Raydan Manufacturing Reports 2010 Financial Results
21 August 2010 - 12:27AM
PR Newswire (Canada)
EDMONTON, Aug. 20 /CNW/ -- EDMONTON, Aug. 20 /CNW/ - Raydan
Manufacturing Inc (the Company) (TSX-V:RDN) reported financial
results for the fiscal year ended April 30, 2010. The year end
resulted in revenue declining 34% to $6,894 from $10,476 in the
previous year. The loss for 2010 was $2,814, including $1,745 from
discontinued operations compared to the loss in fiscal 2009 of
$564, including $899 from discontinued operations. The decline in
revenue is attributed to the low demand for manufactured product,
the reduction in new truck sales in North America and the placing
of the Ontario operation into voluntary receivership. (in CAD
dollars 000's) 2010 2009 Revenue $ 6,894 $ 10,476 Gross Profit $
1,097 $ 2,334 Income (Loss) Continuing Operations $ (1,069) $ 334
Loss Discontinued Operations $ (1,745) $ (899) Net Loss $ (2,814) $
(564) EPS (basic) from continuing operations $ (0.065) $ 0.020 EPS
(basic) from discontinued operations $ (0.106) $ (0.055) EPS
(basic) total $ (0.171) $ (0.035) Shares outstanding (basic) 16,353
16,353 Operations for fiscal 2010 have been hampered by the
continued low demand for manufactured product. However,
commencement of the US Marine trailer suspension project in
November 2009 has resulted in improvement to the Company's
performance for the last half of this reporting period. Chassis
Modification sales were low due to sluggish new truck sales in
North America. The Raydan Ontario operation was placed into
receivership in February 2010 and has been reclassified as a
discontinued operation for this year and all comparative years.
Management took this action to cut the losses being generated by
Raydan Ontario. The loss resulting from the liquidation of assets
has generated a substantial non-operating loss, which has been
recorded in this period. The resulting elimination of future
operating losses will have a positive affect on Raydan's overall
financial results in the future. The Receiver will remain in place
until all requirements of Service Canada have been met. About
Raydan Manufacturing Raydan Manufacturing Inc, based in Edmonton,
Alberta, develops and produces specialized suspension and coupling
systems for trucks, trailers and heavy equipment, as well as
operates a chassis modification centre. Established in 1992, Raydan
exports its innovative, high-quality products to end-users and
original equipment manufacturers (OEMs) in the heavy-duty truck,
crane, fire/rescue and other severe use sectors around the world.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This
news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ
materially from the statements made. Potentially, many factors
could cause our actual results to vary materially from those
described herein as intended, planned, anticipated or expected.
Raydan Manufacturing Inc. does not intend and does not assume any
obligation to update these forward-looking statements. %SEDAR:
00014612E Raydan Manufacturing Inc., Joan Richardson, Office
Manager/Investor Relations, 780 955 2859, 888 472 9326,
jrichardson@ravdanmfg.com, www.raydanmfg.com; Derrek Dobko,
Controller, 780 955 2859, 888 472 9326, ddobko@raydanmfg.com,
www.raydanmfg.com
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