IBC Advanced Alloys Corp (IAALF)

[NEgoodlife]

Good looking numbers released..

FRANKLIN, IN (October 28, 2020) – IBC Advanced Alloys Corp. (TSX-V: IB; OTCQB: IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, announces its financial results for the quarter and year ended June 30, 2020.

Full results of IBC's financial performance can be seen here.

Among the highlights are these:

Company Achieves Net Profitability in the Quarter on Higher Sales and Gross Margins:  IBC recorded income of $27,000 in the quarter ended June 30, 2020, or $0.00 per share, which compared to a loss of $1.5 million, or ($0.04), in the prior-year period. 
 

Year-Over-Year Sales Higher Across Both Operating Divisions:  Engineered Materials (“EM”) division sales rose by 79% in the quarter, and by 33% in the year, as compared to the comparable prior-year periods.  Copper Alloys sales decreased by 20% in the quarter, primarily due to softer economic conditions related to the COVID-19 pandemic, but posted a 6% gain on a year-over-year (“YoY”) basis.
 

Working Capital Swings to Surplus from Deficit:  IBC recorded a working capital surplus of $852,000 as at June 30, 2020, compared to a working capital deficit of $1.3 million at the close of fiscal year 2019.
 

Company Achieves Positive Adjusted EBITDA[1] for the Year:  Consolidated adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) for the quarter was $455,000, which compared to Adjusted EBITDA of ($1.0 million) for the prior-year period.  Adjusted EBITDA for the year ended June 30, 2020 was $1.4 million, as compared to ($1.9 million) in the prior year.
 

Mark A. Smith, IBC CEO and Board Chairman, will host a conference call and webcast on Monday, November 2, 2020 at 12 p.m. Eastern to discuss the Company's results and its future growth strategies.  Details on how to participate in this call / webcast can be seen here.

 


For more information on IBC and its innovative alloy products, go here.

On Behalf of the Board of Directors:
"Mark A. Smith”
Mark A. Smith, CEO and Board Chairman