Raydan Manufacturing Inc Reports Year End Results
August 30 2011 - 1:04PM
PR Newswire (Canada)
EDMONTON, Aug. 30, 2011 /CNW/ -- EDMONTON, Aug. 30, 2011 /CNW/ -
Raydan Manufacturing Inc, the "Company", (TSX-V: RDN) has provided
financial results for the three month period ended April 30, 2011
and the year ended April 30, 2011. Revenue was $2,787,684 and
$10,216,439 for the three month period and year ended April 30,
2011, respectively, compared to $2,572,258 and $6,893,969, for the
prior period and year, respectively. However, net loss from
continuing operations was $765,798 and $1,191,999 compared to
$240,062 and $1,069,294 in the prior period and year, respectively.
The increased loss in the period can be attributed to increased
manufacturing, administrative and other expenses. Mr. Ray English,
CEO, commented "Earlier, we reported optimism due to notices
received from several key customers to anticipate increased orders
in calendar 2011 and 2012. Recently, several customers advised they
are reducing their forecasts for the near future". We continue to
monitor our customers and markets for available opportunities.
About Raydan Manufacturing Inc Raydan Manufacturing Inc based in
Edmonton, Alberta, develops and produces specialized suspension and
coupling systems for trucks, trailers and heavy equipment.
Installations are completed at the Company's chassis modification
centre in either Alberta or Ontario. Established in 1992, Raydan
exports its innovative, high-quality products to end-users and
original equipment manufacturers (OEMs) in the heavy-duty truck,
truck crane, fire/rescue and other severe use sectors around the
world. The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
This new release contains forward-looking statements that involve
risks and uncertainties, which may cause actual results to differ
materially from the statements made. Potentially, many factors
could cause our actual results to vary materially from those
described herein as intended, planned, anticipated or expected.
Raydan Manufacturing Inc. does not intend and does not assume any
obligation to update these forward-looking statements. To view this
news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/30/c7322.html
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