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Article: NOVAMERICAN STEEL INC. ANNOUNCES 2ND QUARTER RESULTS
- Article from:
- PR Newswire
- Article date:
- June 22, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MONTREAL, June 22 /CNW-PRN/ - Novamerican Steel Inc. (NASDAQ: TONSF-news.) announced today its financial results for the second quarter ended May 30, 1998. (All amounts are in U.S. dollars).
Sales for the second quarter increased by $2.7 million, or 2.6%, to $105.7 million from $103.0 million for the same period in 1997. Volumes in the second quarter were strong, particularly for the month of May in which four operating locations achieved record sales.
Tons sold and processed in the second quarter of 1998 increased by 23,000, or 9.9%, to 255,000 from 232,000 in the second quarter of 1997. Net income for the second quarter decreased by $0.9 million to $2.4 ...