UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________

FORM 10-Q

_________________

 ☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: July 31, 2018

or

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________

_________________

International Baler Corporation

(Exact name of registrant as specified in its charter)

_________________

Delaware	0-14443	13-2842053
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

 

5400 Rio Grande Avenue, Jacksonville, FL 32254

(Address of Principal Executive Offices) (Zip Code)

904-358-3812

(Registrant’s telephone number, including area code)

N/A
(Former name or former address and former fiscal year, if changed since last report)

_________________

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 ☒  No ☐  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☐  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)

Yes ☐  No ☒

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☒  No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 5,183,895 shares of common stock at August 31, 2018.

INTERNATIONAL BALER CORPORATION

 

TABLE OF CONTENTS

 

	PAGE
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS	3
Balance Sheets ad of July 31, 2018, (unaudited) and October 31, 2017	3
Statements of Income for the three months ended and nine months ended July 31, 2018 and 2017 (unaudited)	4
Statement of Changes in Stockholders’ Equity for the nine months ended July 31, 2018 (unaudited)	5
Statement of Cash Flows for the nine months ended July 31, 2018 and 2017 (unaudited)	6
Notes to Financial Statements (unaudited)	7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS	11
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	12
ITEM. 4 CONTROLS AND PROCEDURES	12
PART II. OTHER INFORMATION	13
ITEM 1. LEGAL PROCEEDINGS	13
ITEM 5. OTHER INFORMATION	13
ITEM 6. EXHIBITS	13
SIGNATURES	14

 

 

INTERNATIONAL BALER CORPORATION
BALANCE SHEETS
		July 31, 2018				October 31, 2017
			Unaudited
ASSETS
Current assets:
Cash and cash equivalents		$	4,815,324			$	4,541,767
Accounts receivable, net of allowance for doubtful accounts of $15,000 at July 31, 2018 and at October 31, 2017			423,749				909,784
Inventories			4,282,802				4,429,648
Prepaid expense and other current assets			225,959				105,935
Income taxes receivable			—				126,886
Total current assets			9,747,834				10,114,020
Property, plant and equipment, at cost:			4,052,323				3,960,510
Less: accumulated depreciation			2,778,318				2,637,818
Net property, plant and equipment			1,274,005				1,322,692
Other assets
Deferred income taxes			26,975				37,348
Total other assets			26,975				37,348
TOTAL ASSETS		$	11,048,814			$	11,474,060
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	545,945			$	765,019
Accrued liabilities			309,112				355,016
Customer deposits			1,169,412				1,480,836
Total current liabilities			2,024,469				2,600,871
Total liabilities			2,024,469				2,600,871
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, par value $.0001,10,000,000 shares authorized, none issued			—				—
Common stock, par value $.01, 25,000,000 shares authorized;6,429,875 shares issued at July 31, 2018 and October 31, 2017			64,299				64,299
Additional paid-in capital			6,419,687				6,419,687
Retained earnings			3,221,769				3,070,613
			9,705,755				9,554,599
Less:Treasury stock, 1,245,980 shares, at cost			(681,410	)			(681,410	)
Total stockholders' equity			9,024,345				8,873,189
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	11,048,814			$	11,474,060
See accompanying notes to financial statements.

 

 

INTERNATIONAL BALER CORPORATION
STATEMENTS OF INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED JULY 31, 2018 AND 2017
UNAUDITED
			Three Months								Nine Months
			2018				2017				2018				2017
Net sales:
Equipment		$	1,388,022			$	2,285,750			$	5,822,173			$	5,954,117
Parts and service			633,935				826,209				2,173,052				2,061,356
Total net sales			2,021,957				3,111,959				7,995,225				8,015,473
Cost of sales			1,721,277				2,695,557				6,921,504				7,020,860
Gross profit			300,680				416,402				1,073,721				994,613
Operating expense:
Selling expense			130,843				128,223				346,377				351,181
Administrative expense			164,381				164,624				486,716				509,422
Total operating expense			295,224				292,847				833,093				860,603
Operating income			5,456				123,555				240,628				134,010
Other income:
Interest income			983				1,579				5,028				4,330
Total other income			983				1,579				5,028				4,330
Income before income taxes			6,439				125,134				245,656				138,340
Income tax provision			1,500				44,000				94,500				48,500
Net income		$	4,939			$	81,134			$	151,156			$	89,840
Income per share, basic and diluted		$	0.00			$	0.02			$	0.03			$	0.02
Weighted average number of shares outstanding			5,183,895				5,183,895				5,183,895				5,183,895
See accompanying notes to financial statements.

