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IBC Advanced Alloys Announces Third Quarter 2010 Financial Results
Third Fiscal Quarter 2010 Financial Highlights
- Third quarter sales increased to $4.03 million, up 31% compared to fiscal 2009 and 8% higher than second quarter sales
- Year to date sales increased $10.36 million, up 15% compared to fiscal 2009
- Operating loss for the third quarter was $460,000, down 68% from fiscal 2009
- Cash and cash equivalents at March 31, 2010 increased to $6.67 million, reflecting the closing of a prospectus offering in March 2010
In March 2010, IBC completed a short-form prospectus offering that raised gross proceeds of $10.2 million and net cash proceeds of $9.1 million. The primary uses of proceeds were to acquire and expand Beralcast(r) Corporation, finance business development programs and fund exploration work on our mineral properties.
In March 2010, IBC completed the acquisition of Beralcast(r) Corporation, a privately held specialty alloy manufacturing business that owns proprietary and patented technology for a castable beryllium aluminum alloy that is currently used in a wide variety of aerospace and advanced technology applications.
"The March 31, 2010 quarter marked an important milestone for IBC with our manufacturing operations generating positive EBITDA for consecutive quarters. While the short-term prospects for the world economy remain uncertain, IBC continues to strengthen its business and financial foundation," said Mr. Anthony Dutton, President and CEO of IBC. "Also during the quarter we closed an over-subscribed prospectus offering reflecting the market's confidence in IBC's business plan. The financing will allow IBC to achieve critical milestones, including the purchase of Beralcast(r) Corporation and to begin a phased exploration program on our Juab Country claims adjacent to the Spor Mountain mine. IBC also received a significant boost to its nuclear fuels research program in the quarter" continued Dutton, "with the appointment of Jim Malone as VP of Nuclear Fuels. This is a significant endorsement of the BeO nuclear fuels research program and we are looking forward to continued progress on this front. IBC remains committed to its focus of business integration, core demand generation built on a platform of superior financial performance."
For full particulars, please refer to our unaudited consolidated financial statement and MD&A for the nine months ended March 31, 2010, 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 80 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania, Indiana, Massachusetts and Missouri. Additionally, IBC owns prospective beryllium properties in the Western US and Brazil covering approximately 9,500 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".
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For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements 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.