Glendale International reports second quarter financial results



    Toronto Stock Exchange Symbol: GIN

    OAKVILLE, ON, July 10 /CNW/ - Glendale International Corp. (TSX: GIN)
today reported financial results for the second quarter ended May 30, 2008.

    Financial Results

    Consolidated sales from continuing operations for the second quarter were
$26,008,000 compared to $39,871,000 for the second quarter of last year. Year
to date consolidated sales from continuing operations were $48,586,000
compared to $69,931,000 for the same period in 2007. Net loss from continuing
operations for the second quarter of 2008 was $1,446,000, or $0.16 per share,
compared to net earnings from continuing operations of $898,000, or $0.07 per
share, for the second quarter of 2007. Year to date net loss from continuing
operations was $2,581,000, or $0.28 per share, compared to net earnings from
continuing operations of $296,000, or $0.02 per share, for the same period in
2007.
    Glendale reports segmented information in its unaudited interim
consolidated financial statements as follows: Recreational Vehicles,
Electronics, and Corporate Office. The financial results for the second
quarter ended May 30, 2008, and year to date 2008 compared to the same periods
in 2007 are set out below:

    Recreational Vehicles (Glendale RV and Travelaire)

    Sales for the Recreational Vehicles segment for the second quarter were
$9,550,000 compared to $24,608,000 for the second quarter of 2007. Year to
date sales were $18,530,000 compared to $40,757,000 for the same period in
2007.
    Net loss for the Recreational Vehicle segment for the second quarter of
2008 was $772,000 compared to net earnings of $1,267,000 for the second
quarter of the prior year. Year to date net loss was $1,917,000 compared to
net earnings of $886,000 for the same period in 2007.
    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
    -----------
    Sales at Glendale RV were $6,646,000 in the current quarter compared to
$15,551,000 in the prior quarter representing a decrease of $8,905,000, or
57%. Year to date sales were $13,183,000 compared to $23,000,000 for the same
period in 2007. The decrease in sales is the result of a combination of
negative economic factors including: the weak economy in the US, tightening
credit restrictions, the increased cost of fuel, the increased number of US
imports to Canada and the strengthening Canadian currency.
    Net loss for the Glendale RV division for the second quarter ended May
30, 2008 was $135,000 compared to net earnings of $577,000 for the same
quarter of 2007. Year to date net loss was $330,000 compared to net loss of
$18,000 for the same period in 2007.
    The combination of these negative economic factors had a significant
negative impact on the sales levels and profitability of Glendale RV's
business. The most significant impact occurred in May, 2008 when shipments of
recreational vehicles as reported by the Recreational Vehicle Industry of
America reported a decline of 25.6% compared to May 2007. In response to this
negative environment Glendale RV is aggressively reducing its costs and
investigating alternative products to supplement its sales.
    "We remain focused on the Recreational Vehicle business at Glendale RV as
we continue to believe in the long term prospects for this industry, have
faith in the niche value of our product offering, and believe that this weak
economic cycle will reverse over time" commented Mr. Hanna, President and CEO
of Glendale.

    Travelaire
    ----------
    Sales at Travelaire were $2,904,000 in the current quarter compared to
$9,057,000 in the prior quarter representing a decrease of $6,153,000 or 68%.
Year to date sales were $5,347,000 compared to $17,757,000 for the same period
in 2007.
    Net loss for the Travelaire division for the second quarter ended May 30,
2008 was $637,000 compared to net earnings of $690,000 for the same quarter of
2007. Year to date net loss was $1,587,000 compared to net earnings of
$904,000 for the same period in 2007.
    The decrease in sales at Travelaire is the result of the same negative
economic factors that Glendale RV has experienced with two significant
differences. Travelaire has not been able to reduce its material cost by
purchasing in the US due to its location and has seen an influx of inexpensive
US recreational vehicle imports in Western Canada.

    Travelaire Business Update
    --------------------------

    As noted in the last several quarters, Travelaire has been aggressively
looking at supplementing its sales with new product lines and commercial
products for the oil and gas sector. We are pleased to report that we are
making progress on this initiative. The more significant developments during
the quarter are as follows:

    
      -  Travelaire will be manufacturing park models and selling the units
         directly to the consumer from the factory ("factory direct"). We
         feel we can compete in this market due to the shipping cost our US
         competition must incur to transport this product to Alberta and the
         pricing advantage of selling the product factory direct. Park models
         are 12'X40' in size and are a more permanent weekend or vacation
         unit which are transported once a season to a park like setting.
         Given the increased cost of fuel we see these units being more
         economical and environmental friendly and continuing to gain market
         share.

