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Article Excerpt
FRANKLIN PARK, Ill., Oct. 27 /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 third quarter ended September 30, 2009.
Consolidated net sales were $184.0 million for the three months ended September 30, 2009, compared to $388.9 million in the third 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 $6.3 million, or $0.28 loss per diluted share as compared to net income of $11.5 million, or $0.50 income per diluted share in the prior year quarter.
The Company's Metals segment sales were $161.8 million in the third quarter of 2009, compared to $360.1 million in the third quarter of 2008. Total Metals revenue declined 55% compared to the prior year quarter, as volume of tons sold per day declined approximately 49% from the record levels in the prior year quarter. The demand environment was significantly weaker in the third quarter compared to the prior year quarter. Virtually all products and end-markets served by the Company were impacted by softer demand conditions.
In the Plastics segment, third quarter sales were $22.2 million compared to $28.8 million in the prior year quarter.
"The continued weakness in the overall global economy obviously had a major impact on our activity levels and financial results for the third quarter of 2009," said Michael Goldberg, President and CEO of A.M. Castle.
"During the third quarter, we continued to focus on executing our key priorities during the economic downturn. We continued to reduce our operating costs, surpassing our annual...
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