Canadian-based Lakeside Steel Inc. Thursday reported results for the three months ended June 30, 2010. For the three months ended June 30, 2010, the Company's revenue was $62,202,865, which is an increase of $46,203,476 or 289 percent compared to revenue of $15,999,389 for the three months ended June 30, 2009, and an increase of $18,616,872 or 43 percemt compared to the previous quarter ended March 31, 2010. The Company's net income for the three months ended June 30, 2010, was $212,954, an increase of $3,201,119 from a net loss of $2,988,165 for the three months ended June 30, 2009, and an increase of $4,398,201 compared to the previous quarter ended March 31, 2010.
As previously reported, the demand in the oil and gas sector for the Oil Country Tubular Goods manufactured by Lakeside Steel Corporation, the Company's wholly-owned subsidiary, experienced a positive increase in the third and fourth quarters of fiscal 2010. This continued into the first quarter of fiscal 2011 and management believes this trend will continue through the remainder of fiscal 2011.
Ron Bedard, President and CEO, commented that "Lakeside has made significant progress in the quarter ending June, 2010. While we are pleased to return to profitability in these tough economic conditions, we are certainly not satisfied. We aim to further reduce cost, improve operational efficiencies and improve profit margins. Lakeside expects that the demand for its products will continue for several quarters. We anticipate growing both our top line revenue and our bottom line profit in the second quarter."