      -  Travelaire will also be selling a selection of recreational vehicles
         factory direct which will also allow it to be more price competitive
         on a select number of units.

      -  Travelaire continues to convert its operations with a focus on
         commercial production of portable office units, mobile office
         trailers, well site units, and work force accommodations for the oil
         and gas, mining and construction industry. We have recently
         experienced increased interest in these product lines and are
         hopeful this interest will convert to new business.
    

    "We are very excited about the potential for factory direct sales of park
models and the increased interest in commercial products. We have invested
considerable resources in an effort to enter these markets and are hopeful we
are seeing the early signs of a recovery," commented Ed Hanna, President and
CEO of Glendale.
    Excluding Glendale's subsidiary Firan Technology Group Corporation,
Glendale had no debt and working capital relating to its continuing operations
of $24,230,000, including cash and cash equivalents of $10,823,000 as at May
30, 2008. "With these resources at hand, we will continue to work towards
solutions which return us to profitability," added Mr. Hanna.

    Electronics (Firan Technology Group Corporation TSX: FTG)

    Net sales increased by $1,195,000 or 8%, from $15,263,000 in the second
quarter of 2007 to $16,458,000 in the second quarter of 2008. Excluding the
impact of the strengthening Canadian dollar versus the US dollar, revenue
would have been up approximately $3 million or 20% over the same period last
year. The Canadian dollar has strengthened over 13% between May 2007 and May
2008 and 83% of FTG's sales are in US dollars. Sales increased $2,860,000 or
21% sequentially in Q2 over Q1, 2008.
    The Circuits division revenue was up $801,000 or 7% over the same period
last year. Excluding the impact of the exchange rate, revenue was up $2.3
million or 19%. The acquisition of Filtran increased revenues during the
quarter by $1 million. The transition of Filtran business continues to
progress well and FTG is currently bidding or negotiating over $3 million in
additional opportunities as a result of the acquisition. All of the Filtran
equipment has been moved to FTG's facilities and all critical items are
operational.
    For the Aerospace division, sales in the second quarter of 2008 were
$3,711,000 compared to $3,317,000 in Q2 2007, an increase of $394,000 or 12%.
The growth is the result of investments made in 2007 to increase capacity
including the move to a larger facility, continued outstanding quality and
delivery metrics provided to its customers and strong demand from existing and
new customers.
    Year to date FTG's revenues are up $882,000 or 3% compared to the same
period last year. Excluding the impact of the exchange rate revenues would
have been up $4.5 million or 15% year over year.
    FTG experienced solid bookings across all divisions in Q2 2008, although
the normal slowdown was seen as the summer approached. Total bookings in the
quarter were over $15 million and the book-to-bill ratio was 0.93:1. The
book-to-bill was 0.95:1 for FTG Circuits and 0.84:1 for FTG Aerospace. Total
backlog of orders at the end of Q2 were $15 million. FTG continues to add
customers and reduce its dependence on any one customer.
    Gross margin increased by $498,000 to $4,388,000 or 27% of sales for the
second quarter of 2008 as compared with $3,890,000 or 26% of sales in the
second quarter of 2007 and $2,897,000 or 21% of sales in Q1, 2008. The
increase in gross margin is the result of increased revenues and the ongoing
focus on higher technology products offset by the impact of the exchange rate
and material cost increases.
    Net earnings before non-controlling interest for the second quarter of
2008 were $206,000 as compared with $342,000 in the second quarter of 2007.
FTG continues to invest in R&D to expand its product offerings and capture new
customers and programs. R&D investments in Q2 2008 were $1,334,000 versus
$800,000 in Q2, 2007. Included in the second quarter 2008 was $374,000 in R&D
costs related to the Filtran acquisition. Included in Q2 2007 was a recovery
of $564,000 for research and development costs.
    Sequentially net earnings were up $1,253,000 in Q2 versus Q1, 2008. Year
to date net loss before non-controlling interest was $841,000 compared to
earnings of $824,000 for the same period last year.
    Accomplishments in Q2 2008 that continue to improve FTG and position it
for the future are as follows:

    
      -  The integration and transition of equipment and customers of Filtran
         Microcircuits, Inc. to existing FTG facilities.

      -  Awards from Rockwell Collins recognizing supplier excellence and
         best-in-class lean manufacturing processes for FTG Aerospace.

      -  The completion of a new 3 year agreement with Honeywell for FTG
         Circuits - Chatsworth.
    

