Lakeside Steel announces year end results
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Canada-based Lakeside Steel Inc. Monday reported its results for the year ended March 31, 2010. The Company's revenue for the fourth quarter ended March 31, 2010, was $43,585,993, an improvement of $16,546,219 or 61.2 percent from the previous quarter ended December 31, 2009, and an improvement of $10,007,996 or 29.8 percent from the three months ended March 31, 2009. Revenue for the first quarter of fiscal 2011 is expected to be approximately $60,000,000, which would represent an improvement of approximately 37.6 percent from the fourth quarter ended March 31, 2010, revenue of $43,585,993.
For the year ended March 31, 2010, the Company's revenue was $104,437,833, which is a decline of $102,487,969 or 49.5 percent compared to revenue of $206,925,802 for the year ended March 31, 2009. The Company's net loss for the year ended March 31, 2010, was $13,087,382, a decline of $19,630,082 from net income of $6,542,700 in the prior fiscal year.
Ron Bedard, President and CEO, commented that "Lakeside has made significant progress in the fourth quarter ending March 31, 2010. While we experienced a loss in the fourth quarter, we were able to contain costs, reduce the loss significantly as compared to Q3, and diversify our customer base. We expect to return to profitability during the quarter ending June 30, 2010, as a result of strong demand, cost savings and good operational performance. Lakeside expects that the demand for its products will continue for several quarters. Lakeside continues to explore opportunities to grow our business, both in Welland and closer to our end use markets."
Lakeside expects to issue its financial statements and annual MD&A for the year ended March 31, 2010, by Thursday June 10, 2010.
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