Welland, Ontario-based Lakeside Steel Inc. announced Monday that revenue increased 7.9 percent in Q3 fiscal 2012 to C$58.1 million over the same quarter last year. Year-to-date, the total revenue for Lakeside so far in fiscal 2012 was C$158.9 million--a decrease of 12.9 percent from the year-to-date total in fiscal 2011. During Q3 of fiscal 2012, Lakeside recorded a net loss of C$9.16 million, compared to a net loss of C$0.2 million for Q3 of fiscal 2011.The adjustedearnings before interest, taxes, depreciation, and amortization(EBITDA) was C$7.68 million in Q3 fiscal 2012--compared to adjusted EBITDA of C$1.95 million for Q3 fiscal 2011. For the year-to-date, the adjusted EBITDA was C$13.97 million, compared to adjusted EBITDA of C$6.15 million during the same nine month period in fiscal 2011.
The financial results can be attributed to customer demand for oil country tubular goods (OCTG) shifted from plain end pipe to thermally treated end finished products, which resulted in customer demand that substantially exceeded available capacity among third party thermal treatment and end-finishing processors, leading to extended wait times.