    FTG reduced total debt by $644,000 in the quarter. This reduction was
achieved while incurring over $560,000 of Filtran related costs for customer
qualifications, product learning, facility closure, and integration.
    "We are extremely pleased with the continued revenue growth for the
Corporation and are excited to exceed $16 million in revenue in a quarter for
the first time. Our focus on the aerospace and defence market is proving to be
very beneficial as this market continues to be robust," commented Brad Bourne,
President and CEO, FTG Corporation. He added, "Our recent acquisition of
Filtran Microcircuits has accelerated FTG's penetration of high speed, radio
frequency circuit boards and brought many new customers yielding immediate
benefits to FTG."
    For a more detailed analysis of FTG's financial results please access
such information at SEDAR www.sedar.com.

    Corporate Office

    Excluding foreign exchange gains and losses and income taxes, corporate
office incurred expenses of $614,000 during the second quarter of 2008
compared to $1,119,000 during the second quarter of 2007. Year to date
expenses were $1,098,000 compared to $1,871,000 in the prior year. The
decrease in corporate expenses during the quarter relates primarily to a
reduction in administration expenses of $445,000. The decrease in corporate
expenses for the year to date period relates to a reduction in administration
costs of $473,000 and an increase in interest income net of expense of
$300,000.

    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. Other than as specifically required by law, the Corporation
undertakes no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events, whether as a result of new
information, future events or results otherwise.


    
    GLENDALE INTERNATIONAL CORP.
    Interim Consolidated Balance Sheets
    (in thousands of dollars)
    -------------------------------------------------------------------------
                                                              As at
                                                        May 30,  November 30,
                                                         2008         2007
                                                     (unaudited)   (audited)
    -------------------------------------------------------------------------
    CURRENT ASSETS
      Cash and cash equivalents                       $  11,006    $  17,543
      Restricted cash                                         -          201
      Accounts receivable                                15,112       13,154
      Income taxes recoverable                              648        1,798
      Inventories                                        22,462       18,987
      Deposits and prepaid expenses                         615          677
    -------------------------------------------------------------------------
                                                         49,843       52,360
    Note Receivable                                       1,967        1,967
    Investment                                              358          358
    Accrued Benefit Asset                                 1,336        1,244
    Future Income Taxes                                     397          294
    Property, Plant and Equipment, net of
     accumulated depreciation                            10,057        9,994
    Goodwill                                              4,618        4,231
    -------------------------------------------------------------------------
                                                      $  68,576    $  70,448
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    CURRENT LIABILITIES
      Bank indebtedness                               $   3,067    $     400
      Accounts payable and accrued liabilities           12,933       13,268
      Future income taxes                                     -          700
      Current portion of long-term debt and
       capital leases                                     1,265        1,378
    -------------------------------------------------------------------------
                                                         17,265       15,746
    Long-Term Debt and Capital Leases                     5,852        5,927
    Deferred Gain on Sale of Property                     2,896        3,331
    Non-Controlling Interest                              7,039        7,513
    -------------------------------------------------------------------------
                                                         33,052       32,517
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
      Share capital                                       1,249        1,249
      Share puchase financing                            (4,339)      (4,450)
      Contributed surplus                                 9,892        9,795
      Accumulated other comprehensive loss                 (863)        (829)
      Retained earnings                                  29,585       32,166
    -------------------------------------------------------------------------
                                                         35,524       37,931
    -------------------------------------------------------------------------
                                                      $  68,576    $  70,448
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    GLENDALE INTERNATIONAL CORP.
    Interim Consolidated Statements of (Loss)/Earnings
    (in thousands of dollars except per share amounts)
    (prepared without audit)
    -------------------------------------------------------------------------
                                 Three Months Ended       Six Months Ended
                                  May 30,     June 1,     May 30,     June 1,
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Sales                        $26,008     $39,871     $48,586     $69,931
    -------------------------------------------------------------------------

    Costs and Expenses
      Manufacturing, selling
       and administration         25,199      36,991      48,816      66,799
      Amortization of deferred
       gain                         (218)       (218)       (435)       (439)
      Research and development
       costs                       1,334         800       2,197       1,389
      Restructuring costs              -           -         208           -
      Recovery of research
       and development costs           -        (564)          -        (963)
      Stock based compensation        52          42          97          89
      Depreciation and
       amortization                  811         813       1,638       1,718
    -------------------------------------------------------------------------
                                  27,178      37,864      52,521      68,593
    -------------------------------------------------------------------------
    (Loss)/Earnings Before
     Undernoted                   (1,170)      2,007      (3,935)      1,338
    -------------------------------------------------------------------------

