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Glendale International reports third quarter financial results

^{Published on 2009-10-13 13:08:10 - Market Wire}
 

 Glendale RV ----------- 

 Travelaire ---------- 

 Corporate Office ---------------- 

 GLENDALE INTERNATIONAL CORP. Interim Consolidated Balance Sheets (in thousands of dollars) (prepared without audit) ------------------------------------------------------------------------- As at August 28, November 30, 2009 2008 ------------------------------------------------------------------------- CURRENT ASSETS Cash $2,369 $6,538 Accounts receivable 3,753 16,358 Income taxes receivable 51 501 Inventories 8,211 22,816 Deposits and prepaid expenses 151 656 ------------------------------------------------------------------------- 14,535 46,869 Note Receivable 1,967 1,967 Investment 7,914 - Accrued Benefit Asset 1,351 1,314 Future Income Taxes 459 880 Property, Plant and Equipment, net of accumulated depreciation 1,793 9,374 Goodwill - 4,910 Other Intangible Assets - 431 ------------------------------------------------------------------------- $28,019 $65,745 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CURRENT LIABILITIES Bank indebtedness - $2,977 Accounts payable and accrued liabilities 3,008 14,152 Current portion of long-term debt and capital leases 10 1,843 ------------------------------------------------------------------------- 3,018 18,972 Long-Term Debt and Capital Leases 10 6,121 Deferred Gain on Sale of Property 1,810 2,462 ------------------------------------------------------------------------- 4,838 27,555 Non-Controlling Interest - 7,397 SHAREHOLDERS' EQUITY Share capital 1,249 1,249 Share purchase financing (4,450) (4,450) Contributed surplus 9,501 10,216 Accumulated other comprehensive income 15 324 Retained earnings 16,866 23,454 ------------------------------------------------------------------------- 23,181 30,793 ------------------------------------------------------------------------- $28,019 $65,745 ------------------------------------------------------------------------- ------------------------------------------------------------------------- GLENDALE INTERNATIONAL CORP. Interim Consolidated Statements of Loss (in thousands of dollars except per share amounts) (prepared without audit) ------------------------------------------------------------------------- Three Months Ended Nine Months Ended August 28, August 29, August 28, August 29, 2009 2008 2009 2008 ------------------------------------------------------------------------- Sales $6,300 $20,522 $44,360 $69,108 ------------------------------------------------------------------------- Costs and Expenses Manufacturing, selling and administration 8,125 21,342 46,928 70,150 Research and development costs - 715 1,860 2,912 Recovery of research and development costs - - (50) - Loss/(gain) on sale of property, plant and equipment - 1 (1) 1 Amortization of deferred gain (218) (217) (652) (652) Amortization of intangible assets - - 24 - Depreciation and amortization 97 849 1,558 2,487 Stock based compensation 17 51 86 148 Restructuring costs 249 117 480 325 Foreign exchange loss/(gain) 10 (65) 597 (57) ------------------------------------------------------------------------- 8,280 22,793 50,830 75,314 ------------------------------------------------------------------------- Loss Before Undernoted (1,980) (2,271) (6,470) (6,206) ------------------------------------------------------------------------- Other (Expenses)/Income Equity in operations of affiliated company (115) - (115) - Interest income 21 111 76 422 Interest expense - long term - (124) (233) (387) Interest expense - short term - (56) (57) (163) ------------------------------------------------------------------------- (94) (69) (329) (128) ------------------------------------------------------------------------- Loss Before Income Taxes and Non-Controlling Interest ($2,074) ($2,340) ($6,799) ($6,334) (Provision for)/recovery of income taxes (26) 217 (131) 1,155 ------------------------------------------------------------------------- Loss Before Non-Controlling Interest ($2,100) ($2,123) ($6,930) ($5,179) Non-controlling interest - (108) 342 367 ------------------------------------------------------------------------- Net Loss ($2,100) ($2,231) ($6,588) ($4,812) ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic and Diluted Net Loss per Share ($0.23) ($0.24) ($0.71) ($0.52) ------------------------------------------------------------------------- ------------------------------------------------------------------------- GLENDALE INTERNATIONAL CORP. Interim Consolidated Statements of Cash Flows (in thousands of dollars) (prepared without audit) ------------------------------------------------------------------------- Three Months Ended Nine Months Ended August 28, August 29, August 28, August 29, 2009 2008 2009 2008 ------------------------------------------------------------------------- Operating Activities Net loss ($2,100) ($2,231) ($6,588) ($4,812) Items not affecting cash Amortization of deferred gain (218) (217) (652) (652) Depreciation and amortization 97 849 1,558 2,487 Amortization of intangible assets - - 24 - Stock based compensation expense 17 51 86 148 Future income taxes 50 (306) 181 (1,143) Non-controlling interest - 108 (342) (367) Loss/(gain) on sale of property, plant and equipment - 1 (1) 1 Increase in accrued benefit asset - (97) (37) (189) Effect of exchange rates on foreign