Canada’s Glendale International Corp. was profitable during the September-through-November period and during its fiscal year 2001, which ended Nov. 30.
“Positive results” from Glendale’s RV operations and “a highly successful turnaround” of its Nav Aids Division were key contributors to the improved performance, according to the Toronto area firm.
Glendale earned $1.2 million (Canadian) during its fourth fiscal quarter, compared with a loss of $5.45 million (Canadian) incurred a year earlier.
One Canadian dollar now is worth a little less than 63 cents in U.S. currency.
Meanwhile, Glendale’s sales revenue during the three months ended Nov. 30 climbed 26% to $41.1 million (Canadian).
During the 12 months ended Nov. 30, Glendale earned $3 million (Canadian), compared with a $4.8 million (Canadian) loss incurred during its fiscal year 2000.
The company’s fiscal year 2001 sales increased 5% to $151.2 million (Canadian).
Glendale’s RV Division out-performed the industry as a whole, according to the company. Its fiscal year 2001 RV sales revenue declined 1% to $102.3 million (Canadian), but industrywide sales during the period were down 15%.
The introduction of Glendale’s Titanium lightweight, luxury fifth-wheel late in 2000 allowed the company to double its sales in the U.S. and expand its U.S. dealer body by 50%, the company added.
Concerning 2002, Glendale President and CEO Ed Hanna said, “The RV business is closely tied to the economy. If early signals of economic recovery hold true, we anticipate consistent results from our RV Division in the coming year.”