 

 

INTERNATIONAL BALER CORPORATION
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED JULY 31, 2018
UNAUDITED
			Common Stock																Treasury Stock
			NUMBER OF SHARES ISSUED				PAR VALUE				ADDITIONAL PAID-IN CAPITAL				RETAINED EARNINGS				NUMBER OF SHARES				COST				TOTAL STOCKHOLDERS’ EQUITY
Balance at November 1, 2017			6,429,875			$	64,299			$	6,419,687			$	3,070,613				1,245,980			$	(681,410	)		$	8,873,189
Net income			—				—				—				151,156				—				—				151,156
Balance at July 31, 2018			6,429,875			$	64,299			$	6,419,687			$	3,221,769				1,245,980			$	(681,410	)		$	9,024,345
See accompanying notes to financial statements.

 

 

INTERNATIONAL BALER CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JULY 31, 2018 AND 2017
UNAUDITED
			2018				2017
Cash flow from operating activities:
Net income		$	151,156			$	89,840
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			140,500				148,500
Deferred income taxes			10,373				—
Changes in operating assets and liabilities:
Accounts receivable			486,035				(433,157	)
Other receivable			—				(305,433	)
Inventories			146,846				84,673
Prepaid expenses and other assets			(120,024	)			(39,150	)
Income taxes receivable			126,886				43,083
Accounts payable			(219,074	)			645,499
Accrued liabilities			(45,904	)			97,594
Customer deposits			(311,424	)			424,382
Net cash provided by (used in) operating activities			365,370				755,831
Cash flows from investing activities:
Purchase of property and equipment			(91,813	)			(16,826	)
Withdrawals and redemptions of certificates of deposit			—				310,463
Net cash (used in) provided by investing activities			(91,813	)			293,637
Net increase in cash and cash equivalents			273,557				1,049,468
Cash and cash equivalents at beginning of period			4,541,767				2,719,337
Cash and cash equivalents at end of period		$	4,815,324			$	3,768,805
Supplemental disclosure of cash flow information:
Cash paid during period for:
Interest		$	—			$	—
Income taxes		$	125,000			$	—
See accompanying notes to financial statements.

 

 

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

 

1. Nature of Business:

 

International Baler Corporation (the “Company”) is a manufacturer of baling equipment which is designed to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling. Materials commonly baled include scrap metal, corrugated boxes, newsprint, aluminum cans, plastic bottles, and other solid waste. More sophisticated applications include baling of textile materials, fibers and synthetic rubber. The Company offers a wide variety of balers, standard models as well as custom models, and conveyors to meet specific customer requirements.

 

The Company’s customers include recycling facilities, distribution centers, textile mills, and companies which generate the materials for baling and recycling. The Company sells its products worldwide with annual sales outside the United States typically ranging from 10% to 35%.

 

2. Basis of Presentation:

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information in footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the nine-month period ended July 31, 2018 are not necessarily indicative of the results that may be expected for the year ending October 31, 2018. The accompanying balance sheet as of October 31, 2017 was derived from the audited financial statements as of October 31, 2017.

 

3. Summary of Significant Accounting Policies:

 

(a) Accounts Receivable & Allowance for Doubtful Accounts:

 

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable. The Company reviews its allowance for doubtful accounts monthly including the analysis of historical trends, customer credit worthiness and the aging of receivables. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

(b) Inventories:

 

Prior to the 2018 fiscal year, the Company reported inventories at the lower of cost or market. Effective November 1, 2017, the Company began stating inventories prospectively at the lower of cost and net realizable value in accordance with Accounting Standards Update 2015-11 Simplifying the Measurement of Inventory. Generally, under the prior method, market was replacement cost, while net realizable value is based on the selling price of the inventory. This change had no significant effect on earnings. Cost is determined by a method that approximates the first-in, first-out method. Work in process and finished goods are valued based on underlying costs to manufacture balers which include direct materials, direct and indirect labor, and overhead. The Company reviews inventory for obsolescence on a regular basis.

 

 

(c) Revenue Recognition:

 

The Company recognizes revenue when finished products and/or parts are shipped and the customer takes ownership and assumes the risk of loss. Revenue from installation services is recognized on completion of the service. The Company recognizes revenue from repair services in the period in which the service is provided.

 

(d) Warranties and Service:

 

The Company typically warrants its products for one (1) year from the date of sale as to materials and six (6) months as to labor, and offers services for other required repairs and maintenance. Service is rendered by repairing or replacing parts at the Company’s Jacksonville, Florida facility, by on-site service provided by Company personnel who are based in Jacksonville, Florida or by local service agents who are engaged as needed. The Company maintains an accrued liability for expected warranty claims. The warranty accrual is based on historical warranty costs, the quantity and types of balers currently under warranty, and known warranty issues.

