EDMONTON, Alta. — Raydan Manufacturing enjoyed an 8% spike in revenue during the three-month period ending Oct. 31, but profits were lacking.
The company reported a loss of $123,950 compared to a loss of $460,090 the same period a year ago. Revenue for the six-month period ending Oct. 31 was $9.51 million with a loss of $747,084. Raydan said the increased revenue was due to strong demand for the company’s manufactured products, increased equipment sales in Ontario and steady revenue from its military division.
“The marked improvement in second quarter financials was due to strong demand for our manufactured products, increased equipment sales in Ontario and the restructuring we undertook in the first quarter,” said Ray English, president and CEO of Raydan Manufacturing. “In the third quarter we will complete our restructuring, refresh our balance sheet with the sale of non-core assets and build on our strengths in manufacturing and military refurbishment contracts to return to profitability.”
The company announced several corporate developments, including steps towards securing a trailer suspension project with the US Marine Corp. Raydan said its Air Link suspension has passed extensive testing by the US Marines and has met or exceeded all requirements. Raydan also is anxiously awaiting the awarding of a contract by the Canadian military.
Raydan subsidiary Sturdy Truck Body and Raydan’s chassis modification centre have moved into a new facility in Baden, Ont., which should help the company better serve the Ontario market. The move also frees up space at the company’s Delta Spring facility, the company said in its financial report. More information is available at www.raydanmfg.com.
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