VANCOUVER, BC – March 2, 2010 – IBC Advanced Alloys Corp. (TSX.V:IB) (“IBC” or the “Company”) today reported its financial results for the three- and six-month periods ending December 31, 2009. All currency amounts are expressed in US dollars. For the three-month period ended December 31, 2009 the Company reported revenues of $3.74 million, up 45% from first fiscal quarter sales. The net loss for the period was $479,000, down 40% from the first quarter loss. Operating income plus depreciation and amortization (“EBITDA”) for the quarter was $83,000 compared to a loss of $360,000 in the first fiscal quarter.
The increase in revenues and improved financial performance demonstrate a strong recovery in demand for the Company’s specialty beryllium and advanced alloy products as well as a convincing return to profitability for both the Company’s Freedom and Nonferrous divisions. The Company is also benefiting from the reorganization of its manufacturing operations over the last year as it improves manufacturing practices and realizes cost savings from centralizing its manufacturing administrative functions.
With the completed acquisitions and successful integration of Freedom Alloys, Inc., Nonferrous Products, Inc. and Specialloy Copper Alloys, LLC the Company has completed the first step in building a solid manufacturing and distribution platform as a part of its global strategy of becoming a vertically integrated beryllium and advanced alloys supplier. This platform will allow IBC to take advantage of additional acquisition possibilities as well as evaluate complementary rare metal and advanced materials opportunities, both in North America and overseas.
“I am very pleased with the pace of the economic recovery and positive outlook in our business, particularly in our bulk products division. We have emerged from the economic downturn a stronger and more focused company and are well positioned to take advantage of the many opportunities being presented to us.” said Anthony Dutton, President & CEO of IBC Advanced Alloys Corp. “IBC’s manufacturing operations have seen improved margins as a result of our integration initiatives,” continued Anthony Dutton, “and with a steadily improving order book and a stronger market presence we are confident of continuing stronger financial and operational performance.”
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 60 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania, Indiana and Missouri. Additionally, IBC owns prospective beryllium properties in the Western US and Brazil 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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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.
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements 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.
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