Canada’s Glendale International Corp. reports it earned $663,000 (Canadian) during the first quarter of its fiscal year 2002, which ended March 1, because of strong performances by its RV and navigational aids operations.
The net profit Glendale earned during the December-through-February period compares with a $537,000 (Canadian) loss it incurred a year earlier.
One Canadian dollar now is worth a little more than 63 cents in U.S. currency.
Glendale increased the size of its U.S. RV dealer network by 50% last year and that contributed to the company reporting a 21% increase in RV sales revenue, to $20.9 million (Canadian), during the three months ended March 1. The company’s profit margin on RV sales also improved, resulting in a 181% increase in RV segment operating earnings to $1.4 million (Canadian).
RV sales in the U.S. accounted for 30% of Glendale’s total RV sales during the December-through-February period, compared with 17% a year earlier, said Edward Hanna, president and CEO.
RV sales were strong in the U.S. and Canada during the three months ended March 1, and Hanna said, “As long as the economy continues to improve, we believe the recovery in the RV market will be sustained.”