Glendale international reports fourth quarter and fiscal financial results



    Toronto Stock Exchange Symbol: GIN

    OAKVILLE, ON, Feb. 23 /CNW/ - Glendale International Corp. (TSX: GIN)
today reported financial results for the fourth quarter and year ended
November 30, 2008.
    Glendale International Corp. reports segmented information in its audited
consolidated financial statements as follows: Recreational Vehicles, Nav Aids
which is classified as a discontinued operation, Electronics, and Corporate
Office. The financial results for the fourth quarter ended November 30, 2008
and fiscal 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 fourth quarter was $403,000
compared to net earnings of $338,000 for the fourth quarter of 2007. Sales at
Glendale RV were $3.6 million in the fourth quarter of 2008 compared to $10.1
million in 2007. Year to date net loss was $2.1 million compared to net loss
of $61,000 for the same period in 2007. Year to date sales were $20.2 million
compared to $41.6 million for the same period in 2007. The decrease in sales
and profitability for the fourth quarter and year to date is the result of a
combination of negative economic factors including fluctuations in currencies,
fluctuations in the price of oil, availability of credit, and the negative
conditions of the North American economy.
    The RV industry continues to weaken due to the various negative economic
factors noted above. Recreational Vehicles shipments as reported by the RVIA
were down 75% in December 2008 compared to 2007 and are down 32.9% in 2008
compared to 2007. University of Michigan economist Richard Curtin has forecast
that wholesale RV shipments will fall a further 21.2% in 2009 as compared to
2008. Glendale RV is now seeing the full impact of the weakening economic
conditions and management are aggressively reducing costs wherever possible.

    
    Travelaire
    ----------
    

    Sales at Travelaire were $3.2 million in the current quarter compared to
$1.8 million in 2007. Year to date sales were $10.0 million compared to $25.6
million in 2007. Net loss for the Travelaire division for the current quarter
was $1.4 million compared to net earnings of $11,000 for the same quarter of
2007. Year to date net loss was $3.7 million compared to net earnings of
$758,000 for the same period in 2007.
    The increase in sales at Travelaire in the fourth quarter 2008 as
compared to the fourth quarter of 2007 relates to the sale of workforce
accommodations, mobile office units and well site units for the natural
resource and construction industries in Western Canada. Travelaire has focused
on the manufacture of these products to further diversify its manufacturing
capabilities to include recreational vehicles, park models and commercial
products. At the end of the fourth quarter of 2008 order back log for
production of commercial units was approximately two months. As a result of
the recent significant decline in the price of crude oil, the demand for
Commercial Products in Western Canada is uncertain. The decrease in sales in
2008 as compared to 2007 relates to the decline in the sale of recreational
vehicles.
    Net loss for the fourth quarter was $41,000 excluding certain one time
charges of $1.3 million. The charges included a restructuring charge of
$632,000 which relates to costs associated with the diversification of
manufacturing capabilities to include commercial products, $239,000 in pension
expense relating to the updated actuarial assumptions for its defined benefit
pension plan, $255,000 relating to an increase in warranty expense as a result
of the transition to commercial products, and $226,000 relating to inventory
adjustments.

    
    Electronics (Firan Technology Group Corporation)

    Management of FTG accomplished many goals in 2008 that continue to improve
the company and position it for the future, including:

    -   Successful acquisition and integration of Filtran Microcircuits into
        FTG's existing Circuits facilities in Toronto and Chatsworth
    -   Contract wins or renewals, new or increased qualification levels,
        and/or new programs with Cobham, GE Aviation, GE Transport,
        Honeywell, L-3 Communications, Lockheed Martin, Merrimac Industries,
        Raytheon, Rockwell Collins, Sanmina-SCI, and others
    -   Expanded production facility for FTG Circuits - Chatsworth
    -   Increased technical capabilities in the Circuits business including
        pre and post bonded RF circuit cards, multi-layer RF circuit cards,
        high density interconnects, and buried passive components
    -   Increased technical capabilities in the Aerospace business including
        lighting power supplies, increased electronic design and test
        capabilities and higher value added products including hardware and
        software development
    -   Signed an investment agreement for the creation of FTG Aerospace -
        Tianjin in China in 2009
    -   Customer awards for performance from Rockwell Collins, General
        Dynamics and Sandia National Labs
    -   Strengthened management team with additions and promotions across the
        company.
    

