EDMONTON, Alta. — Raydan Manufacturing reported a net loss of $559,096 during its first fiscal quarter of 2010, along with a 44% decline in revenue compared to its 2009 Q1.
The company admitted its first quarter was weak, “and is expected to remain weak with the current state of the Canadian and world economies.”
However, Raydan reported business will pick up in the third quarter when it delivers its first 50 suspension kits to the US military.
The Q1 loss was less than the loss of $623,134 Raydan reported during the same period last year. Raydan said it will be cutting costs and looking at new ways of improving efficiencies, with the primary focus being at its Ontario facilities. Meanwhile, the company will continue to “aggressively focus on the customized modified suspension for military purposes…as the best opportunity for the future growth and profitability of the company.”
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