Glendale International Corp., parent to Glendale Recreational Vehicles/Travelaire Canada, reported record revenues and earnings for its fiscal year, ended Nov. 30, 2004.
Revenues for the fourth quarter of fiscal 2004 increased to $45.6 million from $45.5 million in fiscal 2003, paced by 5% growth to $28.5 million in RV business sales.
Net earnings for the fourth quarter were $2.4 million, an increase of 22% compared to $2 million for the fourth quarter of fiscal 2003.
For the fiscal year, revenues increased 5% to $186.7 million from $177 million for fiscal 2003. Net earnings increased 18% to $10.3 million compared to $8.7 million the previous year.
“Continued success executing our growth strategy throughout 2004 contributed to an appreciable increase in profitability for the fourth consecutive year,” said Edward C. Hanna, CEO and chairman of Glendale, which also has controlling positions in Firan Technology Group Corp. and Fernau Avionics. “In our core recreational vehicles business, our differentiated product was an important competitive advantage as the Canadian dollar strengthened.”
Firan is an aerospace and defense supplier of advanced technology printed circuits and Fernau Avionics is a leading international supplier of ground-based air navigational systems for military, naval and civil aviation applications.