Raydan Manufacturing Inc Reports Q2 Results
December 17 2010 - 5:21PM
PR Newswire (Canada)
EDMONTON, Dec. 17 /CNW/ -- EDMONTON, Dec. 17 /CNW/ - Raydan
Manufacturing Inc. (TSX-V: RDN) has provided financial results for
the second quarter ended October 31, 2010. The Company's
performance showed some improvement despite the slow Canadian
economy and the troubled world economic situation. Management finds
reason to be optimistic due to the strength of sales of the custom
designed trailer suspension for military purposes (CMSMP-2009) and
indications from several long-time customers that sales volumes are
expected to increase. Consolidated revenue increased by 128% to
$4,7M, compared to $2.1M for the same six month period last year,
demonstrating the growth in sales volumes for the Manufacturing
Division and steady sales for the Chassis Modification Division.
However, revenue was lower than expected due to the delay in
shipping the October 2010 order of the CMSMP-2009 suspensions,
representing revenue of $500K and resulting in a loss for the
period of 25K. The Company experienced significant growth in
revenue compared to the same period in fiscal 2010, placing the
loss position just below breakeven. Management considers this to be
a significant step in returning to profitability for the Company.
About Raydan Manufacturing Inc Raydan Manufacturing Inc based in
Edmonton, Alberta, develops and produces specialized suspension and
coupling systems for trucks, trailers and heavy equipment.
Installations are completed at the Company's chassis modification
centre in either Alberta or Ontario. Established in 1992, Raydan
exports its innovative, high-quality products to end-users and
original equipment manufacturers (OEMs) in the heavy-duty truck,
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 new 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. To view this
news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/17/c6443.html
pRaydan Manufacturing Incbr/ Joan Richardson br/ Tel:
780-955-2859br/ Toll Free: 1-888-472-9326 br/ a
href="mailto:jrichardson@raydanmfg.com"jrichardson@raydanmfg.com/a br/
a href="http://www.raydanmfg.com/"www.raydanmfg.com/a /p
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