Lakeside Steel Provides Q4 Operations Update
04/15/2010 - Lakeside Steel reports shipments of 39,916 tons for the fourth quarter ended March 31, 2010 — a 70% improvement over the previous quarter (3Q10) as well as a 70% improvement over the year-ago fourth quarter.
Lakeside Steel Inc. reported shipments of 39,916 tons for the fourth quarter ended March 31, 2010 — a 70% improvement over the previous quarter (3Q10) as well as a 70% improvement over the year-ago fourth quarter.
Fourth quarter data, released as part of a fiscal fourth quarter operations update, also included revenue expectations of approximately $43 million. This would exceed earlier estimates and would represent an improvement of approximately 60% from the previous quarter's revenue of $27 million.
"Lakeside continues to produce high quality, Made-in-Canada, leading-edge technology products required by our customer base in Western Canada, Texas and the Marcellus Shale,” said Ron Bedard, Lakeside Steel's President and COO. “Having secured orders out to August 2010, we continue to focus on higher value-added products, best-in-class quality, and enhanced customer service.
“We are cautiously optimistic that this strong operational performance will continue over several quarters. Lakeside continues to focus on reducing costs, improving our balance sheet and potential opportunities for growth,” added Bedard.
According to the update, Lakeside also established a number of new productivity and shipment records during the fourth quarter, including record productivity, shipments, shipped tons per employee, uptime, and man-hours per ton.
Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent company of Lakeside Steel Corp. Located in Welland, Ont., Lakeside is a diversified steel pipe and tubing manufacturer with a list of customers including large oil and gas, mining, automotive and commercial and industrial supply companies. Lakeside also manufactures pipe and mechanical tubing, including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside serves customers worldwide, either directly or indirectly, in Canada and the United States.
