Business
Glendale International reports first quarter results
Glendale International reports first quarter results.
About this update from Firan Technology Group Corporation
[{"type":"text","content":"\n\n\n\n\nToronto Stock Exchange Symbol: GIN\n\nOAKVILLE, ON, April 17 /CNW/ - Glendale International Corp. (TSX: GIN)\ntoday reported financial results for the first quarter of fiscal 2006 ended\nMarch 3, 2006.\n\"We had an encouraging first quarter with positive highlights in each of\nour businesses,\" said Edward C. Hanna, Chief Executive Officer and Chairman,\nGlendale International Corp. \"In our Recreational Vehicles business, we saw\nthe first quarter-over-quarter sales growth in over two years as our 2006\nmodel line and strong demand in Western Canada for specialty trailers\ncontributed to sales growth of 3.6% for the quarter, despite the challenges\ninherent in the stronger Canadian dollar. Our Electronics business posted\nstrong growth in sales and operating earnings with solid contributions from\nboth their Circuits division and their Aerospace division. And, prior to the\nconversion to Canadian dollars, our U.K.-based Navigational Aids business\nposted sales growth of 1.1% and growth in operating earnings of 6.7%, while\nreceiving its first production order from the U.S. Air Force for Tactical Air\nNavigation beacons.\"\n\nFinancial Results\n\nSales for the first quarter of fiscal 2006 increased 4.2% to\n$38.6 million compared with $37.0 million for the first quarter of last year.\nSales growth in the Recreational Vehicles business and the Electronics\nbusiness was partially offset by lower sales in the Navigational Aids business\ndue to the stronger Canadian dollar. Net earnings for the first quarter of\nfiscal 2006 increased 329.8% to $0.8 million, or $0.06 per share, compared\nwith $0.2 million, or $0.01 per share, for the first quarter of fiscal 2005.\nAs of March 3, 2006, Glendale International had working capital of\n$10.1 million, including cash and cash equivalents of $1.0 million, compared\nto working capital of $9.2 million, including cash and cash equivalents of\n$6.2 million, on November 30, 2005.\n\nRecreational Vehicles (Glendale RV and Travelaire Canada)\n\nSales for the Recreational Vehicles business for the quarter increased\n3.6% to $21.4 million from $20.6 million for the first quarter of last year.\nThe Recreational Vehicles business benefited from a strong Albertan economy,\nand in particular, sales of specialty trailers were positively affected by the\nbooming oil sands industry. Operating earn...