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IBC Advanced Alloys Announces First Quarter 2011 Financial Results
VANCOUVER, BC - November 30, 2010 - IBC Advanced Alloys Corp. (TSX.V:IB) ("IBC" or the "Company") today reported its financial results for the three-month period ending September 30, 2010. All currency amounts are expressed in US dollars. For the three-month period ended September 30, 2010, the Company reported revenues of $5.66 million, up 119% from the same period in 2009. The net loss for the period was $673,000, down 16% from the first quarter loss in the comparative period. The loss before income taxes and amortization ("EBITDA") for the quarter was $92,000 compared to a loss of $340,000 in 2009.
The increase in revenues and improved financial performance demonstrate a strong sustained recovery in demand for the Company's advanced alloy products. The Company continues to invest in growth through the expansion of its manufacturing operations and several business development initiatives. Ongoing investments in customer priorities, market development and production efficiencies helped IBC achieve its fourth consecutive quarter of revenue growth.
During the previous fiscal year the Company stepped up its reorganization and consolidation efforts to establish the copper alloys division and the beryllium-aluminum alloys division. The Company has also focused on centralizing key functions which has strengthened and streamlined its manufacturing and distribution capabilities. These initiatives underpin IBC's core strategy of building a global vertically integrated advanced alloys Company to better serve the growing worldwide market and to take advantage of complementary opportunities in the increasingly important advanced alloys and rare metals market.
"IBC is off to a strong start in fiscal 2011, turning in its best first quarter so far, with record first-quarter revenue, and other positive improvements, with all key performance indicators," said Anthony Dutton, President & CEO of IBC Advanced Alloys Corp. "This quarter IBC saw increasing confidence from its customer base as general economic conditions improved and the Company is focused on continued investments in growth, both domestically and internationally."
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.