EDMONTON, Alta. – Raydan Manufacturing, creator of the Air Link suspension, reported its financial results for its third quarter ending Jan. 31, which saw a decline in revenues and profit.
Raydan recorded revenue of $4.6 million during the quarter and suffered a loss of $468,586 compared to revenues of $5.6 million and a net profit of $23,641 for the same period last year.
Revenue for the nine-month period was $14.6 million with a loss of $846,818. Net profit totaled $477,110 for the same ninemonth period the year before.
The company blamed the decline in a slowdown in business activity attributable to sagging truck sales. Raydan continues to supply the Canadian military with components and also is working with ArvinMeritor to market and manufacture the Air Link suspension, which is popular in vocational applications such as oilfield.
Raydan officials said in a release that the company is planning to launch several new products for the Air Link suspension, in hopes of expanding the market for the suspension. The company said it expects an increase in business activity later this year.
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