IBC Advanced Alloys Corp (IAALF)

[lady glueck]

so well. this is not a bad reading, isn't it ...Second Quarter Highlights:

Revenue of $5.08 million representing a 9.5% increase over the previous quarter and a 31.5% increase over the same period in the previous fiscal year.
Copper Alloys revenue of $4.42 million, up 21% over the comparative period.
Engineered Materials revenue of $672,000, an increase of 226% over the comparative fiscal period.
Loss for the period was $706,000, representing a 20% improvement compared to the same quarter in the previous fiscal year.
Year to Date Highlights

Revenue of $9.73 million representing an 11% increase over the same period in the previous fiscal year.
Copper Alloys revenue of $8.40 million, up 6% over the comparative period.
Engineered Materials revenue of $1.33 million, an increase of 65% over the comparative fiscal period.
Loss for the period was $1.23 million, representing an 18.5% improvement compared to the same quarter in the previous fiscal year.
Commentary and Corporate Update

IBC recorded strong sales growth in Q2 with sales up 9.5% from Q1. This is a very favourable result as sales typically decline by between 10% and 20% in Q2 due to the effect of holidays on production and shipping. Both production divisions enjoyed good growth as discussed below.

Anthony Dutton, IBC's chief executive officer commented, "After a long period of business reorganization and investment, it was very gratifying to see strong financial performance in our second fiscal quarter. Our Engineered Materials operations are hitting their stride and, based on our initial success with producing aerospace components, we look forward to expanding defence-sector sales significantly."

Engineered Materials

Q2 marked a major milestone for Engineered Materials as it shipped some F-35 components for machining and was able to recognize related contract milestone payments as revenue. Most of the contract revenue and margin from the F-35 components will be recognized in succeeding quarters when final components are to be delivered.

Engineered Materials continues to incur a loss from operations since plant utilization is low and indeed below breakeven, but the division is working to get into additional defence programs.

Copper Alloys

The strength in Copper Alloys sales was broad based and the division enjoyed increased sales in spite of weak copper prices. Changes in product mix adversely affected margins, but the effect was not significant.

Copper Alloys operating income was helped by a $222 doubtful debt recovery when it collected in full accounts receivable that were fully provided for.

Corporate

Corporate liquidity remains sensitive as the expansion of Engineered Materials has been cash intensive. The Company is, however, in discussions with several groups regarding preferred financing options but has not yet reached any agreements.


Read more at http://www.stockhouse.com/news/press-releases/2015/03/03/ibc-advanced-alloys-reports-second-fiscal-quarter-2015-results-and-provides#OY4eIbkKulYOdYQW.99