Ivaco Fastener Shipments Grow
Ivaco Fastener Shipments Grow
Jason Sandefur
Ivaco Inc. announced demand for fastener products increased 15% during the first quarter of 2004 as the insolvent steelmaker made “steady improvements”” toward emerging from credit protection. Fabricated Steel Product sales slipped 4.7% to CAD 115.69 million (US$ 83.1 million), while segment operating earnings grew 16.8% to CAD 7 million.
Overall sales grew 1.3% to CAD 220.8 million. The Montreal-based manufacturer reported overall losses for Q1 more than quadrupled to CAD 6.3 million. The net loss included a CAD 4.1 million reorganization charge. “Despite the increase in net loss compared to last year, we are pleased with the steady improvements we have made during the first quarter in improving our efficiency and competitiveness, both essential elements for a sustainable return to profitability,”” stated CEO Gordon Silverman.
Ivaco’s court-approved restructuring period has been extended to June 18. The company confirmed that shareholders, including the holders of its preferred shares, are unlikely to receive any value for their shares under any restructuring scenario. Web: ivaco.com �2004 FastenerNews.com
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