On April 29, Toronto, Ontario, Canada-based value-added metal processor and distributor Samuel Manu-Tech Inc. issued its financial results for the first quarter of 2010, stating that the company has started to benefit from the gradual recovery in North American economic conditions.
According to the financial results, the net loss of the company was $0.3 million in the first quarter of 2010, compared with a net loss of $9.1 million in the first quarter of 2009. Sales revenues in the first quarter of 2010 saw a decrease of 16.3 percent, dropping from $193.8 million in the corresponding quarter of the previous year to $162.2 million.
Commenting on the results, the company stated, "As a result of these overall improved market conditions and the positive impact of the company's ongoing cost reduction initiatives, the company posted a small loss in the first quarter which represents a significant improvement over the comparable period last year. Based on the current economic forecast the company anticipates improved performance in the second quarter with a modest return to profitability."