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Raydan Manufacturing Reports 2009 Financial Results

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  Published in House and Home on Friday, July 17th 2009 at 12:39 GMT, Last Modified on 2009-07-17 12:39:09 by Market Wire
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 EDMONTON, July 17 /CNW/ - Raydan Manufacturing Inc. (the "Company") (TSX-V: RDN) reported financial results for the fiscal year ended April 30, 2009. Consolidated revenue decreased 12% to $17,292,594 with a loss of $564,456 compared to revenue of $19,632,614 with a loss of $897,606 one year ago. Raydan, Alberta revenue declined 16.6% while Raydan Ontario revenue was down 3.6%. The decline in revenue is attributed to the reduction in new truck sales in North America, closure of the Alberta truck/trailer parts & repair facility, the downturn in the Ontario economy and the troubled world economic situation. Fiscal year ended April 30 2009 2008 Revenue $ 17,292,594 $ 19,632,614 Gross Profit $ 3,103,882 $ 2,910,990 Net Income $ (564,456) $ (897,606) EPS (basic) $ (0.03) $ (0.06) Shares outstanding (basic) 16,052,960 16,052,960 At year end the Company had cash and cash equivalents of $1.4 million. "The year commenced with strong sales activity in both our manufacturing and chassis modification businesses but was negatively impacted in the second half as the downturn in the global economy took hold," said Ray English, President & CEO of Raydan Manufacturing Inc. "Management responded by reviewing and rationalizing each business division leading to workforce rightsizing initiatives and the closing and sale of our Alberta Truck/Trailer Parts & Repair Centre. Proceeds from the sale of the parts facility resulted in a fourth quarter net profit of $216,000 and reduced our loss on the year. Until we see a turnaround in the North American economy our business will under perform although we do have some room for optimism. The Company is moving forward to secure new manufacturing business with a tier one US military defense contractor and complete work on several new products for the Air Link(TM) suspension to expand the overall market for the Company's products." About Raydan Manufacturing Raydan Manufacturing Inc. based in Edmonton, Alberta develops and produces specialized suspension and coupling systems for trucks, trailers and heavy equipment, as well as a chassis modifications center and a military service facility. Established in 1992, Raydan exports its innovative, high-quality products to end-users and original equipment manufacturers (OEMs) in the heavy-duty 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 news 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 forward-looking statements. %SEDAR: 00014612E 

For further information: Raydan Manufacturing Inc.: Joan Richardson, Tel: (780) 955-2859, Toll Free: 1-888-472-9326, [ jrichardson@raydanmfg.com ], [ www.raydanmfg.com ]; Business Development: John Lewis, Linear Capital Corp., (416) 364-2266, Toll Free: 1-877-954-6327, [ jrlewis@linearcapital.com ], [ www.linearcapital.com ]