    Sales increased by $4.8 million or 38%, from $12.6 million in the fourth
quarter of 2007 to $17.4 million in the fourth quarter of 2008.
    The Circuits division sales in the fourth quarter were up $4.2 million or
43% over the same period last year. The transition of Filtran work related to
the acquisition is substantially complete and continues to progress well. All
of the Filtran equipment is operational in FTG's facilities in Toronto and
Chatsworth. In 2008 FTG was qualified at a number of key new accounts as a
result of this acquisition including Merrimac Industries, Lockheed Martin
Corporation, L-3 Narda, Raytheon, Cobham, and many others. FTG's share of high
speed and RF printed circuit boards has increased dramatically this year and
should continue to increase as more qualifications are completed and some key
programs ramp up.
    The Aerospace division sales in the fourth quarter of 2008 were $3.5
million compared to $2.9 million in the fourth quarter of 2007, an increase of
23%. During the quarter, Aerospace was awarded key new programs where the
equipment being supplied includes higher end assemblies including both
hardware and software development. A number of additional opportunities with
higher engineering content and higher value added products are also being
pursued. The business continues to see strong demand from existing and new
customers. Also, as announced previously by FTG, an investment agreement was
signed in the fourth quarter of 2008 as part of a plan to establish FTG
Aerospace - Tianjin in China in 2009. Activities are being ramped up to
accomplish this including establishing the necessary legal framework, sourcing
equipment, sourcing suppliers and working with potential new customers as a
result of this initiative.
    FTG's sales grew in fiscal year 2008 to $63.2 million from $55.6 million
in 2007 or an increase of $7.6 million compared to 2007, the sixth consecutive
year of growth representing total growth of 144% since 2002. The foundation
for the sustained growth is the result of several corporate development
activities including the merger of FTG and Circuit World in 2003, the
acquisition of Young Electronics in December 2004 and the acquisition of
Filtran Microcircuits in December 2007. The strong yearly performance is also
the result of organic growth through the enhanced sales organization,
significant investment in technology across all of FTG's businesses, and a
daily focus on Operational Excellence which has resulted in many new customers
and programs. During 2008, $2.6 million of sales were derived from Filtran
customers.
    Sales for the Circuits' segment were $49.9 million in 2008, an increase
of $6.5 million or 15% over 2007. Fiscal year 2008 sales for the Aerospace
segment were $13.3 million compared to $12.2 million for the comparable period
in 2007, an increase of 8%.
    Net earnings before non-controlling interest for the fourth quarter of
2008 was $443,000 which includes $163,000 of Filtran related R&D costs and
$266,000 of restructuring costs. This is compared to a $1.7 million loss in
the same period of 2007 which excludes the write down of FTG's tax asset in
Canada. The improved performance is the result of increased sales, investments
in technology, and tight cost controls across FTG.
    Net loss before non-controlling interest for the year was $208,000 which
includes $666,000 of Filtran related R&D costs, $591,000 of restructuring
costs, and $472,000 of Filtran related integration costs. This is compared to
a $1.8 million loss for the same period of 2007 which excludes the write down
of FTG's tax asset in Canada.
    According to the US Census Bureau and Aerospace Industries Association
estimates at the end of 2008, the backlog of orders for new commercial
aircraft was at record levels. Meanwhile the global economic situation has
weakened substantially over the last year, and in particular financing
availability has diminished and costs have increased. This development has
resulted in a very uncertain view of future market conditions for FTG. The
situation is also uncertain for defence spending based on conflicting
indicators such as the election of a Democratic President in the U.S. (where
Democrats have historically been seen to reduce defence spending), which may
be offset by a high level of global conflict and ongoing military activities
in a number of regions. While there is uncertainty in the markets in which FTG
operates, management believes the downside risk to be lower than in many
commercial electronics markets that are already seeing 20-30% reductions in
demand.
    "2008 was a challenging and very satisfying year for FTG as we continued
to execute on our growth initiatives and met or exceeded our targets. Our
continued focus on investment in technologies and Operational Excellence
provides us with the tools to grow market share and exceed customer
expectations", stated Brad Bourne, President and Chief Executive Officer of
FTG. "In addition to the numerous successes this year, we made great progress
on our cost reduction initiatives, and we moved forward with our FTG Aerospace
facility in China. Combined with this, our past investments and market focus
put FTG in a strong position to weather the anticipated tough global economic
conditions in 2009", he added.
    For a more detailed analysis of FTG's financial results please access
such information at SEDAR. www.sedar.com.

