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reported on March 12, 2009 that it swung to a Q4 FY08 net loss of $67.50 million or $1.86 per share from a profit of $2.56 million or $0.08 per share in the prior year's quarter. Loss from continuing operations stood at $67.11 million or $1.85 per share. The most recent consensus estimate was a loss of $0.08 per share.
Total revenue plunged 43.2% to $64.54 million from $113.57 million due to the impact of the ongoing economic crisis. Scrap Metal revenue declined 44.3% to $49.60 million from $89.10 million. Average ferrous price increased 18.3% to $329 per gross ton from $278 per gross ton, whereas average nonferrous selling price dropped 28.4% to $1.11 per pound from $1.55 per pound in Q4 FY07. Lead Fabricating revenue decreased 38.8% to $15.00 million from $24.50 million and posted an average selling price of $1.34 per pound.
Total costs and expenses increased 45.6% to $154.44 million from $106.08 million due to $59.04 million of impairment charges. Operating expenses dipped 13.9% to $83.76 million from $97.32 million. Selling, general, and administrative expenses advanced 14.5% to $7.60 million from $6.63 million and depreciation and amortization expenses jumped 89.6% to $4.04 million from $2.13 million in the prior year's quarter.
FY08 total revenue more than doubled to $818.20 million from $334.21 million in FY07. The company swung to a net loss of $43.66 million or $1.25 per share from a profit of $14.75 million or $0.50 per share in FY07.