 |
|
Oilweek Magazine
|
 |
Oilweek subscribers can click on the cover to access their full-version digital copy of the current edition of the magazine.
|
|
| |
| Subscribe Now! |
| |
 |
|
| |
Click here to view a free sample digital edition of Oilweek magazine. As a paid subscriber, all issues of the magazine, including back issues, are online for you to read, search, and reference. |
|
|
| |
|
|
|
|
Latest Headlines
|
|
|
Dec 18, 2009 8:18:00 AM MST
Commercial Solutions posts a loss of $1.8M in Q4, reverses year ago profits (Commercial-Solutions)
|
|
EDMONTON _ Industrial parts supplier Commercial Solutions Inc. (TSX:CA) blamed the recession for the steep decline in revenues in the fourth quarter, which pushed the company into the red.
The Edmonton-based company said Friday revenues plunged 47 per cent to $20.2 million in the period ended Sept. 30. That compared with $38.3 million it generated last year.
Net loss totalled $1.8 million or nine cents a share, reversing net income of $819,096 or four cents a share.
For all of 2009, its net loss widened to $24 million or $1.19 a share compared with $13.6 million or 68 cents a share.
Commercial Solutions booked revenues of $106 million, down nearly 30 per cent from $143.4 million.
"The business and economic environment in which Commercial operates changed dramatically in early fiscal 2009," the company stated Friday.
"The precipitous fall in revenue is the effect of the financial crisis and the downturn in the global economy, specifically, lower drilling activity in the natural gas industry which represents a large portion of the company´s customer base."
Commercial said it considers the next quarters "challenging," therefore it will continue to take "aggressive measures" in cutting operating costs.
The company is an independent industrial distributor with 27 services centres and about 260 employees located across Canada.
Shares of Commercial Solutions were unchanged at 25 cents on the Toronto Stock Exchange.
|
|
|
|
|
|
|