    Corporate Office

    Corporate office incurred expenses of $2.3 million during the fourth
quarter of 2008 compared to $1.9 million during 2007. Expenses were $4.1
million for the fiscal year 2008 compared to approximately the same amount in
the prior year. Year to date expenses at Corporate Office decreased by
approximately $1.1 million but were off set by severance and restructuring
charges associated with the downsizing of the corporate office and other one
time costs.

    Consolidated Financial Results

    Consolidated sales from continuing operations for the fourth quarter were
$24.2 million compared to $24.5 million for the fourth quarter of last year.
Net loss from continuing operations for the fourth quarter of 2008 was $3.9
million, or $0.42 per share, compared to net loss from continuing operations
of $2.5 million, or $0.22 per share, for the fourth quarter of 2007.
    Consolidated sales from continuing operations for fiscal 2008 were $93.3
million compared with $122.7 million for fiscal 2007. Net loss from continuing
operations for fiscal 2008 was $8.7 million, or $0.94 per share, compared to
net loss from continuing operations of $3.0 million or $0.24 per share for the
same period last year.
    Excluding Glendale's subsidiary Firan Technology Group Corporation,
Glendale had no debt and working capital relating to its continuing operations
of $17.8 million, including cash and cash equivalents of $6.4 million as at
November 30, 2008.
    With respect to the fourth quarter and year to date results Mr. Edward
Hanna, Chief Executive Officer of Glendale indicated that "the loss was
primarily the result of a significant decline in demand for our recreational
vehicle products due to several negative economic factors." Mr. Hanna also
indicated that "adding to the loss on a consolidated basis for the fourth
quarter and year to date was $1.6 million for restructuring charges which
reflect our continued efforts to rationalize costs in a difficult
environment." On a positive note Mr. Hanna indicated that Firan Technology
Group Corporation ("FTG") had an excellent fourth quarter and fiscal 2008
recording record sales of $17.4 million for the fourth quarter and $63.2
million for the year ending 2008.

    About Glendale International Corp.

    Glendale International Corp. manages businesses that provide the
opportunity for long-term value creation through the application of proven
managerial expertise and innovative business strategies. The Corporation owns
businesses in the recreational vehicles and electronics industries, and will
seek to acquire complementary businesses that support its value-building
proposition.
    Glendale's Recreational Vehicle business is comprised of two operating
divisions: Glendale Recreational Vehicles ("Glendale RV") located in
Strathroy, Ontario and Travelaire Canada ("Travelaire") located in Red Deer,
Alberta. Glendale RV manufactures a broad range of innovative, differentiated
high-quality Recreational Vehicles ("RV's") for both the US and Canadian
markets and Travelaire manufactures Park Model trailers and Relocatable
Structures for the Western Canadian market place. The Corporation also owns a
controlling position in Firan Technology Group Corporation, a leading North
American manufacturer of high technology printed circuit boards and precision
illuminated display systems.
    Glendale International's common shares are listed on the Toronto Stock
Exchange ("TSX") under the symbol "GIN". The Corporation has 12,487,017 common
shares outstanding.
    To reach Glendale International via the worldwide web logon to
www.glendaleint.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements related to
future events or future performance and reflect the expectations of Glendale
International Corp., regarding its growth, results of operations, performance
and business prospects, and opportunities and trends affecting the
recreational vehicles, and electronics industries. Such forward-looking
statements reflect current beliefs of management and are based on information
currently available. In certain cases, forward-looking statements can be
identified by the use of words such as "believe", "expects", "will",
"intends", "projects", "anticipates", "estimates", "continues" or similar
words or the negative of these or other comparable terminology. Readers are
cautioned that forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking information.
Accordingly, investors should not place undue reliance on forward-looking
information. Any forward-looking statements included in this press release are
made as of the date of this press release and Glendale International Corp.
assumes no obligation to update or revise them to reflect new events or
circumstances.

