Business
Glendale International reports second quarter fiscal 2006 financial results
Glendale International reports second quarter fiscal 2006 financial results.
About this update from Firan Technology Group Corporation
[{"type":"text","content":"\n\n\n\n\nOAKVILLE, ON, July 17 /CNW/ - Glendale International Corp. (TSX: GIN)\ntoday reported financial results for the second quarter of fiscal 2006, ended\nJune 2, 2006.\n\nHighlights for the quarter include:\n\n>\n\n\"With our differentiated product offering and innovative features, our\ncore Recreational Vehicles business remains very competitive, however, sales\nwere negatively affected by the stronger Canadian dollar and higher fuel\nprices,\" said Edward C. Hanna, Chief Executive Officer and Chairman, Glendale\nInternational Corp. \"While our overall RV business experienced weaker sales,\nour Travelaire division based in Red Deer, benefited from the continued\nstrength of resource-based industries in Western Canada, with sales of our\nspecialty trailers doing exceptionally well. Our Electronics business achieved\nrecord sales for the quarter, despite the impact of the stronger Canadian\ndollar and production disruptions at their Chatsworth facility, which resulted\nfrom planned upgrades to plant and equipment. And, although sales and\noperating earnings were down in Canadian dollars, our Navigational Aids\nbusiness had recent contract wins and increased bookings, with a significant\norder book backlog half way through the fiscal year.\"\n\nFinancial Results\n\nSales for the second quarter of fiscal 2006 were $44.5 million compared\nwith $48.4 million for the second quarter of fiscal 2005. The decrease was\nprimarily due to lower sales from the Recreational Vehicles business, as well\nas lower sales from the Navigational Aids business when translated into\nCanadian dollars. Net earnings for the quarter were $1.1 million, or $0.09 per\nshare, compared with $1.7 million, or $0.13 per share, for the second quarter\nof fiscal 2005.\nSales for the first six months of fiscal 2006 were $83.1 million compared\nwith $85.4 million for the corresponding period of fiscal 2005. Net earnings\nfor the first six months were $1.9 million, or $0.15 per share, consistent\nwith $1.9 million or $0.15 per share for the same period last year.\nAs of June 2, 2006, Glendale International had working capital of $14.9\nmillion, including cash and cash equivalents of $2.2 million, compared to\nworking capital of $9.2 million, including cash and cash equivalents of $6.2\nmillion, on November 30, 2005.\n\nRecreational Vehicles (Glendale RV and Travel...