A. M. Castle & Co. (NYSE: CAS), Franklin Park, IL, a global distributor of specialty metal and plastic products, reported sales for 2009 were $812.6 million, a decline of 45.9% from record sales in 2008. Net loss for the full year was $26.9 million, compared to the year-ago net loss of $17.1 million.
For the fourth quarter 2009, sales were $181.3 million, down 43.6% from fourth quarter 2008. Net loss was $15.5 million, compared to the year-ago net loss of $53.6 million.
\”While we are disappointed with our financial results for the fourth quarter and the full year 2009, we believe an increase in daily shipping rates throughout the second half of 2009 and early 2010 indicate that we are on a path to recovery,\” said Michael Goldberg, president and CEO. \”At this point, we expect to generate net losses in the first half of 2010 and net income in the second half of 2010 as we believe our daily sales trends will continue to improve throughout the year\”
For the fourth quarter 2009, sales in the Metals segment were $159.3 million, 46.4% lower than last year. Tons sold per day increased 1.7% sequentially from third quarter levels. For the full year, Metals segment sales decreased 47.6% to $726.2 million.
In the Plastics segment, fourth quarter sales of $22.0 million were 9.8% lower than the prior year, and full year 2009 sales of $86.4 million were 25.6% lower than 2008.
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