WELLAND, ON, June 9 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside
Steel" or the "Company") today reported 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% compared to revenue
of $161,486,304 for the year ended March 31, 2008. The Company's EBITDA 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 $0.16. 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 $0.10 for the
year ended March 31, 2009, compared to a loss per share of $0.11 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 to 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 $0.02 for the
three month period ended March 31, 2009 and a loss per share of $0.00 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 Corporation ("Lakeside"), 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.
About Lakeside Steel Inc.
Lakeside Steel is the parent company of Lakeside. Lakeside, located in
Welland, Ontario, is a diversified steel pipe and tubing manufacturer.
Lakeside'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 manufactures pipe and mechanical tubing
for the resale market, which is sold to distributors in Eastern Canada and the
Northeastern United States. Lakeside 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
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: