IBC Advanced Alloys Announces 2011 Financial Results
October 31 2011 - 9:00AM
Marketwired
IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF)(PINK
SHEETS:IAALF) ("IBC" or the "Company"), a vertically integrated
manufacturer of rare metals (beryllium) based alloys and advanced
cast and forged products, has released its audited financial
results for the year ended June 30, 2011.
Fiscal 2011 Financial Highlights
-- Sales increased to $20.45 million, up 37% compared to fiscal 2010;
-- Gross profit increased 87% compared to fiscal 2010 on increased sales
and improved operating practices;
-- Loss for the year was $4.6 million, up 13% from fiscal 2010 reflecting
both business expansion and significant unusual charges such as plant
relocation expense; and
-- Cash and cash equivalents at June 30, 2011 were $7.51 million.
"Over the last four years, IBC has developed and implemented an
advanced alloys business to support its mine-to-market business
strategy," commented Simon Anderson, IBC's CFO. "Our fiscal 2011
revenue growth is clear proof that IBC's vertically integrated
model is sound and that the business has a strong foundation. We
have successfully integrated our operating facilities, introduced a
range of new high performance alloys and begun business development
efforts into several new markets. While the company as a whole is
not yet profitable, we were very encouraged by our 2011 financial
performance and expected the increased costs in fiscal 2011, which
relate to the expansion and upgrading of our manufacturing base to
support future revenue growth."
Business Highlights
The Company's fiscal 2011 operating results reflect IBC's
continued growth with steadily increasing manufacturing revenues
and capacity. With the 2010 Engineered Materials purchase and
construction of a new factory in Massachusetts, IBC's operations
expanded significantly. While this expansion had a negative effect
on operating loss, it is a key component of IBC's growth plan.
In June 2011, the Company closed a short-form prospectus
offering, raising gross proceeds of $8,213,000 to fund Engineered
Materials expansion, new business development initiatives and the
2011 Utah mineral exploration program.
In June 2011, IBC signed a strategic memorandum of understanding
with its Kazakh suppliers, Ulba Metallurgical Plant, to further
advance and strengthen the Company's relationship and to continue
to target emerging opportunities in the global beryllium and rare
metals market.
In May 2011, IBC opened a new 63,000 square foot manufacturing
facility in Wilmington, MA to support the growth of the Company's
Engineered Materials division and its ultra-lightweight cast
alloys.
In May 2011, Major General David Heinz joined IBC's board as an
independent director. Major General Heinz is a highly decorated
retired senior U.S. Marine Corps officer whose most recent military
assignment was as the Program Executive Officer for the F-35
Lightning II program.
In April 2011, IBC renewed its collaborative research agreements
with both Purdue and Texas Engineering Experiment Station, a member
institution of the Texas A&M University System, to advance the
Company's beryllium oxide nuclear fuels R&D project.
For full particulars, please refer to IBC's audited consolidated
financial statements, MD&A and annual information form for the
year ended June 30, 2011, filed on SEDAR and available at
www.sedar.com.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals
(beryllium) based alloys and related products serving a variety of
industries including nuclear energy, automotive,
telecommunications, and a range of industrial applications. IBC has
81 employees and is headquartered in Vancouver, Canada with
production facilities in Indiana, Massachusetts, Pennsylvania and
Missouri. Additionally, IBC owns prospective beryllium properties
in the Western US covering approximately 6,740 hectares. IBC is
creating a dynamic global beryllium and advanced alloys company.
IBC's common shares are traded on the TSX Venture Exchange under
the symbol "IB".
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements
including expectations about future operating results and the
benefits of relocating our beryllium-aluminum division that involve
substantial known and unknown risks and uncertainties, certain of
which are beyond the Company's control including: the impact of
general economic conditions in the areas in which the Company
operates, industry conditions, changes in laws and regulations
including the adoption of new environmental laws and regulations
and changes in how they are interpreted and enforced, increased
competition, the lack of availability of qualified personnel or
management, fluctuations in commodity prices, foreign exchange or
interest rates, stock market volatility and obtaining required
approvals of regulatory authorities. In addition there are risks
and uncertainties associated with manufacturing operations and
mineral exploration, therefore the Company's future results,
performance or achievements could differ materially from those
expressed in these forward-looking statements will transpire. All
statements included in this press release that address activities,
events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. These statements are based on assumptions made by the
Company based on its experience, perception of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate in the circumstances.
This news release was prepared by management of IBC, which takes
full responsibility for its contents. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: IBC Advanced Alloys Corp. Ian Tootill Director of
Corporate Communications (604) 685-6263 ext 110 (604) 687 8678
(FAX)itootill@ibcadvancedalloys.comwww.ibcadvancedalloys.com
IBC Advanced Alloys (QB) (USOTC:IAALF)
Historical Stock Chart
From Jun 2024 to Jul 2024
IBC Advanced Alloys (QB) (USOTC:IAALF)
Historical Stock Chart
From Jul 2023 to Jul 2024