    
    GLENDALE INTERNATIONAL CORP.
    Consolidated Balance Sheets
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                         November 30, 2008 November 30, 2007
    -------------------------------------------------------------------------
    CURRENT ASSETS
      Cash                                        $  6,538          $ 17,543
      Restricted cash                                    -               201
      Accounts receivable                           16,358            13,154
      Income taxes receivable                          501             1,798
      Inventories                                   22,816            18,987
      Deposits and prepaid expenses                    656               677
    -------------------------------------------------------------------------
                                                    46,869            52,360
    Note Receivable                                  1,967             1,967
    Investment                                           -               358
    Accrued Benefit Asset                            1,314             1,244
    Future Income Taxes                                880               294
    Property, Plant and Equipment, net of
     accumulated depreciation                        9,374             9,994
    Goodwill                                         4,910             4,231
    Other Intangible Assets                            431                 -
    -------------------------------------------------------------------------
                                                  $ 65,745          $ 70,448
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    CURRENT LIABILITIES
      Bank indebtedness                           $  2,977          $    400
      Accounts payable and accrued liabilities      14,152            13,268
      Future income taxes                                -               700
      Current portion of long-term debt and
       capital leases                                1,843             1,378
    -------------------------------------------------------------------------
                                                    18,972            15,746
    Long-Term Debt and Capital Leases                6,121             5,927
    Deferred Gain on Sale of Property                2,462             3,331
    -------------------------------------------------------------------------
                                                    27,555            25,004

    Non-Controlling Interest                         7,397             7,513

    SHAREHOLDERS' EQUITY
      Share capital                                  1,249             1,249
      Share puchase financing                       (4,450)           (4,450)
      Contributed surplus                           10,216             9,795
      Accumulated other comprehensive income/(loss)    324              (829)
      Retained earnings                             23,454            32,166
    -------------------------------------------------------------------------
                                                    30,793            37,931
    -------------------------------------------------------------------------
                                                  $ 65,745          $ 70,448
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    GLENDALE INTERNATIONAL CORP.
    Consolidated Statements of (Loss)/Earnings
    (in thousands of dollars except per share amounts)
    (prepared without audit)
    -------------------------------------------------------------------------
                                 Three Months Ended          Years Ended
                                November    November    November    November
                                30, 2008    30, 2007    30, 2008    30, 2007
    -------------------------------------------------------------------------

    Sales                      $  24,208   $  24,507   $  93,316   $ 122,741
    -------------------------------------------------------------------------

    Costs and Expenses
      Manufacturing, selling
       and administration         24,563      25,399      94,656     120,768
      Research and development
       costs                       1,246         777       4,158       3,150
      Recovery of research and
       development costs               -       1,934           -         885
      Loss on sale of property,
       plant and equipment             3           -           4           7
      Amortization of deferred
       gain                         (217)       (220)       (869)       (883)
      Amortization of
       intangible assets              48           -          48           -
      Depreciation and
       amortization                  648         841       3,135       3,399
      Stock based compensation        51         544         199         672
      Restructuring costs          1,319         250       1,644         250
    -------------------------------------------------------------------------
                                  27,661      29,525     102,975     128,248
    -------------------------------------------------------------------------
    Loss Before Undernoted        (3,453)     (5,018)     (9,659)     (5,507)
    -------------------------------------------------------------------------

    Other Income (Expenses)
      Interest income                 82         319         504         845
      Interest expense - long term  (134)        (54)       (521)       (584)
      Interest expense - short term  (37)         (5)       (200)        (30)
    -------------------------------------------------------------------------
                                     (89)        260        (217)        231
    -------------------------------------------------------------------------

    Loss Before Income Taxes,
     Non-Controlling Interest
     and Discontinued Operation  ($3,542)    ($4,758)    ($9,876)    ($5,276)

