Raydan Manufacturing Reports 2010 Financial Results
28 Septembre 2010 - 2:26AM
PR Newswire (Canada)
EDMONTON, Sept. 27 /CNW/ -- EDMONTON, Sept. 27 /CNW/ - Raydan
Manufacturing Inc (the Company) (TSX-V:RDN) reported financial
results for the quarter ended July 31, 2010. The quarter ended July
31, 2010 showed improvement in the Company's performance, due in
large part to the contract to supply custom designed trailer
suspensions for military purposes. However, operations continue to
be hampered by the ongoing low demand for manufactured products and
the low volume sales of Class 8 trucks throughout North America.
Revenue was derived as follows: Manufacturing division 82.5%;
Chassis Modifications 17% and Service Work .5%. Consolidated
revenue for the three months ended July 31, 2010, was $2.2M
compared to $1.3M for the same period last year, an increase of
64%. Revenue was lower than anticipated due to an unavoidable delay
in shipping the July order of trailer suspensions to the second
quarter of this fiscal year. (in CAD dollars 000's) Three months
ended Difference July 31, July 31, 2010 2009 Revenue 2,223 1,353
870 Income (Loss) Continuing Operations (71) (396) 325 Loss
Discontinued Operations 56 (163) 219 Net Loss (15) (559) 544 EPS
(basic) from continuing operations (0.004) (0.024) 0.020 EPS
(basic) from discontinued operations (0.003) (0.010) 0.013 EPS
(basic) total (0.001) (0.034) 0.033 Total Assets 6,790 7,119 (329)
The Raydan Ontario operation was placed into receivership in
February 2010 and has been reclassified as a discontinued operation
for this year and all comparative years. Management took this
action to cut the losses being generated by Raydan Ontario. It is
expected to have a positive affect on Raydan's overall financial
results in the future. The Company continues to focus on the
trailer suspension approved for military purposes as the best
opportunity for future growth and profitability. The issues
surrounding the delay in shipment of product in July have been
resolved and the regular shipping schedule will resume by the end
of the second quarter. As well, development of the single axle
suspension continues on target, with testing currently underway by
a large fire apparatus manufacturer. Anticipated future sales will
impact the Company's earning potential. About Raydan Manufacturing
Raydan Manufacturing Inc, based in Edmonton, Alberta, develops and
produces specialized suspension and coupling systems for trucks,
trailers and heavy equipment, as well as operates a chassis
modification centre. Established in 1992, Raydan exports its
innovative, high-quality products to end-users and original
equipment manufacturers (OEMs) in the heavy-duty truck, crane,
fire/rescue and other severe use sectors around the world. The TSX
Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This
news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ
materially from the statements made. Potentially, many factors
could cause our actual results to vary materially from those
described herein as intended, planned, anticipated or expected.
Raydan Manufacturing Inc. does not intend and does not assume any
obligation to update these forward-looking statements. %SEDAR:
00014612E Raydan Manufacturing Inc., Joan Richardson, Office
Manager/Investor Relations, 780 955 2859, 888 472 9326,
jrichardson@raydanmfg.com, www.raydanmfg.com; Derrek Dobko,
Controller, 780 955 2859, 888 472 9326, ddobko@raydanmfg.com,
www.raydanmfg.com
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