EDMONTON, Alta. — Raydan Manufacturing trimmed its losses in its 2009 fiscal year, posting a $564,456 loss compared to a loss of $897,606 the previous year.
Revenue was down 12% to $17.3 million in 09, due to slumping truck sales in North America, the company reported.
“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 and CEO of Raydan Manufacturing.
“Management responded by reviewing and rationalizing each business division leading to workforce right-sizing initiatives and the closing and sale of our Alberta truck/trailer parts and 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 underperform 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 suspension to expand the overall market for the company’s products.”
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News