WELLAND, ON, April 9 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside"
or the "Company") today reported management's best estimate of the preliminary
results for the year ended March 31, 2009, which results have not yet been
finalized. For the year ended March 31, 2009, the Company's revenue is
estimated to be approximately $207,000,000 which would be an increase of
approximately $45,513,696 compared to revenue of $161,486,304 for the year
ended March 31, 2008. Management estimates the Company's EBITDA to be
$10,500,000, compared to EBITDA of ($4,768,000) for the year ended March 31,
2008. Net income after tax is anticipated to be approximately $6,500,000 for
the year, an improvement of approximately $11,885,357 from a net loss after
tax of $5,385,357 for the year ended March 31, 2008.
As previously disclosed, the Company projected an EBITDA target of
$7,000,000 for the year ended March 31, 2009, compared to EBITDA of
($4,768,000) for the year ended March 31, 2008, and an increase in sales
revenues to approximately $205,000,000 for the year ended March 31, 2009,
compared to sales revenues of $161,486,304 for the year ended March 31, 2008.
Vic Alboini, Chairman and Chief Executive Officer of Lakeside stated:
"The Company improved its operating results substantially during FY 2009.
Despite the changed environment in the steel industry, the Company is focused
on managing its business to breakeven profitability in FY 2010."
These estimates exclude any adjustments required as a result of ongoing
inventory analysis and any other extraordinary adjustments, foreign exchange
gains/losses or investment gains/losses.
About Lakeside Steel Inc.
Lakeside Steel Inc. is the parent company of Lakeside Steel Corp
("Lakeside Steel"). Lakeside Steel, located in Welland, Ontario, is a
diversified steel pipe and tubing manufacturer. Lakeside Steel's list of
customers includes large oil and gas, mining, automotive and commercial and
industrial supply companies. In addition to supplying its products in these
industries, Lakeside Steel manufactures pipe and mechanical tubing for the
resale market, which is sold to distributors in Eastern Canada and the
Northeastern United States. Lakeside Steel manufactures a variety of products
for these industries 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, Australia and the United
This press release may contain forward-looking statements with respect to
the Company, its operations, strategy, financial performance and condition.
These statements generally can be identified by use of forward looking words
such as "may", "will", "expect", "estimate", "anticipate", intends", "believe"
or "continue" or the negative thereof or similar variations. The actual
results and performance of the Company discussed herein could differ
materially from those expressed or implied by such statements. Such statements
are qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause actual
results to differ materially from expectations include, among other things,
general economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the Management's
Discussion and Analysis and Filing Statement of the Company which is available
at www.sedar.com. The cautionary statements qualify all forward-looking
statements attributable to the Company and persons acting on their behalf.
Unless otherwise stated, all forward-looking statements speak only as of the
date of this press release and the Company has no obligation to update such
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Vic Alboini, Chairman & Chief Executive
Officer, Lakeside Steel Inc., (416) 644-8110, Fax: (416) 644-0271, e-mail:
email@example.com; Ken Hunter, Chief Financial Officer, Lakeside Steel
Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail: