Samuel Manu-Tech posts $7.6M loss; outlook negative
Apr 30, 2009 | 11:14 AM
| Corinna Petry
Citing "extremely negative conditions in all of our markets," Samuel Manu-Tech Inc. reported a net loss of Canadian $9.1 million ($7.6 million) in the first quarter ended March 31, in contrast to earnings of nearly C$3.1 million in the same three months of 2008.
Quarterly sales for the Canadian service center, processor and manufacturer fell 14.9 percent to C$193.8 million ($162 million) from nearly C$227.8 million in the same comparison.
Volumes fell reflecting the deterioration in North American economic and market conditions and the lack of demand for most manufactured products. This lack of demand has led, in turn, to falling commodity prices and a shrinking of margins on sold products, chairman and chief executive officer Mark C. Samuel explained.....
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