Raydan Manufacturing Inc Announces Second Quarter Financial Results for Fiscal 2012
30 December 2011 - 11:41PM
PR Newswire (Canada)
EDMONTON, Dec. 30, 2011 /CNW/ - Raydan Manufacturing Inc, the
"Company", has provided financial results for the three and six
month periods ended October 31, 2011. These financial results and
related MD&A are available at the System for Electronic
Document Analysis and Retrieval ("SEDAR") web site at
www.sedar.com. The highlights are noted below. For the three month
period ended October 31, 2011 or Q2 2012, the Company recorded
revenue of $2,146,940 and a net loss of $382,913 (includes net
income of $2,488 from discontinued operations) vs revenue of
$2,470,792 and a net loss of $45,138 (includes $nil from
discontinued operations) in the comparative three month period
ended October 31, 2010 or Q2 2011. Gross profit margins in Q2 2012
were 8.3% vs 22.1% in Q2 2011; thereby contributing to the net loss
in Q2 2012. Mr. Ray English, CEO, commented, "On November 30, 2011,
the Company announced it entered into an Arrangement Agreement with
Link Suspensions of Canada Limited Partnership and Link
Manufacturing Ltd (collectively referred to as "Link"), whereby
Link will acquire substantially all the assets of the Company. The
purchase is structured as a plan of arrangement under the Business
Corporations Act (Alberta). It is expected to close in January
2012, following approval from shareholders and the Court of Queen's
Bench of Alberta. The Company expects to delist from the TSX
Venture Exchange and liquidate following completion of the
purchase. We anticipate shareholders will receive approximately
$0.11 per common share from the net proceeds under the Arrangement
Agreement. The proceeds should be distributed in two installments;
the first being $0.07 per share immediately following the requisite
approvals and the balance of approximately $0.04 within twelve (12)
months thereafter". Further information regarding the
Arrangement Agreement and other related documents can found at
www.sedar.com, and in the Outlook section of the MD&A for the
three and six month periods ended October 31, 2011. 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 Alberta.
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. Raydan Manufacturing Inc. CONTACT: Raydan Manufacturing
IncJoan Richardson Tel: 780-955-2859Toll Free: 1-888-472-9326
jrichardson@raydanmfg.com www.raydanmfg.com
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