Canada’s Glendale International Corp. reported higher RV-related earnings during its second fiscal quarter because of “the continued success of its strategic expansion into the U.S.,” according to the Toronto Stock Exchange-listed company.
The parent company’s RV subsidiaries, Glendale RV and Travelaire Canada, posted operating earnings of $4.9 million (Canadian) during the three months ended May 30, a 7% increase over the $4.6 million (Canadian) earned from RV operations in the same portion of 2002.
One Canadian dollar is worth a little more than 73 cents in U.S. currency.
Glendale’s RV related sales revenue declined 1% in the March-through-May period to $40.5 million (Canadian) “despite the continued challenging economic environment and low consumer confidence in the U.S.,” according to Edward Hanna, chairman and CEO.
Dealer-based expansion initiatives in the U.S. and success of the Glendale Titanium fifth-wheel were the main contributors to the relatively strong financial performance, Hanna said.
During the six months ended May 30, Glendale’s RV-related sales totaled $69 million (Canadian) and its RV-related operating earnings amounted to $7.5 million (Canadian) during the period.
Meanwhile, Glendale has scheduled a special shareholders’ meeting for Aug. 11 to vote on whether to pay a $1-per-share (Canadian) special dividend to all shareholders related to the proposed acquisition by Glendale of 5 million shares of Glendale stock from company founder Morgan Firestone.
Earlier this summer, Glendale agreed to pay Firestone $26.39 million (Canadian), or $5.28 per share (Canadian), for his stock.