    Other Income (Expenses)
      Interest income                 55          56         311         106
      Interest expense -
       long term                    (124)       (197)       (263)       (363)
      Interest expense -
       short term                    (59)         (6)       (107)        (17)
    -------------------------------------------------------------------------
                                    (128)       (147)        (59)       (274)
    -------------------------------------------------------------------------

    (Loss)/Earnings Before
     Income Taxes,
     Non-Controlling Interest
     and Discontinued
     Operation                   ($1,298)     $1,860     ($3,994)     $1,064

    (Provision for)/recovery
     of income taxes                 (34)       (770)        938        (304)
    -------------------------------------------------------------------------
    (Loss)/Earnings Before
     Non-Controlling Interest
     and Discontinued
     Operation                   ($1,332)     $1,090     ($3,056)       $760
    Non-controlling interest        (114)       (192)        475        (464)
    -------------------------------------------------------------------------
    (Loss)/Earnings from
     Continuing Operations       ($1,446)       $898     ($2,581)       $296
    Earnings from discontinued
     operation, net of income
     taxes                             -         743           -       1,767
    -------------------------------------------------------------------------
    Net (Loss)/Earnings          ($1,446)     $1,641     ($2,581)     $2,063
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and Diluted Net
     (Loss)/Earnings per Share
     from Continuing
     Operations                   ($0.16)      $0.07      ($0.28)      $0.02
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and Diluted Net
     (Loss)/Earnings per Share    ($0.16)      $0.13      ($0.28)      $0.17
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    GLENDALE INTERNATIONAL CORP.
    Interim Consolidated Statements of Cash Flows
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                 Three Months Ended       Six Months Ended
                                  May 30,     June 1,     May 30,     June 1,
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------
    Operating Activities
      Net (loss)/earnings from
       continuing operations     ($1,446)       $898     ($2,581)       $296
      Items not affecting cash
        Amortization of
         deferred gain              (218)       (218)       (435)       (439)
        Depreciation and
         amortization                811         813       1,638       1,718
        Stock based
         compensation expense         52          42          97          89
        Future income taxes          158        (369)       (837)       (392)
        Scientific research
         and development tax
         credits                       -         395           -           -
        Non-controlling
         interest                    114         192        (475)        464
        Increase in accrued
         benefit asset               (92)          -         (92)          -
        Effect of exchange
         rates on foreign
         currency denominated
         Canadian debt                29      (1,154)        (28)       (942)
        Changes in non-cash
         operating working
         capital                     266       2,142      (4,696)     (1,845)
    -------------------------------------------------------------------------
                                    (326)      2,741      (7,409)     (1,051)

        Discontinued operation         -       2,424           -       4,642

    Investing Activities
      Purchase of property,
       plant and equipment          (403)     (1,135)       (567)     (2,088)
      Restricted cash                100           -         201           -
      Acquisition of Filtran
       Microcircuits                   -           -      (1,462)          -
      Share purchase financing       111           -         111           -
    -------------------------------------------------------------------------
                                    (192)     (1,135)     (1,717)     (2,088)

    Discontinued operation           -        (742)          -      (1,200)

    Financing Activities
      (Decrease)/increase in
       bank indebtedness            (826)     (2,500)      2,667        (597)
      Proceeds from capital
       expenditure facility          501       1,061         501       1,061
      Repayment of long-term
       debt and capital leases      (319)       (244)       (637)       (492)
    -------------------------------------------------------------------------
                                    (644)     (1,683)      2,531         (28)
      Effect of foreign
       exchange rates on cash         59        (339)         58        (284)
    -------------------------------------------------------------------------
    (Decrease)/increase in cash
     and cash equivalents         (1,103)      1,266      (6,537)         (9)
    Net Cash and Cash
     Equivalents, Beginning of
     Period                       12,109       1,073      17,543       2,348
    -------------------------------------------------------------------------
    Net Cash and Cash
     Equivalents, End of Period  $11,006      $2,339     $11,006      $2,339
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplemental cash flow
     information:
      Payments for interest         $135        $178        $369        $282
      Payments for income taxes        -         $30          $2         $30
      Refunds for income taxes    $1,205           -      $1,205           -



