Financial Results

Consolidated sales from continuing operations for the fourth quarter were $24.5 million compared to $34.4 million for the fourth quarter of last year. Net loss from continuing operations for the fourth quarter of 2007 was $2 million, or $0.16 per share, compared to net earnings from continuing operations of $344,000, or $0.03 per share, for the fourth quarter of 2006.

Consolidated sales from continuing operations for fiscal 2007 were $122.7 million compared with $141.5 million for fiscal 2006. Net loss from continuing operations for fiscal 2007 was $2.5 million, or $0.20 per share, compared to net earnings from continuing operations of $488,000 or $0.04 per share for the same period last year.

Including earnings from discontinued operations net of income taxes, net earnings for fiscal 2007 were $13.8 million, or $1.11 per share, compared to net earnings of $2.9 million, or $0.23 per share for the same period last year. Discontinued operations include the operations of Fernau Avionics Limited . On June 22, 2007 Fernau Holdings Limited, a wholly owned subsidiary of the Corporation, sold its 100% interest in the ordinary shares of Fernau to Dunwilco (1448) Limited, a corporation controlled by Dunedin Capital Partners Limited. Dunedin acquired 100% of the ordinary shares of Fernau for (pnds stlg)12 million, or CDN $25.6 million. The Corporation received after-tax cash proceeds of $22.7 million relating to the transaction, and recorded a gain of $15.2 million.

With respect to the fourth quarter and year to date results Mr. Edward Hanna, Chief Executive Officer of Glendale indicated that "the significant appreciation of the Canadian dollar combined with the slowing economic conditions in the US continues to have a negative impact on the core business of Recreational Vehicles. In response, we have reduced costs and increased our product differentiation. In spite of these issues, we continue to believe in the long term growth potential of the Recreational Vehicle business."

"Pursuant to our strategic plan we have made significant progress in restructuring Glendale resulting in an extraordinarily strong balance sheet. The sale of Fernau in June 2007 for $25.6 million was a significant liquidity event during the year which enabled us to eliminate all corporate debt. Excluding Glendale's subsidiary Firan Technology Group Corporation, Glendale had no debt and working capital relating to its continuing operations of $26.9 million, including cash and cash equivalents of $17.5 million as at November 30, 2007. With these resources at hand, we will continue to work towards solutions which return us to profitability." said Mr. Hanna. -- www.cnxmarketlink.com