🕐01.11.10 - 14:54 Uhr
IBC Advanced Alloys Announces 2010 Financial Results
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News Release - Monday, November 01, 2010
IBC Advanced Alloys Announces 2010 Financial Results
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VANCOUVER, BC -- November 1, 2010 -- IBC Advanced Alloys Corp.
(TSX-V:
IB) ("IBC" or the "Company"), an integrated manufacturer and
distributor of advanced nonferrous alloys and related products, has
released its audited financial results for the year ended June 30,
2010.
Fiscal 2010 Financial HighlightsBusiness 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 IBCs 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 Companys 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 Companys 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 Companys 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 Companys
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.
IBCs common shares are traded
on the TSX Venture Exchange under the symbol "IB".
See IBC on Facebook.
For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email:
Website: www.ibcadvancedalloys.com
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.
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 Companys 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
Companys 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.
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Copyright (c) 2010 IBC ADVANCED ALLOYS CORP (IB) All rights reserved.
For more information visit our website at
http://www.ibcadvancedalloys.com/ or send
mailto:
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