Although Geneva Steel made money this past quarter, it reported a net loss for the fiscal year ended Sept. 30.
The company lost $1.3 million or 74 cents per common share of stock in fiscal 1997. Still, the bottom line was an improvement over 1996 when the mill lost $7.2 million or $1.07 per common share. Operating income for fiscal 1997 was $38.2 million compared to $25.7 million last year.Geneva reported a net income of $1.7 million or a loss of 6 cents per share for the fourth fiscal quarter of 1997. The company earned $3.1 million for the same quarter in 1996.
The company made more money on slightly fewer tons shipped in 1997 compared to 1996. It reported sales totaling $726.7 million on 2.135 tons shipped. Last year it earned $712.7 million on 2.145 tons.
According to Geneva, the demand for its pipe remain strong, while overall demand for plate steel is strengthening. Future demand for the company's products could be adversely affected by increased imports, new domestic mills or a slowing U.S. economy.