Welland, Ontario-based pipe manufacturer Lakeside Steel Inc. reported Monday that for the fiscal year 2011 (ended March 31, 2011), revenues soared 130 percent from the prior year to C$240,304,770 (US$246,415,960). Net income was C$3.3 million (US$3.38 million), for the fiscal year 2011, up C$17.3 million (US$17.7 million) from the net loss of C$13.9 million (US$14.1 million) incurred the prior year.
For the quarter ended March 31, net income was C$1.3 million (US$1.33 million), compared to a net loss of C$4.2 million (US$4.3 million) in the same quarter last year.
Ron Bedard, President and COO, commented, "The Company is pleased with the turnaround at our Welland, Ontario operations. Despite steel price volatility and a challenging market, the Company was able to remain profitable and grow its operation."