Lakeside Steel Reports Strong Third Quarter Results
Lakeside Steel Inc. reported its third quarter results ending December 31, 2010. Company revenue was $53,820,247, a 99% increase compared to Q3 2009.
Although, revenue dropped 19% from Q2 2010. Lakeside Steel's press release said "For the nine months ended December 31, 2010, the Company’s revenue was $182,508,971, an increase of $121,657,131 or 200% compared to revenue of $60,851,840 for the nine months ended December 31, 2009. For the nine month period ended December 31, 2010, the Company has achieved record setting performance in both revenue and tons produced."
Q3 net income was $215,827, an increase of $3,972,884 from a net loss of $3,757,057 for Q3 2009. For the nine months ended December 31, 2010, the Company’s net income was $2,043,079, an increase of $11,809,858 compared to a net loss of $9,766,779 for the nine months ended December 31, 2009.
Ron Bedard, President and CEO of Lakeside said 'The Company is pleased with its organic growth program and the progress with the build-out in Thomasville, Alabama. Lakeside Alabama will effectively double the Company’s output and associated steel buy, as well as assist the Company in becoming a lower cost producer. The project has progressed according to plan, and has met the necessary construction and delivery milestones as expected. The Lakeside Alabama construction team has worked more than 25,000 man-hours accident free to date. As previously stated, the Company continues to explore opportunities to responsibly grow its business either organically or through M&A activity'."
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