Business
Glendale International reports fourth quarter fiscal 2005 financial results
Glendale International reports fourth quarter fiscal 2005 financial results.
About this update from Firan Technology Group Corporation
[{"type":"text","content":"\n\n\n\n\nToronto Stock Exchange Symbol: GIN\n\nOAKVILLE, ON, Feb. 28 /CNW/ - Glendale International Corp. (TSX: GIN)\ntoday reported its fourth quarter and year end financial results for fiscal\n2005, ended November 30, 2005.\n\"Glendale International continues to focus on creating value through the\nsuccessful development of our component businesses,\" stated Edward C. Hanna,\nChief Executive Officer and Chairman, Glendale International Corp. \"The\nfinancial performance of FTG Circuits Chatsworth has exceeded our expectations\nsince its acquisition last year, contributing to a strong growth in sales and\noperating earnings in our Electronics group. Similarly, our Navigational Aids\nbusiness had a record year for profitability, posting its fifth consecutive\nyear of growth in operating earnings. Our Recreational Vehicles business\ncontinues to be one of the most profitable RV businesses in the North American\ntowable RV industry. Our strong profitability is the result of having one of\nthe most innovative and differentiated product lines in the industry. The RV\nbusiness is challenged however by record fuel prices and a strong Canadian\ndollar. Our new 2006 model line, including the redesigned Titanium \nMulti-Purpose Recreational Vehicle (MPRV) and specialty trailers in Western\nCanada are promising prospects for this fiscal year.\"\n\nFinancial Results\n\nSales for the fourth quarter of fiscal 2005 were $41.8 million compared\nwith $45.6 million for the fourth quarter of fiscal 2004. The decrease was\nprimarily due to lower sales from the Recreational Vehicles and Navigational\nAids businesses, which was partially offset by higher sales in our Electronics\nbusiness. Net earnings for the fourth quarter of fiscal 2005 were\n$1.3 million, or $0.10 per share, compared with $2.4 million, or $0.19 per\nshare, for the fourth quarter of fiscal 2004.\nFor the fiscal year, sales decreased to $165.7 million from $186.7\nmillion for fiscal 2004. Net earnings for fiscal 2005 decreased to\n$3.4 million, or $0.27 per share, compared to $10.3 million, or $0.82 per\nshare, last year.\nAs of November 30, 2005, Glendale International had working capital of\n$9.2 million, including cash and cash equivalents of $6.2 million, compared to\nworking capital of $10.9 million, including cash and cash equivalents of\n$5.0 million, on November 30, 2004....