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Glendale International Corp.’s RV division posted sales of $120.5 million for the year ended Nov. 30, an 18% improvement over 2001, the Oakville, Ontario-based company announced.
Operating earnings for the division in 2002 were $13.5 million, up 82% from the previous year.
Although Glendale’s Canadian RV sales increased 9% for the year, stronger growth occurred in the U.S. and resulted in U.S. sales revenues of $30.8 million in 2002, up $10.8 million from 2001 and representing 26% of the 2002 revenues of the business unit, the largest RV producer in Canada.
The addition of several new U.S. dealers later in 2002 resulted in a strong fourth-quarter performance in which sales increased by 24% over the previous year, according to Glendale President and CEO Edward C. Hanna.
Sales were in part fueled by a continued strong acceptance of the Glendale Titanium luxury fifth-wheel, which had driven the division’s U.S. sales in 2001. “The RV division had positioned itself well by outperforming the industry the previous year, and in 2002 was able to capitalize on the resurging growth of the RV industry in the U.S.,” said Hanna.
Overall, Glendale International Corp. – parent company of Fernau Avionics, Quality Plastics and Firan Technology Group – earned $6.5 million in 2002 on revenues of $170.5 million, with fourth-quarter earnings of $2.2 million on sales of $46.1 million.