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
SOURCE RAYDAN MANUFACTURING INC.
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