currency denominated Canadian debt - 273 (501) 245 Equity in operations of affiliated company 115 - 115 - Changes in non-cash operating working capital (250) 2,093 3,353 (2,603) ------------------------------------------------------------------------- (2,289) 524 (2,804) (6,885) Investing Activities Cash reduction on commencement of equity accounting (527) - (527) - Purchase of property, plant and equipment (4) (172) (1,256) (739) Proceeds on sale of property, plant and equipment - - 1 - Restricted cash - - - 201 Acquisition of Filtran Microcircuits Inc. - - - (1,462) Share purchase financing 55 55 165 166 ------------------------------------------------------------------------- (476) (117) (1,617) (1,834) Financing Activities (Decrease)/increase in bank indebtedness - (590) (999) 2,077 Proceeds from capital expenditure facility - - 1,667 501 Repayment of long-term debt and capital leases - (347) (925) (984) ------------------------------------------------------------------------- - (937) (257) 1,594 Effect of foreign exchange rates on cash - 32 509 90 ------------------------------------------------------------------------- Decrease in cash (2,765) (498) (4,169) (7,035) Cash, Beginning of Period 5,134 11,006 6,538 17,543 ------------------------------------------------------------------------- Cash, End of Period $2,369 $10,508 $2,369 $10,508 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental cash flow information: Payments for interest $1 $175 $287 $544 Payments for income taxes - $75 $4 $77 Refunds for income taxes $176 $313 $176 $1,518 GLENDALE INTERNATIONAL CORP. Segmented Information (in thousands of dollars) (prepared without audit) ------------------------------------------------------------------------- OPERATING SEGMENTS ------------------------------------------------------------------------- Three Months Ended Recreational Electronics Corporate Total August 28, 2009 Vehicles Office ------------------------------------------------------------------------- Sales $6,300 - - $6,300 Costs and expenses 7,547 - 733 8,280 ------------------------------------------------------------------------- Loss before undernoted (1,247) - (733) (1,980) Equity in operations of affiliated company - - (115) (115) Interest income - - 21 21 Income tax provision - - (26) (26) ------------------------------------------------------------------------- Net loss ($1,247) - ($853) ($2,100) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total and identifiable assets $12,767 - $15,252 $28,019 Capital expenditures $2 - $2 $4 Depreciation and amortization $95 - $2 $97 Three Months Ended August 29, 2008 ------------------------------------------------------------------------- Sales $4,774 $15,748 - $20,522 Costs and expenses 6,947 15,427 419 22,793 ------------------------------------------------------------------------- Loss before undernoted (2,173) 321 (419) (2,271) Interest income - - 111 111 Interest expense - long term - (124) - (124) Interest expense - short term - (46) (10) (56) Income tax recovery - 39 178 217 Non controlling interest - (108) - (108) ------------------------------------------------------------------------- Net loss ($2,173) $82 ($140) ($2,231) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total and identifiable assets $11,691 $22,722 $31,022 $65,435 Capital expenditures $57 $115 - $172 Depreciation and amortization $125 $719 $5 $849 Goodwill - $4,887 - $4,887 GLENDALE INTERNATIONAL CORP. Segmented Information (in thousands of dollars) (prepared without audit) ------------------------------------------------------------------------- OPERATING SEGMENTS ------------------------------------------------------------------------- Nine Months Ended Recreational Electronics Corporate Total August 28, 2009 Vehicles Office ------------------------------------------------------------------------- Sales $15,032 $29,328 - $44,360 Costs and expenses 19,391 29,646 1,793 50,830 ------------------------------------------------------------------------- Loss before undernoted (4,359) (318) (1,793) (6,470) Equity in operations of affiliated company - - (115) (115) Interest income - - 76 76 Interest expense - long term - (233) - (233) Interest expense - short term - (52) (5) (57) Income tax provision - (4) (127) (131) Non-controlling interest - 342 - 342 ------------------------------------------------------------------------- Net loss ($4,359) ($265) ($1,964) ($6,588) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total and identifiable assets $12,767 - $15,252 $28,019 Capital expenditures $43 $1,211 $2 $1,256 Depreciation and amortization $291 $1,261 $6 $1,558 Nine Months Ended August 29, 2008 ------------------------------------------------------------------------- Sales $23,304 $45,804 - $69,108 Costs and expenses 27,394 46,100 1,820 75,314 ------------------------------------------------------------------------- Loss before undernoted (4,090) (296) (1,820) (6,206) Interest income - - 422 422 Interest expense - long term - (387) - (387) Interest expense - short term - (141) (22) (163) Income tax recovery - 173 982 1,155 Non-controlling interest - 367 - 367 ------------------------------------------------------------------------- Net loss ($4,090) ($284) ($438) ($4,812) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total and identifiable assets $11,691 $22,722 $31,022 $65,435 Capital expenditures $228 $511 - $739 Depreciation and amortization $373 $2,100 $14 $2,487 Goodwill - $4,887 - $4,887