🕐30.10.12 - 20:54 Uhr
IBC ADVANCED ALLOYS REPORTS FISCAL 2012 RESULTS
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IBC Advanced Alloys
NEWS RELEASE
October 30, 2012
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IBC Advanced Alloys Reports Fiscal 2012 Results
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Vancouver, BC, October 30, 2012.
IBC Advanced Alloys Corp.(TSX-V: IB; OTCQX: IAALF)
("IBC" or the "Company") reports its financial results for the year ended June 30,
2012.
Highlights include:
* Record annual revenue of $25.5 million, up 13% from fiscal 2011.
* Record quarterly sales of $8.5 million in the fourth quarter, up over 50% from
the third quarter.
Full particulars are provided in the Companys financial statements and related
managements discussion and analysis and annual information form which are available
at www.sedar.com
IBC is an integrated manufacturer and distributor of specialty alloys and related
products serving a broad range of industries with production facilities in Indiana,
Massachusetts, Pennsylvania and Missouri.
The Companys principal products are copper
alloys and a proprietary cast beryllium-aluminum alloy.
While the Company was adversely affected by a sharp decline in copper prices in
the first fiscal quarter, the loss before other items ("operating loss") improved
in every quarter of fiscal 2012.
In the fourth quarter, IBC saw some of the benefit
of investments in plant capacity and market development with record revenues representing
an increase in sales of 53% over the preceding quarter.
For the first time since
its formation, the Company generated income, rather than a loss, from operations,
even after covering non-manufacturing expenses such as research, exploration and
public company costs.
The Company also made significant progress in fiscal 2012 to improve the strength
of its balance sheet, reducing interest-bearing debt by $3.3 million over the 12-month
period.
To date, IBC has sought to expand plant capacity and develop new business in order
to take advantage of opportunities in the specialty alloys market.
As a result,
results of operations have been characterized by low gross margins and high operating
expenses.
The gross margins have been low because of staff, rent and depreciation
expenses in excess of those necessary for current production levels.
IBCs operating
expenses have reflected travel and consulting fees to generate interest for our
products in new market segments.
The Company has also invested in research and exploration
activities, such as beryllium oxide enhanced nuclear fuels, not related to core
manufacturing operations.
"I am very happy with the results of operations from our manufacturing activities."
Simon Anderson, IBCs CFO commented.
"Through a systematic program of process improvement
and by reaching out to new markets, we have successfully grown our business and
demonstrated the ability to reliably produce and deliver high quality products.
Our manufacturing operations have matured significantly in response to investments
in equipment, technology and personnel over the last four years.
We now look forward
to reaping the benefits of these investments," he continued.
"The announcement of our results of operations for fiscal 2012 marks a turning point
in IBCs development as a business," noted Anthony Dutton, IBCs CEO.
"Over the
summer and early fall of 2012, our board and management have refined our business
strategy to concentrate on those activities that are most likely to lead to the
creation of shareholder value.
To that end, we have suspended all exploration activities
and have focused our business development and administrative activities with the
objective of consistently delivering profits from operations."
While the Companys loss was disappointing at $5.7 million, management does not
believe this number is indicative of ongoing operating results.
For instance:
* As a result of suspending exploration activities, the carrying value of exploration
and evaluation assets was fully impaired, incurring a charge of $2.1 million as
a consequence.
In addition, the segment operating loss relating to exploration was
$372,000.
From November 2012 onwards, exploration expenditures will be insignificant.
* Fiscal 2012 saw a one-time settlement of $208,000 with a supplier to ensure a
constant supply of raw materials.
The Company does not expect charges of this type
to occur again as this cost resulted from actions of a previous owner of one of
our business operations.
* IBC incurred higher than normal professional fees as a result of an undertaking
a prospectus financing in late 2011.
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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 sectors including aerospace, automotive,
telecommunications and a range of industrial applications.
IBC has 86 employees
and production facilities in Indiana, Massachusetts, Pennsylvania and Missouri.
IBC is creating a dynamic global advanced alloys company.
IBCs common shares are
traded on the TSX Venture Exchange under the symbol "IB" and the OTCQX under the
symbol "IAALF".
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this news release.
Neither 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.
This disclosure contains certain forward-looking statements 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, limited availability of raw materials, 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 activities therefore the Companys
future results, performance or achievements could differ materially from those expressed
in these forward-looking statements.
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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IBC Advanced Alloys Corp.
| 906-595 Howe St.
| Vancouver | BC | V6R 2H6 | Canada