Samuel Manu-Tech posts loss as sales rise

Mar 05, 2009 | 10:57 AM | Corinna Petry

Toll processor and distributor Samuel Manu-Tech Inc. has posted a fourth-quarter net loss of Canadian $46.9 million ($36.7 million) in contrast to net income of nearly C$3.3 million in the same period last year as a weakening global economy and financial crisis slowed steel demand in most key markets.

SAMUEL MANU-TECH INC.(in thousands except per share) 20082007Year ended Dec. 31Net sales$989,730 $899,866Net income (loss)(9,340)27,299Per share—0.844th qtr. ended Dec. 31Net sales$236,556$209,360Net income (loss)(46,918)3,278Per share—0.10In Canadian dollars.The publicly held subsidiary of Samuel, Son & Co., Mississauga, Ontario, said sales climbed almost 13 percent to C$236.6 million ($184.7 million) from C$209.4 million in the year-earlier....

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