Business
Glendale International reports second quarter fiscal 2005 financial results
Glendale International reports second 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, July 7 /CNW/ - Glendale International Corp. (TSX: GIN)\ntoday reported its financial results for the second quarter of fiscal 2005,\nended May 27, 2005.\n\nThe quarter was highlighted by:\n- Sales of $48.9 million;\n- Net earnings of $1.7 million, or $0.13 per share;\n- Record sales and operating earnings at the Navigational Aids\n business.\n\n\"We continued to aggressively market our line of differentiated products\nand innovative option packages in our core Recreational Vehicles business,\nhowever, we were challenged by the stronger Canadian dollar, which was 9%\nhigher in the second quarter of fiscal 2005 than the corresponding period of\nfiscal 2004,\" said Edward C. Hanna, Chief Executive Officer and Chairman,\nGlendale International Corp. \"As the market leader in innovation, quality and\nvalue, we continue to achieve pre-tax profit margins that are on par with the\nlargest and most profitable company in the towable RV industry. Our\nElectronics business benefited from the acquisition late last year of U.S.-\nbased Young Electronics, which contributed to the growth in revenue and a\nreturn to pre-tax profitability despite the impact of a stronger Canadian\ndollar on the Canadian Circuits division. At our Navigational Aids business,\nthe improved margins achieved across the company's product line continued to\ncontribute to growth in operating earnings.\"\n\nFinancial Results\n\nSales for the second quarter of fiscal 2005 were $48.9 million compared\nwith $54.9 million for the second quarter of fiscal 2004 as higher sales for\nthe Navigational Aids and Electronics businesses were offset by lower sales\nfor the Recreational Vehicles business. Net earnings for the second quarter of\nfiscal 2005 were $1.7 million, or $0.13 per share, compared with $2.5 million\n(including a restructuring recovery of $0.3 million), or $0.20 per share, for\nthe second quarter of fiscal 2004.\nSales for the first six months of fiscal 2005 were $86.4 million compared\nwith $96.1 million for the corresponding period of fiscal 2004. Net income for\nthe first six months of fiscal 2005 was $1.9 million, or $0.15 per share,\ncompared with $3.1 million or $0.25 per share for the first six months of\nfiscal 2004.\nAs of May 27, 2005, Glendale International had working capital of\n$13.6 millio...