A. M. Castle & Co. (NYSE: CAS), Oak Brook, IL, a global distributor of specialty metal and plastic products, reported second-quarter sales of $199.7 million, down 20 percent from the same period a year ago. The company recorded a net loss for the period of $58.9 million, compared to a year-ago loss of $72.3 million.
Sales for the six-month period ended June 30 were $421.9 million, down 16 percent year-over-year. The company recorded a net loss for the period of $79.6 million, compared to a year-ago loss of $88.3 million.
"At the end of April, we announced our plan to focus on enhancing customer experience and improving our financial position by rightsizing the business, enhancing liquidity and returning to profitability," said Steve Scheinkman, president and CEO. "…We have reduced inventories by $16.3 million (excluding reserves and scrap sales); implemented a localized branch management organization; reorganized our Senior Leadership Team; and executed many of the steps required to complete the facility consolidations by the first quarter of 2016."
Headcount has been reduced by 9 percent since the beginning of the year, and further cuts will be made as more facilities are consolidated. A. M. Castle plans to close and consolidate seven facilities.
