Canadian RV Maker Glendale Reports Larger Q2 Loss
Canadian RV maker Glendale International Corp. has reported a net loss of $2.2 million for the second quarter ended May 29, compared with a net loss of $1.45 million for the second quarter of 2008.
The Oakville, Ontario-based recreational vehicle and electronics company said Monday (July 13) its sales for the quarter fell to $19 million from $26 million in the year-ago period as the company was hit hard by the recession, high fuel prices and the global credit crunch which made it hard to finance the purchase of big-ticket items such as motorized homes, according to the Winnipeg Free Press.
“The loss during the quarter for the recreational vehicle segment was primarily the result of a significant decline in demand for our recreational vehicle and commercial products due to the unprecedented negative economic environment,” said Edward Hanna, Glendale CEO.
Consolidated sales year to date were $38 million compared with $48.6 million for the same period last year, Glendale said.
Net loss for the six month period was $4.5 million compared with $2.6 million in 2008.
Glendale’s recreational vehicle business is made up of two operating divisions: Glendale Recreational Vehicles in Strathroy, Ontario, and Travelaire Canada in Red Deer, Alberta.
It also has a controlling interest in Firan Technology Group Corp., a manufacturer of high technology printed circuit boards and precision illuminated display systems.