expire on September 15, 2009, 2010 and 2011, respectively.
The Company’s state income tax returns for the 2005 through 2007 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2011. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.
6. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. A summary of inventories is as follows:
                 
    September 30, 2008     December 31, 2007  
Raw material
  $ 1,738,455     $ 1,275,595  
Work-in-process
    1,901,981       1,597,483  
Finished goods
    2,498,489       2,577,755  
 
           
 
    6,138,925       5,450,833  
Valuation reserves
    (564,000 )     (475,000 )
 
           
 
  $ 5,574,925     $ 4,975,833  
 
           

7


Table of Contents

CHICAGO RIVET & MACHINE CO.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
7. Segment Information—The Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and screw machine products. The assembly equipment segment includes automatic rivet setting machines, parts and tools for such machines and the leasing of automatic rivet setting machines. Information by segment is as follows:
                                 
            Assembly              
    Fastener     Equipment     Other     Consolidated  
Three Months Ended September 30, 2008:
                               
Net sales and lease revenue
  $ 5,729,633     $ 932,388     $     $ 6,662,021  
 
                               
Depreciation
    228,894       18,402       21,510       268,806  
 
                               
Segment profit
    (33,995 )     164,928               130,933  
Selling and administrative expenses
                    (474,720 )     (474,720 )
Interest income
                    48,378       48,378  
 
                             
Loss before income taxes
                            (295,409 )
 
                             
 
                               
Capital expenditures
    129,492                   129,492  
 
                               
Segment assets:
                               
Accounts receivable, net
    4,036,269       489,529               4,525,798  
Inventories
    4,185,094       1,389,831               5,574,925  
Property, plant and equipment, net
    6,761,755       1,066,503       784,867       8,613,125  
Other assets
                    8,277,421       8,277,421  
 
                             
 
                            26,991,269  
 
                             
 
                               
Three Months Ended September 30, 2007:
                               
Net sales and lease revenue
  $ 7,905,111     $ 1,138,492     $     $ 9,043,603  
 
                               
Depreciation
    238,782       21,250       23,616       283,648  
 
                               
Segment profit
    836,182       171,559               1,007,741  
Selling and administrative expenses
                    (506,479 )     (506,479 )
Plant closing expenses
    459                       459  
Interest income
                    77,380       77,380  
 
                             
Income before income taxes
                            579,101  
 
                             
 
                               
Capital expenditures
    31,267       1,459             32,726  
 
                               
Segment assets:
                               
Accounts receivable, net
    5,631,651       520,796               6,152,447  
Inventories
    4,034,745       1,528,988               5,563,733  
Property, plant and equipment, net
    7,305,274       1,142,874       871,359       9,319,507  
Other assets
                    7,400,707       7,400,707  
 
                             
 
                            28,436,394  
 
                             

8


Table of Contents

CHICAGO RIVET & MACHINE CO.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
                                 
            Assembly              
    Fastener     Equipment     Other     Consolidated  
Nine Months Ended September 30, 2008:
                               
Net sales and lease revenue
  $ 20,095,316     $ 3,028,043     $     $ 23,123,359  
 
                               
Depreciation
    683,514       55,446       64,392       803,352  
 
                               
Segment profit
    562,399       538,645               1,101,044  
Selling and administrative expenses
                    (1,563,427 )     (1,563,427 )
Interest income
                    178,225       178,225  
 
                             
Loss before income taxes
                            (284,158 )
 
                             
 
                               
Capital expenditures
    313,891                   313,891  
 
                               
Nine Months Ended September 30, 2007:
                               
Net sales and lease revenue
  $ 25,491,263     $ 3,630,236     $     $ 29,121,499  
 
                               
Depreciation
    711,539       63,509       70,848       845,896  
 
                               
Segment profit
    2,550,158       712,971               3,263,129  
Selling and administrative expenses
                    (1,597,857 )     (1,597,857 )
Plant closing expenses
    (20,337 )                     (20,337 )
Interest income
                    224,837       224,837  
 
