Glendale International reports its intent to restate the financial statements for the year ended November 30, 2007



    Toronto Stock Exchange Symbol: GIN

    OAKVILLE, ON, June 25 /CNW/ - Glendale International Corp. (TSX: GIN)
today reported it intends to restate its financial statements for the year
ended November 30, 2007.
    During the quarter ended May 30, 2008, Glendale undertook a review of its
accounting for loans to the shareholders of 1586603 Ontario Inc. ("MBO
Company") (see press release dated November 2, 2007) which were previously
recorded as a long term receivable. The shareholder loans were made on
November 2, 2007 when Glendale loaned $4,450,000 to the shareholders of MBO
Company as part of their debt restructuring with a Canadian Chartered Bank and
G. P. Metal Products Limited. The notes are due on demand, bear interest at 5%
per annum and are secured by a first priority interest in the common shares of
MBO Company.
    Glendale has recently determined that the loans should be accounted for
under Canadian Institute of Chartered Accountants ("CICA") Handbook Emerging
Issues Committee ("EIC") - 132, "Share Purchase Financing". EIC 132 requires
that this type of loan receivable should be presented as a deduction from
shareholders equity and earnings per share should be calculated by deducting
the number of shares securing the loans. EIC 132 also requires that the number
of shares securing the loans should be treated as stock options and accounted
for pursuant to CICA Section 3870, "Stock-based Compensation and Other Stock
Based Payments".
    There has not been any change in the terms of the loans or the security
provided to Glendale for the loans. The restatement deals with a change in
accounting treatment only.
    The financial statements for the year ended November 30, 2007 will be
restated to retroactively reflect this accounting change. In summary the
following adjustments will be made:

    
    -  $4,450,000 will be reclassified from a long term receivable to a
       deduction within shareholders equity pursuant to EIC - 132, and
    -  basic and diluted loss per share from continuing operations restated
       to $0.24 from $0.20, and basic and diluted earnings per share restated
       to $1.09 from $1.11 as a result of the recording of $500,000 of stock
       based compensation expense pursuant to CICA Section 3870 and the
       effect of reducing the number of issued and outstanding common shares
       by 3,221,800 pursuant to EIC - 132. The weighted average number of
       shares used in calculating earnings per share is 12,239,905.
    

    The restated financial statements for the year ended November 30, 2008
will be filed at the same time as the interim financial statements for the
second quarter ended May 30, 2008.

    About Glendale International Corp.

    Glendale International Corp. manages businesses that provide the
opportunity for superior long-term value creation through the application of
proven managerial expertise and innovative business strategies. The
Corporation owns growth businesses in the recreational vehicles and
electronics industries, and will seek to acquire complementary businesses that
support its value-building proposition.
    Glendale International's core business, Glendale Recreational
Vehicles/Travelaire Canada, is a significant Canadian manufacturer of
recreational vehicles. 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.

    %SEDAR: 00002453E




For further information:

For further information: Edward C. Hanna, Chief Executive Officer and
Chairman, Glendale International Corp., (905) 844-2870, (905) 844-2907 fax,
Email : ehanna@glendaleint.com; Brian Jennings, Chief Financial Officer,
Glendale International Corp., (905) 844-2870, (905) 844-2907 fax, Email :
bjennings@glendaleint.com

Organization Profile

GLENDALE INTERNATIONAL CORP.

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