Business
Glendale International reports third quarter financial results
Glendale International reports third quarter financial results
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[{"type":"text","content":"\n\n\n\nOct. 13, 2009 (Canada NewsWire Group) -- OAKVILLE, ON, Oct. 13 /CNW/ -- Glendale International Corp. (TSX: GIN) today reported financial results for the third quarter ended August 28, 2009.Glendale International Corp. reports segmented information in its unaudited interim consolidated financial statements as follows: Recreational Vehicles, Electronics, (only up to and including second quarter of 2009) and Corporate Office. The financial results for the third quarter ended August 28, 2009 and year to date 2009 compared to the same periods in 2008 for each segment are set out below:Recreational Vehicles (Glendale RV and Travelaire Canada)The Recreational Vehicle segment is comprised of two operating divisions, Glendale RV located in Strathroy, Ontario and Travelaire located in Red Deer, Alberta.Glendale RV-----------Net loss for the Glendale RV division for the third quarter was $1,012,000 compared to net loss of $1,417,000 for the third quarter of 2008. Year to date net loss was $3,095,000 compared to a loss of $1,747,000 for the same period last year. Sales at Glendale RV were $4,273,000 in the third quarter of 2009 compared to $3,398,000 in 2008. Year to date sales were $8,991,000 compared to $16,581,000 for the same period in 2008. The increase in sales and decrease in net loss for the third quarter result from a small pick up in the RV Industry. However, the year to date numbers continue to be impacted by the negative conditions of the North American economy.Travelaire----------Net loss for the Travelaire division for the third quarter was $235,000 compared to a net loss of $756,000 for the third quarter of 2008. Year to date loss was $1,264,000 compared to $2,343,000 for the same period in 2008. Sales at Travelaire were $2,027,000 in the current quarter compared to $1,376,000 in 2008. Year to date sales were $6,041,000 compared to $6,723,000 in 2008.The increase in sales at Travelaire in the third quarter, compared to the same period last year, was the result of orders for commercial products received and shipped during the quarter. Year to date sales in 2009 as compared to the same period of 2008 relate to lower activity in the resource sector and the economic factors affecting the RV Industry. The reduction in net loss in the third quarter and year to date was due to lower production and overhead costs associated w...