A. M. Castle & Co., Franklin Park, IL, a global distributor of specialty metal and plastic products, reported first quarter sales of $222.2 million, down 12.3 percent year-over-year. The company reported a loss of $20.7 million for the quarter, compared to a loss of $16 million the prior year.
Metals segment sales were $188.5 million in the first quarter, a decline of 13.9 percent from the same period the prior year. In the plastics segment, sales were down 1.9 percent to $33.7 million.
"Prior to my arrival, the management team began a rigorous analysis, with the assistance of Conway MacKenzie, to evaluate the Company’s current facility and resource footprint to determine how to best optimize its operational performance and reduce costs," said Steve Scheinkman, newly appointed president and CEO. "We will be implementing a facility consolidation and down-sizing based on their recommendations that will significantly reduce our cost structure and pave the way to improved cash flow and financial performance."
