Ivaco Fastener Sales Slip

Jason Sandefur

Ivaco Inc. reported net sales for the third quarter of 2003 dipped 12.1% to Canadian $201.1 million (US$155 million), while operating earnings fell to a $26.2 million loss compared with operating earnings of CAD$8.8 million during the third quarter of 2002. Q3 sales for its fabricated steel products segment, including fasteners, dropped 19.4% to CAD $99.8 million, while operating earnings declined to a CAD$11.7 million loss compared with a CAD$6.6 million profit during the third quarter of 2002. CEO Gordon Silverman said a 4.2% reduction of shipments at Ivaco�s fastener and wire operations, and increased raw material costs, caused the weak segment performance.

For the first nine months of 2003, net sales fell 9% to CAD$642.4 million, and operating earnings slipped to a CAD$14.4 million loss compared with operating earnings of CAD$58.3 million during the first nine months of 2002. Nine-months sales for fabricated steel products slid 13.8% to CAD$333.5 million, and operating earnings fell to a CAD$7.2 million loss compared with a CAD$36.2 million gain in the first nine months of 2002. Web: ivaco.com �2003 FastenerNews.com