EDMONTON - Raydan Manufacturing Inc. (TSXV: RDN), a maker of suspension and coupling systems for trucks, trailers and heavy equipment, reported a loss of $897,606 for the year, reversing year-ago profit of $220,561.
The Edmonton company had sales of $19.6 million for the year ended April 30, down from $23.2 million a year ago, as Raydan Alberta revenue decreased' per cent because of an industry reduction in new truck sales.
Revenue for Raydan Ontario was down 10 per cent on a downturn in the economy and a delay in obtaining a new location for the Chassis Modification plant.
A new location has now been leased, effective Oct. 1, in Baden, Ont.
The annual loss amounted to six cents per share, compared to a profit of 1.4 cents last year, Raydan said.
Revenue for fourth quarter was $5 million with a loss of $8,000. That compared with sales of $5.3 million and a loss of $256,000 for the quarter last year.
Raydan's thinly-traded shares were down three cents, or 11 per cent, at 25 cents on the TSX Venture Exchange Friday.
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