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Canadian builder Glendale International Corp. reported increases in revenues for the Oakville, Ontario’s company’s fiscal third quarter despite a dropoff in its core recreational vehicle sales.
“Our top line performance for the quarter was driven primarily by stronggrowth in our navigational aids business, as well as growth in our electronics business, however, our core recreational vehicles business was down 3.3%,”said Chairman and CEO Edward C. Hanna. “While we continuously strive to improve upon the competitiveness of our recreational vehicles business, our sales were impacted by the stronger Canadian dollar, which was 9.5% higher during the quarter compared to the third quarter of last year, and higher fuel prices.”
Sales for the third quarter, ended Sept. 1, increased to $38.5 million (Canadian) from $36.9 million last year while net earnings from continuing operations were $0.1 million compared with $0.3 million.
Sales for the first nine months totaled $121.6 million compared with $122.3 million a year ago. Net income from continuing operations during the period dipped to $2.1 from $2.2 million last year.
Third-quarter RV sales were $18.9 million compared with $19.5 million the previous year while the division showed an $0.2 million operating loss versus earnings of $0.2 million.