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Article Excerpt
FRANKLIN PARK, Ill., July 28 /PRNewswire-FirstCall/ -- A. M. Castle & Co. , a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, today reported financial results for the second quarter ended June 30, 2009.
Consolidated net sales were $195.1 million for the three months ended June 30, 2009, compared to $397.1 million in the second quarter of 2008 reflecting continued weakness in demand as a result of the global recession. The Company reported a net loss for the quarter of $5.5 million or $0.24 loss per diluted share as compared to net income of $11.3 million or $0.49 income per diluted share in the prior year quarter.
The Company's Metals segment sales were $174.1 million in the second quarter of 2009, compared to $365.4 million last year. Total Metals revenue declined 52% compared to the prior year quarter, as volume of tons sold per day declined approximately 51%. The demand softness experienced in the second quarter was broad-based, impacting virtually all end-markets and products reflecting significantly weaker demand conditions compared to last year.
In the Plastics segment, second quarter sales of $21.0 million were down $10.7 million compared to $31.7 million in the prior year period due to lower sales volume. However, sales in the Plastics segment remained relatively consistent with the first quarter of 2009 as second quarter end-market demand remained stable across most key industries.
"Sales activity and overall business conditions during the second quarter continued to be difficult across most of the end-markets that we serve," stated Michael Goldberg, President and CEO of A.M. Castle. "Gross profit margins for the quarter of 25.6% were higher than the 25.2% in the second quarter of 2008 but were weaker than the 27.8% realized in the first quarter of this year due to...
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