EDMONTON — Raydan Manufacturing took a financial hit in the third quarter as a result of reduced truck sales in the transportation industry.
The Edmonton-based manufacturer recorded third quarter revenue at $4.6 million and a loss of $468,586, which is a drop-off from $5.6 million in revenue and a $23,641 net profit from the same quarter a year ago.
Revenue for the nine-month period ending on Jan. 31 was $14.6 million with a loss of $846,818, compared to revenue of $17.9 million and a net profit of $477,110 for the same period one year ago.
Raydan 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.
The company continues to fulfill orders for the Canadian military and work with ArvinMeritor under terms of a licensing agreement to manufacture and fulfill orders for the Air Link suspension. In addition, the company is working on the introduction of several new products for the Air Link suspension to expand the market for Raydan’s products.
Management is controlling all discretionary spending towards an expected increase in business activity later this year.
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