Take Stock – July 14

Glendale International Corp. (TSX:GIN), the parent company of Red Deer-based Travelaire Canada, has reported a net loss of $2.2 million of 24 cents a share for the second quarter ended May 29, compared with a net loss of $1.45 million or 16 cents

RV maker says loss widened to $2.2 million in Q2

Glendale International Corp. (TSX:GIN), the parent company of Red Deer-based Travelaire Canada, has reported a net loss of $2.2 million of 24 cents a share for the second quarter ended May 29, compared with a net loss of $1.45 million or 16 cents for the second quarter of 2008. The recreational vehicle and electronics company said Monday its sales for the quarter fell to $19 million from $26 million in the year-ago period as the company was hit hard by the recession, high fuel prices and the global credit crunch, which made it hard to finance the purchase of big-ticket items such as motorized homes. “The loss during the quarter for the recreational vehicle segment was primarily the result of a significant decline in demand for our recreational vehicle and commercial products due to the unprecedented negative economic environment,” said Edward Hanna, Glendale’s CEO. Consolidated sales year to date were $38 million compared with $48.6 million for the same period last year, Glendale said. Net loss for the six month period was $4.5 million compared with $2.6 million in 2008.

In addition to Travelaire, Glendale’s recreational vehicle business consists of Glendale Recreational Vehicles in Strathroy, Ont.


MPC wants lodge to move storage containers

Red Deer’s municipal planning commission has decided not to allow the Red Deer Lodge to keep five storage containers on its property at 4311 49th Ave. The commission was told that the containers — four of which measure six metres by 2.4 metres and one that is 12 metres by 2.4 metres — have been on site for some time. They are being used to store financial records, furniture and maintenance equipment. The commission was asked to allow the containers to remain for one year, but members voted to deny the request. They expressed concerns that the containers are unsightly and located in a high-profile area.