Jorgensen Posts Net Loss of $26.6 Million for Year

BREA — Metal distributor Earle M. Jorgensen Co. posted a net loss of $26.6 million for the fiscal year ended March 31, which included a restructuring charge of $20.1 million to cover provisions for losses on sale of foreign operations, planned closures of four domestic distribution centers and work-force reductions. That compares with a net loss of $29.3 million for the prior year, which included a charge of $26.9 million for inventory adjustment and a charge of $12.8 million for work-force realignment and asset write-downs. Revenue was unchanged at $1 billion.

For the fourth quarter, the company posted a loss of $25.4 million, compared with a net loss of $20.7 million for the corresponding quarter last year. Revenue rose 2% to $267.5 million from $261.6 million.