The stronger Canadian dollar helped Canadian RV builder Glendale International Corp. report higher RV-related operating earnings during the first quarter of its fiscal year 2004, which ended on Feb. 27.
Operating earnings at Glendale’s RV-builder subsidiaries, Glendale RV and Travelaire Canada, increased 7% during the December-through-February period to $2.8 million (Canadian).
Glendale, a Toronto Stock Exchange-listed firm, said sales of its new products such as its rear-deck screened patio, or Bug Room, have helped the company.
Officials also said earnings increased because the Canadian dollar went further when buying materials from suppliers in the U.S.
A year ago, one Canadian dollar was worth 63 cents in U.S. currency. Now, one Canadian dollar is worth 72 cents in U.S. currency.
However, the stronger Canadian dollar had a negative impact on Glendale’s sales revenue for the first quarter of its fiscal year because the U.S. dollars it received from its American dealers were worth less in Canadian currency than they were a year earlier. As a result, Glendale’s sales revenue declined 6% during the December-through-February period to $26.8 million (Canadian), compared with $28.5 million (Canadian) a year earlier.