Raydan reports loss for 08 fiscal year
EDMONTON, Alta. — Canadian suspension builder Raydan Manufacturing, reported a loss of $897,606 for its fiscal year ended Apr. 30.
That was a drop from a net profit of $220,561 the previous year. However in the fourth quarter, Raydan suffered a loss of just $8,000 compared to a loss of $256,000 for the fourth quarter of the previous year.
The company reported its decreasing revenue was attributable to the slowdown in North American truck sales. In Ontario, a 10% decrease in revenue was blamed on a downturn in the economy and a delay in obtaining a new location for a chassis modification facility.
However, Raydan has secured a new facility in Ontario and will begin work there in October. Raydan continues to fulfill orders for the Canadian military and to work with ArvinMeritor to manufacture and distribute the Air Link suspension.
The company says it will be unveiling several new products for the Air Link suspension which will expand the market for Raydan. It is also projecting an increase in sales as NAFTA truck sales rebound.
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