Glendale International Corp. reported lower revenue and earnings for the Canadian firm’s fiscal year, ended Nov. 30, dragged down by declining recreational vehicle sales during the fourth quarter.
The company, parent to Glendale Recreational Vehicles/Travelaire Canada with interests in the aerospace and aviation sectors, posted fourth-quarter sales of $41.8 million compared to $45.6 million the previous year while net income slipped to $1.3 million from $2.4 million.
For the fiscal year, sales decreased to $165.7 million versus $186.7 million the year prior and net earnings fell to $3.4 million from $10.3 million.
The company reported fourth-quarter RV sales of $23.4 million compared with $28.5 million the previous year. Glendale said the decrease was primarily the result of “increased price competition due to the higher Canadian dollar, the currency translation impact of U.S. dollar denominated sales, and higher fuel prices, which impact consumers’ buying decisions.”
The company added that the long-term outlook for the industry was strong and that its new product lines had been well received.
Other interests for Glendale, based in Oakdale, Ontario, include Firan Technology Group Corp., an aerospace and defense supplier of advanced technology printed circuits, and Fernau Avionics, a supplier of ground-based air navigational systems.