    GLENDALE INTERNATIONAL CORP.
    Segmented Information
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                            OPERATING SEGMENTS
    -------------------------------------------------------------------------
                             Recrea-
    Three Months Ended        tional       Nav     Elec- Corporate
     May 30, 2008           Vehicles      Aids   tronics    Office     Total
    -------------------------------------------------------------------------
    Sales                     $9,550         -   $16,458         -   $26,008
    Costs and expenses        10,322         -    16,187       669    27,178
    -------------------------------------------------------------------------
    Loss before undernoted      (772)        -       271      (669)   (1,170)
    Interest income                -         -         -        55        55
    Interest expense -
     long term                     -         -      (124)        -      (124)
    Interest expense -
     short term                    -         -       (52)       (7)      (59)
    Income tax provision           -         -       111      (145)      (34)
    Non-controlling interest       -         -      (114)        -      (114)
    -------------------------------------------------------------------------
    Net loss                   ($772)        -       $92     ($766)  ($1,446)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                  $13,775         -   $23,573   $31,228   $68,576
    Capital expenditures        $108         -      $295         -      $403
    Depreciation and
     amortization               $126         -      $681        $4      $811
    Goodwill                       -         -    $4,618         -    $4,618



    Three Months Ended
     June 1, 2007
    -------------------------------------------------------------------------
    Sales                    $24,608         -   $15,263         -   $39,871
    Costs and expenses        23,341         -    14,369       154    37,864
    -------------------------------------------------------------------------
    Earnings before
     undernoted                1,267         -       894      (154)    2,007
    Interest income                -         -         -        56        56
    Interest expense -
     long term                     -         -      (135)      (62)     (197)
    Interest expense -
     short term                    -         -         -        (6)       (6)
    Income tax provision           -         -      (417)     (353)     (770)
    Non-controlling interest       -         -      (192)        -      (192)
    -------------------------------------------------------------------------
    Earnings from continuing
     operations                1,267         -       150      (519)      898
    Earnings from
     discontinued operation,
     net of income taxes           -       743         -         -       743
    -------------------------------------------------------------------------
    Net earnings              $1,267      $743      $150     ($519)   $1,641
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                  $23,203         -    $24,147  $29,319   $76,669
    Capital expenditures        $170         -       $961       $4    $1,135
    Depreciation and
     amortization               $109         -       $697       $7      $813
    Goodwill                       -         -     $4,407        -    $4,407



    GLENDALE INTERNATIONAL CORP.
    Segmented Information
    (in thousands of dollars)
    (prepared without audit)
    -------------------------------------------------------------------------
                                            OPERATING SEGMENTS
    -------------------------------------------------------------------------
                             Recrea-
    Six Months Ended          tional       Nav     Elec- Corporate
     May 30, 2008           Vehicles      Aids   tronics    Office     Total
    -------------------------------------------------------------------------
    Sales                    $18,530         -   $30,056         -   $48,586
    Costs and expenses        20,447         -    30,673     1,401    52,521
    -------------------------------------------------------------------------
    Loss before undernoted    (1,917)        -      (617)   (1,401)   (3,935)
    Interest income                -         -         -       311       311
    Interest expense -
     long term                     -         -      (263)        -      (263)
    Interest expense -
     short term                    -         -       (95)      (12)     (107)
    Income tax recovery            -         -       134       804       938
    Non-controlling interest       -         -       475         -       475
    -------------------------------------------------------------------------
    Net loss                 ($1,917)        -     ($366)    ($298)  ($2,581)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                  $13,775         -   $23,573   $31,228   $68,576
    Capital expenditures        $171         -      $396         -      $567
    Depreciation and
     amortization               $248         -    $1,381        $9    $1,638
    Goodwill                       -         -    $4,618         -    $4,618



    Six Months Ended
     June 1, 2007
    -------------------------------------------------------------------------
    Sales                    $40,757         -   $29,174         -   $69,931
    Costs and expenses        39,871         -    27,614     1,108    68,593
    -------------------------------------------------------------------------
    Earnings before
     undernoted                  886         -     1,560    (1,108)    1,338
    Interest income                -         -         -       106       106
    Interest expense -
     long term                     -         -      (273)      (90)     (363)
    Interest expense -
     short term                    -         -         -       (17)      (17)
    Income tax provision           -         -      (463)      159      (304)
    Non-controlling interest       -         -      (464)        -      (464)
    -------------------------------------------------------------------------
    Earnings from
     continuing operations       886         -       360      (950)      296
    Earnings from
     discontinued operation,
     net of income taxes           -     1,767         -         -     1,767
    -------------------------------------------------------------------------
    Net earnings                $886    $1,767      $360     ($950)   $2,063
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total and identifiable
     assets                  $23,203         -   $24,147   $29,319   $76,669
    Capital expenditures        $253         -    $1,821        14    $2,088
    Depreciation and
     amortization               $218         -    $1,487       $13    $1,718
    Goodwill                       -         -    $4,407         -    $4,407

    

    %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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