EDMONTON, Alta. — Canadian suspension manufacturer Raydan Manufacturing, posted a net loss of $623,134 during its first fiscal quarter of 2009.
A year ago over the same period the company recorded a net income of $57,360. The company said its Q1 earnings were lower than expected due to a slower than expected economic recovery in the US and Ontario.
Continuing softness in the North American truck market has reduced demand for the Air Link suspension as well as chassis modification work, the company reported. Raydan expects to see the truck market rebound in 2009, as customers pre-buy 2009 vehicles in advance of the impending EPA2010 emissions restrictions.
Raydan management also noted they are poised to expand chassis modification work and the pursuit of military contracts this fall, after completing a move into a new chassis modification facility in October. The new plant is located in Baden, Ont.
Raydan also reported it has strengthened its management team and that it has designed a custom suspension for the US military that is currently performing well under stringent durability and performance testing.
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