    Recovery of income taxes        (108)        307       1,047         712
    -------------------------------------------------------------------------
    Loss Before Non-Controlling
     Interest and Discontinued
     Operation                   ($3,650)    ($4,451)    ($8,829)    ($4,564)
    Non-controlling interest        (250)      1,958         117       1,596
    -------------------------------------------------------------------------
    Loss from Continuing
     Operations                  ($3,900)    ($2,493)    ($8,712)    ($2,968)
    Earnings from discontinued
     operation, net of income
     taxes                             -         513           -      16,272
    -------------------------------------------------------------------------
    Net (Loss)/Earnings          ($3,900)    ($1,980)    ($8,712)    $13,304
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and Diluted Net Loss
     per Share from Continuing
     Operations                   ($0.42)     ($0.20)     ($0.94)     ($0.24)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and Diluted Net
     (Loss)/Earnings per Share    ($0.42)     ($0.13)     ($0.94)      $1.09
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    GLENDALE INTERNATIONAL CORP.
    Consolidated Statements of Cash Flows
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                 Three Months Ended          Years Ended
                                November    November    November    November
                                30, 2008    30, 2007    30, 2008    30, 2007
    -------------------------------------------------------------------------
    Operating Activities
      Net loss from continuing
       operations                ($3,900)    ($2,493)    ($8,712)    ($2,968)
      Items not affecting cash
        Amortization of
         deferred gain              (217)       (220)       (869)       (883)
        Depreciation and
         amortization                648         841       3,135       3,399
        Amortization of
         intangible assets            48           -          48           -
        Stock based
         compensation expense         51         544         199         672
        Future income taxes          (80)        331      (1,223)      1,548
        Scientific research
         and development tax
         credits                       -       1,934           -       1,120
        Non-controlling interest     250      (1,958)       (117)     (1,596)
        Loss on sale of property,
         plant and equipment           3           -           4           7
        Increase in accrued
         benefit asset               119      (1,244)        (70)     (1,244)
        Effect of exchange
         rates on foreign
         currency denominated
         Canadian debt               657        (193)        902        (430)
        Impairment of
         investment in 1586603
         Ontario Inc.                358         300         358         300
        Changes in non-cash
         operating working
         capital                  (1,500)       (327)     (4,103)     (2,568)
    -------------------------------------------------------------------------
                                  (3,563)     (2,485)    (10,448)     (2,643)

        Discontinued operation         -         513           -        (724)
    -------------------------------------------------------------------------
                                       -         513           -        (724)
    -------------------------------------------------------------------------

    Investing Activities
      Purchase of property, plant
       and equipment                (223)     (1,063)       (962)     (4,338)
      Proceeds on sale of
       property, plant and
       equipment                       -           -           -           8
      Restricted cash                  -       2,009         201        (201)
      Acquisition of Filtran
       Microcircuits Inc.              -           -      (1,462)          -
      Share purchase financing        56      (4,450)        222      (4,450)
      Receipt of notes receivable      -         428           -         428
      Investment in 1586603
       Ontario Inc.                    -        (658)          -        (658)
    -------------------------------------------------------------------------
                                    (167)     (3,734)     (2,001)     (9,211)

      Discontinued operation           -           -           -      26,464
    -------------------------------------------------------------------------
                                       -           -           -      26,464
    -------------------------------------------------------------------------

    Financing Activities
      Increase/(decrease) in
       bank indebtedness             191         400       2,268        (197)
      Proceeds from capital
       expenditure facility            -         519         501       2,634
      Repayment of long-term debt
       and capital leases           (433)       (296)     (1,417)     (1,031)
    -------------------------------------------------------------------------
                                    (242)        623       1,352       1,406
      Effect of foreign exchange
       rates on cash                   2         (84)         92         (97)
    -------------------------------------------------------------------------
    (Decrease)/increase in cash   (3,970)     (5,167)    (11,005)     15,195
    Cash, Beginning of Year       10,508      22,710      17,543       2,348
    -------------------------------------------------------------------------
    Cash, End of Year            $ 6,538     $17,543     $ 6,538     $17,543
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplemental cash flow
     information:
       Payments for interest     $   179     $   172     $   723     $   626
       Payments for income taxes $   100           -     $   177     $    30
       Refunds for income taxes  $    42     $   129     $ 1,560     $   740


    GLENDALE INTERNATIONAL CORP.
    Segmented Information
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                         OPERATING SEGMENTS
    -------------------------------------------------------------------------
    Three Months Ended  Recreational  Nav Aids Electronics Corporate   Total
    November 30, 2008       Vehicles                        Office
    -------------------------------------------------------------------------
    Sales                    $ 6,832         -   $17,376         -   $24,208
    Costs and expenses         8,628         -    16,760     2,273    27,661
    -------------------------------------------------------------------------
    Loss before undernoted    (1,796)        -       616    (2,273)   (3,453)
    Interest income                -         -         -        82        82
    Interest expense -
     long term                     -         -      (134)        -      (134)
    Interest expense -
     short term                    -         -       (39)        2       (37)
    Income tax recovery            -         -         -      (108)     (108)
    Non-controlling interest       -         -      (250)        -      (250)
    -------------------------------------------------------------------------
    Net loss                 ($1,796)        -      $193   ($2,297)  ($3,900)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                   $8,707         -   $27,111   $29,927   $65,745
    Capital expenditures         $62         -      $155        $6      $223
    Depreciation and
     amortization                $92         -      $552        $4      $648
    Goodwill                       -         -    $4,910         -    $4,910