                             
Income before income taxes
                            1,869,772  
 
                             
 
                               
Capital expenditures
    316,971       23,966               340,937  

9


Table of Contents

CHICAGO RIVET & MACHINE CO.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
     Results for the third quarter of 2008, as well as the current year to date, continued to be negatively impacted by the decline in domestic automotive production compared to the year earlier periods, as well as worsening overall economic conditions. Net revenues in the third quarter of 2008 were $6,662,021, a decline of 26.3% compared to 2007, when revenues were $9,043,603. Year to date revenues total $23,123,359, a decline of 20.6% compared to the $29,121,499 recorded for the first three quarters of 2007. Although we have reduced expenses, cost reductions were not sufficient to offset the effects of the decline in sales. The net result was a net loss of $195,409, or $0.20 per share, in the third quarter of 2008 compared to net income of $372,101, or $0.39 per share, in 2007. The year to date net loss is $187,158, or $0.19 per share, compared to net income of $1,205,772, or $1.25 per share, for 2007.
     Within the fastener segment, third quarter revenues declined by $2,175,478, or 27.5%, from $7,905,111 in 2007, to $5,729,633 in 2008. On a year to date basis, 2008 fastener segment revenues have declined by $5,395,947, or 21.2%, from $25,491,263 in 2007 to $20,095,316 in 2008. Demand among automotive sector customers, which has been down since late last year due to slumping U.S. auto sales, weakened further during the quarter as U.S. auto sales near a two-decade low. The spreading economic crisis further negatively impacted most other markets we serve. Along with the drop in demand, we have seen a dramatic increase in the cost of certain items we purchase, most notably steel and natural gas. While the price of steel has risen dramatically this year, our overall raw material costs are down due to the reduction in production activity. The increase in material prices results in raw materials accounting for a larger percentage of cost of sales compared to last year. In addition to natural gas, which increased by $14,000 during the third quarter and $49,000 year to date, the only significant increase in overhead during 2008 was tooling expense, which increased $65,000 through three quarters of 2008, down from $105,000 for the first half of the year, as certain design work was performed in an attempt to improve production efficiency. The closing of the Jefferson, Iowa plant in 2007 has resulted in approximately $106,000 in overhead cost reductions during 2008 compared to 2007. The net result of these factors was a $927,000 reduction in fastener segment gross margin during the third quarter and a $2,237,000 reduction in the year to date amount.
     Assembly equipment segment revenues totaled $932,388 in the third quarter of 2008, a decline of $206,104, or 18.1%, compared to the third quarter of 2007, when revenues were $1,138,492. Demand for our products in this segment continues to be weak and the lower level of production activity, brought on by reduced demand, resulted in a $41,000 decline in gross margin compared to the third quarter of 2007. For the first nine months of 2008, revenues in this segment amounted to $3,028,043, a $602,193 decline, or 16.6%, compared to the first nine months of 2007 when net revenues totaled $3,630,236. In response to the lower level of sales activity in 2008, we have implemented steps to reduce and control expenses, including reductions in both staffing levels and work schedules. The cumulative effect of these actions, however, has not been sufficient to fully offset the effects of reduced volume and, as a result, gross margins declined to $917,000 from $1,186,000 last year.
     Selling and administrative expenses for the third quarter of 2008 were $122,766 lower than during the third quarter of 2007. The lower sales in the quarter resulted in a $43,000 reduction in commission expense. Profit sharing expense declined $29,000 in the third quarter compared with last year due to the reduction in earnings, while office supplies and sales promotion expenses were reduced $15,000 and $11,000, respectively. Lastly, salaries and related benefits account for approximately $10,000 of the net decline due to reduced headcount. The remaining net decrease in the quarter relates to various items with smaller changes. On a year to date basis, selling and administrative expenses have declined $377,558 in 2008 compared with the first nine months of 2007. The largest components of the year to date decline are sales commissions, profit sharing and salaries and related benefits, which have declined by $134,000, $115,000 and $104,000, respectively for the reasons stated above.
     Working capital at September 30, 2008 was approximately $16 million, a reduction of $.5 million from the beginning of the year. While accounts receivable have declined $.8 million since the beginning of the year, primarily due to the lower sales in the third quarter of 2008 compared to the fourth quarter of last year, inventories have increased $.6 million, due to higher raw material prices compared to last year as well as larger quantities of raw material on hand due to reduced customer demand. The net result of these changes and other cash flow items on cash, cash equivalents and certificates of deposit was a decrease of $.2 million, to $7.4 million, as of September 30, 2008.
     The Company has a $1.0 million line of credit, which expires May 31, 2009. This line of credit remains unused. Management believes that current cash, cash equivalents, operating cash flow and the available line of credit will provide adequate working capital for the foreseeable future.

