London, Ontario-based Global Railway Industries, Ltd. says its revenue increased 68% to C$61.8 million (US$49 million), for fiscal year 2008 compared with year-earlier totals, while fourth-quarter revenue rose 59% to C$16.6 million (US$12.7 million).
Net earnings, however, were less rosy; the company lost almost C$3 million for the fourth quarter, ending the full year with a net earnings loss of C$1.68 million, or a loss of 11 cents a share.
The company attributed the revenue growth and net negative earnings for both periods to its acquisition in November 2007 of CAD Railway Industries, Ltd., a producer of remanufactured locomotives, locomotive components, and power generation units. Company Chairman, President, and CEO Terry McManaman, in a statement, said the continued integration of CAD would largely “be in place and operating effectively in 2009.” In addition, the company has in place multiyear contracts involving infrastructure spending for passenger and transit interests.
“The order backlog for Global’s subsidiary Bach-SimpsonCorp., whose long-term contracts and products are focused on the rail commuter and passenger rail industry, increased by 77% to C$11.3 million between Dec. 31, 2007, and Dec. 31, 2008,” McManaman said.