    Three Months Ended November 30, 2007
    -------------------------------------------------------------------------
    Sales                    $11,944         -   $12,563         -   $24,507
    Costs and expenses        11,595         -    16,061     1,869    29,525
    -------------------------------------------------------------------------
    Loss before undernoted       349         -    (3,498)   (1,869)   (5,018)
    Interest income                -         -         -       319       319
    Interest expense -
     long term                     -         -      (152)       98       (54)
    Interest expense -
     short term                    -         -         -        (5)       (5)
    Income tax recovery            -         -       177       130       307
    Non-controlling interest       -         -     1,958         -     1,958
    -------------------------------------------------------------------------
    Loss from continuing
     operations                  349         -    (1,515)   (1,327)   (2,493)
    Earnings from discontinued
     operation, net of income
     taxes                         -         -         -       513       513
    -------------------------------------------------------------------------
    Net loss                    $349         -   ($1,515)    ($814)  ($1,980)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                  $17,699         -   $20,520   $32,229   $70,448
    Capital expenditures         $52         -    $1,006        $5    $1,063
    Depreciation and
     amortization                $70         -      $766        $5      $841
    Goodwill                       -         -    $4,231         -    $4,231


    GLENDALE INTERNATIONAL CORP.
    Segmented Information
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                         OPERATING SEGMENTS
    -------------------------------------------------------------------------
    Year Ended          Recreational  Nav Aids Electronics Corporate   Total
     November 30, 2008      Vehicles                        Office
    -------------------------------------------------------------------------
    Sales                    $30,136         -   $63,180         -   $93,316
    Costs and expenses        36,022         -    62,860     4,093   102,975
    -------------------------------------------------------------------------
    Loss before undernoted    (5,886)        -       320    (4,093)   (9,659)
    Interest income                -         -         -       504       504
    Interest expense -
     long term                     -         -      (521)        -      (521)
    Interest expense -
     short term                    -         -      (180)      (20)     (200)
    Income tax recovery            -         -       173       874     1,047
    Non-controlling interest       -         -       117         -       117
    -------------------------------------------------------------------------
    Net loss                 ($5,886)        -      ($91)  ($2,735)  ($8,712)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                   $8,707         -   $27,111   $29,927   $65,745
    Capital expenditures        $290         -      $666        $6      $962
    Depreciation and
     amortization               $465         -    $2,652       $18    $3,135
    Goodwill                       -         -    $4,910         -    $4,910

    Year Ended November 30, 2007
    -------------------------------------------------------------------------
    Sales                    $67,109         -   $55,632         -  $122,741
    Costs and expenses        66,412         -    57,697     4,139   128,248
    -------------------------------------------------------------------------
    Loss before undernoted       697         -    (2,065)   (4,139)   (5,507)
    Interest income                -         -         -       845       845
    Interest expense -
     long term                     -         -      (578)       (6)     (584)
    Interest expense -
     short term                    -         -         -       (30)      (30)
    Income tax recovery            -         -      (188)      900       712
    Non-controlling interest       -         -     1,596         -     1,596
    -------------------------------------------------------------------------
    Loss from continuing
     operations                  697         -    (1,235)   (2,430)   (2,968)
    Earnings from discontinued
     operation, net of income
     taxes                         -    17,692         -    (1,420)   16,272
    -------------------------------------------------------------------------
    Net earnings                $697   $17,692   ($1,235)  ($3,850)  $13,304
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                  $17,699         -   $20,520   $32,229   $70,448
    Capital expenditures        $336         -    $3,983       $19    $4,338
    Depreciation and
     amortization               $399         -    $2,977       $23    $3,399
    Goodwill                       -         -    $4,231         -    $4,231
    

    %SEDAR: 00002453E




For further information:

For further information: Edward C. Hanna, Chief Executive Officer and
Chairman, Glendale International Corp., (905) 844-2870, (289) 291-4001 fax,
Email: ehanna@glendaleint.com; Brian Jennings, Chief Financial Officer,
Glendale International Corp., (905) 844-2870, (289) 291-4001 fax, Email:
bjennings@glendaleint.com

Organization Profile

GLENDALE INTERNATIONAL CORP.

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