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RV sales by Canada’s Glendale International Corp. declined by 11% during the three months ended May 28, although the company’s chairman and CEO still characterzied its RV business as “strong.”
RV sales revenue at Glendale International, parent of Glendale RV and Travelaire Canada, declined to $36.2 million (Canadian) during the March-through-May period, compared with $40.5 million (Canadian) a year earlier, according to Edward Hanna, the Toronto Stock Exchange-listed company’s chairman and CEO.
The decline occurred because of the “uncertainty with regard to a proposed property tax on park models destined for Ontario and Quebec,” Hanna said. “This issue should be resolved in the near future.”
Also, there were “delays associated with the introduction of the new 2005 product line,” he added. “Our RV products, however, remain very competitive in the Canadian and U.S. market as a result of innovative features such as the new “Bug Room” retractable screened-in porch, as well as attractive option packages.”
The lower sales revenue contributed to Glendale International’s RV-related operating earnings declining 22% during the three months ended May 28 to $3.8 million (Canadian) compared to $4.9 million for the same quarter last year.
During the six months ended May 28, Glendale International’s RV-related sales revenue amounted to almost $63 million (Canadian) and its RV-related operating earnings totaled almost $6.6 million (Canadian).
One Canadian dollar now is worth almost 76 cents in U.S. currency.