Welland, Ontario-based pipe and tubing manufacturer Lakeside Steel Inc. reported Monday its financial results for the three months ended September 30, 2010. For Q2 2010 the company's revenue was $66,485,859, which is an increase of 273 percent compared to revenue of $17,812,672 for the same period last year, and an increase of $4,282,994 or 7 percent compared to the previous quarter ended June 30, 2010. For the six months ended September 30, 2010, Lakeside's revenue was $128,688,724, an increase of $94,876,663 or 281 percent compared to revenue of $33,812,061 over the same period last year.
Lakeside's net income for the three months ended September 30, 2010, was $1,614,298, an increase of $4,635,868 from a net loss of $3,021,570 for the three months ended September 30, 2009, and an increase of $1,401,344 compared to the previous quarter ended June 30, 2010. For the six months ended September 30, 2010, the company's net income was $1,827,252, an increase of $7,836,987 compared to a net loss of $6,009,735 for the six months ended September 30, 2009.
Ron Bedard, President and CEO of Lakeside, commented that, "[Lakeside] is pleased with its second quarter results. $66.4 million represents the highest quarterly revenue in Company history."