Oil and gas slowdown cuts into Raydan’s revenues

EDMONTON — Financial results for Raydan Manufacturing decreased slightly in 2007 from the prior year, but only by a slight margin.

For the period ended Oct. 31, 2007, quarterly revenue was $4,494,113 with a loss of $460,090 compared to revenue of $6,501,883 and a net profit of $351,267 for the same period one year ago.

Revenue for the six-month period was $9,997,030 with a loss of $378,231 compared to revenue of $12,308,274 and a net profit of $453,539 for the same period one year ago.

Raydan is based in Alberta 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.

While Raydan is not overly dependent on the oil industry, the downturn experienced by that sector in Alberta has had a ripple effect throughout the entire economic spectrum.

The company remains focused on controlling all discretionary spending. Raydan remains positive about its operations, despite concern over the slowdown in the oil and gas sector in Western Canada.

Raydan continues to diversify its operations and is in the process of consolidating its Ontario operations into a new facility in which a chassis mod shop will be incorporated. This will aim to expand sales into Eastern Canada and the U.S.

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