 

Following is a tabular reconciliation of the changes in the warranty accrual for the nine-month period ended July 31:

 

		2018				2017
Beginning balance		$	70,000			$	65,000
Warranty service provided			(80,986	)			(166,653	)
New product warranties			61,192				119,082
Changes to pre-existing warranty accruals			19,794				67,571
Ending balance		$	70,000			$	85,000

 

(e) Fair Value of Financial Instruments:

 

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, short term certificates of deposit, accounts receivable, accounts payable, accrued liabilities, and customer deposits, approximate their fair value due to the short-term nature of these assets and liabilities.

 

(f) Recent Accounting Pronouncements:

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This guidance supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the topic. The guidance requires an entity to recognize revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the considerations to which the company expects to be entitled in exchange for those goods or services.

 

In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company does not believe this will have a significant impact on the financial statements, as generally, contracts contain one distinct performance obligation and specifically state the performance obligation is the delivery of equipment in exchange for a stated consideration. Contracts are not long term and balers are manufactured for individual orders and revenue recognized at time of shipment.

 

 

4. Related Party Transactions:

 

Leland E. Boren, a stockholder and director of the Company, is the owner of Avis Industrial Corporation (Avis). Mr. Boren controls over 80% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company and Harris Waste Management Group, Inc., both competitors of the Company. These baler companies operate completely independent of each other. The Company had no purchases from these companies in the first nine months of fiscal 2018 or in the fiscal year ended October 31, 2017. The Company had no sales to The American Baler Company in the first nine months of fiscal 2018 or the fiscal year ended October 31, 2017. The Company sold four balers and one conveyor to Harris Waste Management for $238,377 in the first nine months of fiscal 2018 and had no sales to Harris Waste Management in the fiscal year ended October 31, 2017.

 

5. Inventories:

 

Inventories consisted of the following:

 

		July 31, 2018				October 31, 2017
Raw materials		$	2,195,632			$	2,287,901
Work in process			1,683,070				1,966,519
Finished goods			404,100				175,228
		$	4,282,802			$	4,429,648

 

6. Debt:

 

The Company has a $1,650,000 line of credit agreement with First Merchants Bank of Muncie, Indiana which was renewed on May 15, 2018. The line of credit allows the Company to borrow at an interest rate equal to the Wall Street Journal prime rate minus 0.95%, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2019. The line of credit had no outstanding balance at July 31, 2018 and at October 31, 2017.

 

7. Income Taxes:

 

Tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. Factors considered included, historical results of operations, volatility of the economic conditions and projected earnings based on current operations. Based on this evidence, it is more likely than not that the deferred tax assets would be realized. Accordingly, there is no valuation allowance as of July 31, 2018 and at October 31, 2017. However, if it is determined that all or part of the deferred tax assets will not be used in the future, an adjustment to the deferred tax assets would be charged against net income in the period such determination is made. As of July 31, 2018 and October 31, 2017, net deferred tax assets were $26,975 and $37,348, respectively.

 

The Company records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses.

 

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into United States tax law on December 22, 2017. The Act made significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21%, and changes in business-related exclusions, and deductions and credits. As a result of the income tax rate reduction, the Company reduced net deferred income tax assets by approximately $10,000 during the first quarter ending January 31, 2018.

 

 

8. Commitments and Contingencies:

 

The Company, in the ordinary course of business, is subject to claims made, and from time to time is named as a defendant in legal proceedings relating to the sales of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity.

 

On December 1, 2017 the Company was served with a complaint related to an injury to an employee working at Integrated Coating and Seed Technology Inc., (INCOTEC). The employee was operating a baler manufactured by the Company in 1994. The injury occurred on December 4, 2015. The plaintiff is Star Insurance Company. The Company’s insurer has retained an attorney and has begun the discovery process. The Company believes its exposure is a range of $0 to $25,000, the amount of the Company’s deductible on its insurance policy. Accordingly, the Company accrued $25,000 during the six months ended April 30, 2018.

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read together with our unaudited financial statements and the related notes thereto included in Part I, Item 1 “Financial Statements”. For further information, refer to the Company’s Annual Report on Form 10-K for the year ended October 31, 2017, and the Management Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q.

 

Results of Operations: Three Month Comparison

 

In the third quarter ended July 31, 2018, the Company had net sales of $2,021,957 compared to net sales of $3,111,959 in the third quarter of fiscal 2017. The lower sales was the result of lower equipment shipments in the third quarter of fiscal 2018, fifteen balers and conveyors in fiscal 2018 versus twenty-three in fiscal 2017. The lower shipments were the result of market conditions including lower prices for recycled materials.

 

The Company had net income of $4,939 in the third quarter of fiscal 2018, compared to net income of $81,134 in the third quarter of fiscal 2017. The lower income was the result of the lower shipments of balers and conveyors in the quarter.

