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IBC Advanced Alloys 2010 Financial Results
Fiscal 2010 Financial Highlights
- Fourth quarter sales increased to $4.57 million, up 75% compared to the fourth quarter in fiscal 2009 and 13% higher than third quarter sales.
- Year to date sales increased $14.93 million, up 29% compared to fiscal 2009.
- Loss for the year was $4.1 million, down 72% from fiscal 2009.
- Cash and cash equivalents at June 30, 2010 were $5.53 million, reflecting the closing of a prospectus offering in March 2010.
"The June 30, 2010 quarter recognized IBC's continued growth with revenues at our manufacturing facilities steadily increasing. The scope of our operations has significantly increased with the acquisition of our beryllium-aluminum division, and our operating results are expected to improve in fiscal 2011 with its further integration," said Mr. Anthony Dutton, President and CEO of IBC. "In this most recent quarter, we focused on reorganizing and streamlining our manufacturing operations for maximum production efficiencies," continued Dutton, "and are also planning significant plant and equipment upgrades for the upcoming year, which are also expected to improve our operating results in fiscal 2011."
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 offering provided funds to acquire and expand Beralcast® Corporation, finance business development programs and fund exploration work on the Company's mineral properties.
The Company has begun the relocation process for its beryllium-aluminum division to a new facility in Wilmington, Massachusetts. The move is expected to be completed by the end of January 2011 and will reduce delivery times to customers and provide space to expand production capacity. The Company estimates that relocation costs will be less than the estimated amount indicated in the short-form prospectus.
The Company is also forging ahead with is research initiatives to increase demand for beryllium and beryllium oxide. In the fourth quarter, the Company extended its research agreement with Purdue University, until the end of the year, to complete the current phase of research in developing a new type of beryllium oxide. IBC expects its research initiatives will better identify and inform potential industry partners in order to expand technologies and increase beryllium demand.
Further to the Company's June 30, 2010 MD&A, Vangold Resources Ltd. ("Vangold"), a company with a director and a significant shareholder in common with IBC, held 25,609,746 of the Company's common shares. Under a plan of arrangement, Vangold distributed these shares to its shareholders, although the shares were placed into escrow. The distribution of the shares was effectively deferred until November 23, 2010, when all of the IBC shares formerly held by Vangold will be released from escrow. The release of these common shares from escrow could have a temporarily adverse effect on the market for the Company's shares.
For full particulars, please refer to our audited consolidated financial statements, MD&A and annual information form for the year ended June 30, 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 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 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 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.