10


Table of Contents

     The decline in revenues in the third quarter and year to date reflects the continued drop in production activity in our primary markets. The fastener segment, which is primarily dependent on sales to companies in the automotive industry, has experienced five straight quarters of declining sales. What began late last year as weakness in the automotive market has now spread to other markets due to the weak economy. The assembly equipment segment, while not as reliant on the automotive sector for revenues, has been hurt by the overall decline in domestic manufacturing activity. Predicting future demand in our markets is difficult and that uncertainty will keep us cautious in the near-term. In response to these challenging market conditions, we will continue to make adjustments to our activities where possible without sacrificing the unsurpassed quality and excellent customer service that is the basis for our success.
This discussion contains certain “forward-looking statements” which are inherently subject to risks and uncertainties that may cause actual events to differ materially from those discussed herein. Factors which may cause such differences in events include, those disclosed under “Risk Factors” in our Annual Report on Form 10-K and in the other filings we make with the United States Securities and Exchange Commission. These factors, include among other things: conditions in the domestic automotive industry, upon which we rely for sales revenue, the intense competition in our markets, the concentration of our sales to two major customers, the price and availability of raw materials, labor relations issues, losses related to product liability, warranty and recall claims, costs relating to environmental laws and regulations, the loss of the services of our key employees and difficulties in achieving expected cost savings. Many of these factors are beyond our ability to control or predict. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

11


Table of Contents

CHICAGO RIVET & MACHINE CO.
Item 4. Controls and Procedures.
     (a) Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act.
     (b) Internal Control Over Financial Reporting. There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

12


Table of Contents

PART II — OTHER INFORMATION
Item 4. Exhibits
     
31   
  Rule 13a-14(a) or 15d-14(a) Certifications
 
   
31.1
  Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
31.2
  Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
32   
  Section 1350 Certifications
 
   
32.1
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
   
32.2
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

13


Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
       
 
  CHICAGO RIVET & MACHINE CO.
 
                         (Registrant)
 
   
 
   
Date: November 10, 2008
   
 
  /s/ John A. Morrissey
 
   
 
  John A. Morrissey
 
  Chairman of the Board of Directors
 
    and Chief Executive Officer
  (Principal Executive Officer)
 
   
Date: November 10, 2008
   
 
  /s/ Michael J. Bourg
 
   
 
  Michael J. Bourg
 
  President, Chief Operating
 
    Officer and Treasurer
 
    (Principal Financial Officer)

14


Table of Contents

CHICAGO RIVET & MACHINE CO.
EXHIBITS
INDEX TO EXHIBITS
             
Exhibit        
Number       Page
31
  Rule 13a-14(a) or 15d-14(a) Certifications        
 
           
31.1
  Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
    16  
 
           
31.2
  Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
    17  
 
           
32
  Section 1350 Certifications        
 
           
32.1
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
    18  
 
           
32.2
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
    19  

15