Lakeside Steel earns $6.54-million in fiscal 2009
2009-06-09 16:47 ET - News Release
Mr. Vic Alboini reports
LAKESIDE STEEL RELEASES YEAR END RESULTS
Lakeside Steel Inc. has provided its results for the year ended March 31, 2009. For the year ended March 31, 2009, the company's revenue was $206,925,802, which is an increase of $45,439,498 or 28.1 per cent compared with revenue of $161,486,304 for the year ended March 31, 2008. The company's EBITDA (earnings before interest, taxes, depreciation and amortization) was $10,506,192 for the year, an improvement of $15,274,451 from EBITDA of ($4,768,259) for the year ended March 31, 2008.
EBITDA per share for the year ended March 31, 2009, is 16 cents. The company's net income was $6,542,700 for the year, an improvement of $11,928,057 from a net loss of $5,385,357 for the year ended March 31, 2008. The company had earnings per share of 10 cents for the year ended March 31, 2009, compared with a loss per share of 11 cents for the year ended March 31, 2008. These results are in line with the preliminary results reported on April 9, 2009.
For the three months ended March 31, 2009, the company's revenue was $33,577,997 which is a decrease of $9,414,072 compared with revenue of $42,992,069 for the three months ended March 31, 2008. The company's net loss was $1,155,040 for the three-month period ended March 31, 2009, a decline of $939,158 from a net loss of $215,882 for the three-month period ended March 31, 2008. The company's EBITDA was ($585,740) for the three-month period ended March 31, 2009, a decline of $1,002,878 from EBITDA of $417,138 for the comparable period in 2008. The company had a loss per share of two cents for the three-month period ended March 31, 2009, and a loss per share of nil for the three months ended March 31, 2008.
Management believes that the company's improved performance for the year ended March 31, 2009, is attributable to effective cost management and strong demand in the oil and gas sector for oil country tubular goods of Lakeside Steel Corp., the company's wholly owned subsidiary. Demand in the oil and gas sector for Lakeside's oil country tubular goods had experienced a substantial reduction in the fourth quarter as reflected in the results above. Management believes that this trend will continue for the first half of fiscal 2010.
We seek Safe Harbor.