 

Results of Operations: Nine Month Comparison

 

The Company had net sales of $7,995,225 in the first nine months of fiscal 2018, compared to net sales of $8,015,473 in the same period of 2017. The Company shipped fifty-six balers and conveyors at an average price of approximately $104,000 in the first nine months of fiscal 2018 compared to seventy-four balers and conveyors at an average price of approximately $80,000 in fiscal 2017. The market for balers has been trending toward larger equipment for several years and the Company expects this trend to continue.

 

The Company had net income of $151,156 in the first nine months of fiscal 2018 compared to net income of $89,840 in the same period of fiscal 2017. The higher net income was the result of slightly higher gross profit margins from higher parts sales and lower selling and administrative expenses. The lower selling expenses were due to lower advertising expenses, conventions and show expense partially offset by higher salary expenses. The lower administrative expenses were the result of lower salary expenses and insurance costs.

 

The sales order backlog was approximately $3,140,000 at July 31, 2018 and $3,190,000 at July 31, 2017.

 

Financial Condition and Liquidity:

 

Net working capital at July 31, 2018 was $7,723,365 as compared to $7,513,149 at October 31, 2017. The Company currently believes that it will have sufficient cash flow to be able to fund operating activities for the next twelve months.

 

Average days sales outstanding (DSO) in the first nine months of fiscal 2018 were 22.8 days, as compared to 26.4 days in the first nine months of fiscal 2017. DSO is calculated by dividing the total of the month-end net accounts receivable balances for the period by three, and dividing that result by the average day’s sales for the period (period sales ÷ 273).

 

During the nine months ended July 31, 2018 and 2017, the Company made additions to plant and equipment of $91,813 and $16,826 respectively.

 

The Company has a $1,650,000 line of credit agreement with First Merchants Bank of Muncie, Indiana which was renewed on May 15, 2018. The line of credit allows the Company to borrow at an interest rate equal to the Wall Street Journal prime rate minus 0.95%, adjusting daily. The line of credit is secured by all assets of the Company and expires on May 15, 2019. The line of credit had no outstanding balance at July 31, 2018 and at October 31, 2017.

 

 

In the event that the Company’s line of credit would not be available, the Company would pursue a line of credit from other sources, and take steps to minimize expenditures, such as delaying capital expenditures and reducing overhead costs.

 

Forward Looking Statements

 

Certain statements in this Report contain forward-looking statements within the meaning of Section 21B of the Securities and Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties including, but not limited to, changes in general economic conditions and changing competition which could cause actual results to differ materially from those indicated.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

The Company is exposed to changes in interest rates as a result of its financing activities, including its borrowings on the revolving line of credit facility. Based on the current level of borrowings, a change in interest rates is not expected to have a material effect on operations or financial position.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Controls and Procedures

 

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including the Company’s Chief Executive Officer (CEO) / Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosures.

 

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is necessarily required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

 

As of the end of the period covered by this report, and under the supervision and with the participation of the management, including the Company’s CEO/CFO, management evaluated the effectiveness of the design and operation of these disclosure controls and procedures. Based on this evaluation and subject to the foregoing, the Company’s CEO/CFO concluded that the Company’s disclosure controls and procedures were effective.

 

Management, with the participation of the Company’s principal executive and principal financial officers, also assessed the effectiveness of the Company’s internal control over financial reporting as of July 31, 2018. This assessment was performed using the criteria established under the Internal Control-Integrated Framework established by Committee of Sponsoring Organization of the Treadway Commission (“COSO”).

 

As part of a continuing effort to improve the Company’s business processes management is evaluating its internal controls and may update certain controls to accommodate any modifications to its business processes or accounting procedures.

 

 

Changes in Internal Control over Financial Reporting

 

The Company’s management, including CEO/CFO, confirm that there were no changes in the Company’s internal control over financial reporting during the fiscal quarter ended April 30, 2018 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

On December 1, 2017 the Company was served with a complaint related to an injury to an employee working at Integrated Coating and Seed Technology Inc., (INCOTEC). The employee was operating a baler manufactured by the Company in 1994. The injury occurred on December 4, 2015. The plaintiff is Star Insurance Company. The Company’s insurer has retained an attorney and has begun the discovery process. The Company believes its exposure is a range of $0 to $25,000, the amount of the Company’s deductible on its insurance policy. Accordingly, the Company accrued $25,000 during the six months ended April 30, 2018.

 

ITEM 5. OTHER INFORMATION

 

None

 

ITEM 6. EXHIBITS

 

The following exhibits are submitted herewith:

 

Exhibit
31		Certification of William E. Nielsen, Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a–14(a)/15d-14(a).
32		Certification of William E. Nielsen, Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned there unto duly authorized.

 

		INTERNATIONAL BALER CORPORATION
September 14, 2018	By:	/s/ William E. Nielsen
		William E. Nielsen
		Chief Executive Officer
		Chief Financial Officer

Dated: Septem D Dated: September 12, 2018